The margarine and shortening market is estimated to be valued at US$ 15.75 Bn in 2023 and is expected to exhibit a CAGR of 1.5% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Margarine and shortening are food products used for cooking or baking purposes as an alternative to butter. Margarine is a mixture of refined vegetable oils/fats, emulsified with water, skim milk, or whey and sometimes enriched with vitamins A and D. It is available in blocks, tubs, or tubs that can be melted or squeezed from packages. Shortening refers to solid or semisolid fat products used to make pastry, cookies, and pie crusts. It is a mixture of vegetable oils that remain solid at room temperature and do not melt as quickly as butter. Margarine and shortening are widely used in households and commercial bakeries & restaurants owing to their stability and consistent quality. Market Dynamics: Margarine and shortening market growth is majorly driven by increasing health benefits associated with vegetable-based margarine and shortening. Vegetable-based margarine and shortening are low in saturated fat and cholesterol as compared to butter. They contain higher amounts of monounsaturated and polyunsaturated fats that help reduce the risk of heart diseases. Moreover, the rising obesity rates and health-conscious consumers looking for low-calorie and low-fat alternatives are generating high demand for margarine and shortening-based products. Furthermore, product innovation and the introduction of new flavors and formats like spreads, buttery spreads, and confections by market players are attracting more consumers. For instance, margarine and shortening fortified with vitamins A and D, Segment Analysis The margarine and shortening market is segmented into margarine and shortening. Margarine is further segmented into block margarine, tub margarine and others. The block margarine segment dominates the margarine market owing to its longer shelf life as compared to other segments. Block margarine comes in hard form which can be easily sliced or scraped from the block, making it convenient to use. PEST Analysis
The Global Margarine and Shortening Market Demand is expected to witness high growth, exhibiting a CAGR of 1.5% over the forecast period, due to increasing health awareness among consumers. The US dominates the market owing to large consumer base and availability of versatile product offerings. The Asia Pacific region is expected to witness fastest growth driven by rising disposable incomes and growing working population in countries such as China and India. Key players operating in the margarine and shortening market are Unilever, Conagra Brands, Bunge Limited, Wilmar International Ltd., Upfield Holdings BV, Cargill, Incorporated, Archer Daniels Midland Company (ADM), Fuji Oil Co., Ltd. ,Richardson International Limited, Dairy Farmers of America, AAK AB, NMGK Group, Puratos Group, Kerry Group, Vandemoortele. The global margarine and shortening market size was valued at US$ 15.75 Bn in 2023. The US market accounts for the largest share owing to high margarine consumption and regional dominance of prominent manufacturers. Growth of the working population and rising consumption of convenience food such as bakery products and snacks has been driving the Asia Pacific margarine and shortening market. Key players are focused on developing organic, non-GMO and plant-based variants to cater to the changing consumer preferences. Read More - https://www.newsstatix.com/margarine-and-shortening-market-forecasts-and-outlook-analysis/
0 Comments
Leave a Reply. |