The rise of plant-based fats 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:

Plant-based fats such as margarine and shortenings are used widely in bakery products, spreads and sauces. With growing health and environmental concerns, demand for plant-based alternatives to butter and lard is increasing. These fats provide texture and stability to food products while being cholesterol-free.

Market Dynamics:

Rising health consciousness is expected to be a key driver for the plant-based fats market over the forecast period. Customers are increasingly opting for vegetarian and vegan alternatives, pushing demand from food operators and home use. Furthermore, plant-based fats have a lower carbon footprint than dairy-based options, helping companies meet sustainability goals. Additional demand is coming from new product innovations, especially in the bakery and confectionery segment catering to flexitarians and vegetarians.

Market Key Trends:

The margarine and shortening market has been witnessing a rising demand for plant-based and clean-label products. Consumers are increasingly looking for margarine and shortening products with no artificial ingredients and preservatives. Manufacturers are responding to this demand by developing margarine spreads, bakery shortening, and other products using plant-based oils and fats that appeal to health-conscious consumers. Furthermore, the flexitarian trend of reducing meat intake has increased the demand for plant-based butter and margarine alternatives.

SWOT Analysis:

• Strength: Plant-based and clean-label product launches that appeal to health-focused consumers.
• Weakness: Negative perception around hydrogenated fats and health effects linked to margarine's early history.
• Opportunity: Growing popularity of the flexitarian diet driving demand for butter and margarine alternatives.
• Threats: Intense competition from dairy butter manufacturers and new plant-based spreads brands.

Key Takeaways:

The Global Margarine and Shortening Market Growth is expected to witness high, exhibiting a CAGR of 1.5% over the forecast period of 2023-2030, to reach a value of US$ 15.75 Bn in 2023. The market is driven by increasing adoption of plant-based fat alternatives and clean-label trend.

The North American region currently dominates the global margarine and shortening market owing to rising consumer preference for clean-label and plant-based products. Europe is another major regional market supported by increasing shelf space for margarine and butter alternatives in supermarkets and convenience stores. The Asia Pacific region is expected to be the fastest growing market in the coming years led by growing health-conscious consumer base in India and China.

Key players operating in the margarine and shortening market include 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, and Kerry Group. The players are focusing on expanding their clean-label and plant-based product lines through acquisitions, partnerships, and new product launches.

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