Coat an unheated large nonstick saucepan or 4-quart Dutch oven with nonstick cooking spray. Preheat over medium heat. Add shallots; cook and stir about 3 minutes or just until tender. Add chicken broth; bring to boil. Stir in bulgur; return to boiling then reduce heat. Cover and simmer about 15 minutes or until tender. Remove from heat; cool slightly. Transfer cooked bulgur to a large bowl. Cover and chill about 3 hours or until completely cool.
Add cucumber, dried cranberries, cilantro, lime peel, lime juice, salt and pepper to cooled bulgur; mix well. If desired, garnish with lime wedges.