June 21, 2024
Margarine and Shortening Market

Margarine and Shortening Market is Estimated to Witness High Growth Owing to Rising Health Conscious Population

Margarine and shortening are butter substitutes made from vegetable, animal fats or oils. Margarine and shortening are commonly used in bakery products, confectionery items along with spreads. These products serve as healthier alternatives to butter due to lower saturated fat and cholesterol content. Increasing health concerns among population has led to growth in demand for margarine and shortening globally.

The global margarine and shortening market is estimated to be valued at US$ 18.15 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the margarine and shortening are Emoha Elder Care, AntaraSeniorCare, Nisarg Care, Tata Trust, Ashiana Housing Ltd., Heritage Eldercare Services Pvt. Ltd., ASLI (Association of Senior Living India), Nema Care, Age Ventures India, Piramal Swasthya, Jeevan Suraksha, and Kriti Elder Care. The market players are investing in research and development activities to develop new varieties of margarine and shortening with enhanced nutritional profiles. This presents lucrative opportunities for product innovation and expansion in the emerging economies.

The growing health-conscious population globally has increased demand for margarine and shortening in food industry. Major margarine and shortening producing regions including North America, Europe and Asia Pacific are witnessing significant growth in food processing industries which utilize these products. This is facilitating expansion of global margarine and shortening market. Additionally, rising awareness about benefits of plant-based and dairy-free alternatives is fueling the demand.

Market Drivers

Rising health consciousness among consumers has been a key driver of Margarine And Shortening Market Growth. In order to meet health requirements of burgeoning population, demand for healthier substitutes to butter like margarine and shortening has increased significantly. These products are preferred by health-conscious individuals as they are low in saturated fat content and provide similar taste and texture when used for cooking and baking. This is expected to remain a dominant factor propelling the global margarine and shortening market during the forecast period.

PEST Analysis

Political: The margarine and shortening market is influenced by government regulations regarding the use of trans-fats and sustainability initiatives. Regulations aim to reduce saturated fats and trans-fats in food products.

Economic: The market is impacted by fluctuations in the prices of raw materials like vegetable oils and milk. Changes in disposable income affect demand. Growth depends on economic growth and spending power.

Social: Consumer preference for healthier and natural substitutes for butter is a key factor. Health and wellness trends drive demand for products with reduced saturated fats and trans-fats. Sustainability concerns also influence choices.

Technological: Manufacturers focus on new production processes to reduce costs and develop variants with lower saturated and trans-fats using new formulations. Advances in vegetable oil refining help obtain tailored fat compositions.

Geographical concentration of the market

North America accounts for the highest value share due to extensive usage of margarine and shortening in baked goods, confectionery and culinary applications. The U.S. and Canada contribute significantly to demand. Asia Pacific will witness strong growth owing to rising income levels, westernization of diets and growth in food processing industries in China, India and Southeast Asia.

Fastest growing region

Asia Pacific is poised to emerge as the fastest growing region during the forecast period due to expanding population, rapid urbanization and economic development leading to changing lifestyles and food habits. Growth of the food processing industry will drive usage of margarine and shortening across India, China, Indonesia and other Asian countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it