The global shortenings market is projected to reach USD 6,208.0 Million by 2028 from USD 4,325.2 Million in 2020 in terms of value, at a CAGR of 4.5% from 2020. Shortenings enrich the moistness, fineness, and uniformity of grain, and keeping quality. If either margarine or butter is used, the flavor also is imparted; hydrogenated shortening ordinarily is used in cake, however. The efficiency of shortenings has been increased in recent years by the addition of surfactants, which facilitate emulsification and air incorporation and dispersion in batters. This is often because of features like more durability and cheaper than animal-based shortenings. The Asia Pacific held a dominant position within the global shortenings market and contributed maximum revenue share. Factors like the expansion of the food & beverage industry besides growing usage of shortenings in multiple food preparation applications are predicted to drive the expansion of the Asia Pacific shortenings market shortly.
Growing emphasis on expansion and intake of fat-free food commodity enhance the shortenings market demand, emphasis on adoption of healthy consumption of products from the various regions of the world also speed ups the development of the shortening market and demands for plant-sourced shortenings over animal-sourced due to its easy availability and cost-effective in nature acts as a major market driver. Though, availability of functional foods that claim to improve health by providing assistance beyond that of the traditional nutrients it contains. Functional foods include items as cereals, bread, beverages that are mixed with vitamins, some herbs, and nutraceuticals hinders the market growth and further distresses about the lack of nutritional aids and valuable ingredients being destroyed during their production process acts as a restricting factor for shortenings market growth.
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Further key findings from the shortenings report suggest
- The shortenings market is divided into plant-based and animal-based divisions. The plant-based division is accounted for the most important share in terms of revenue. The plant-based sector contributed to over 84.3% of the entire revenue within the worldwide shortening market in 2020.
- The oil segment is estimated to be the largest share in the market, in terms of value, in 2020. The vegetable oils such as palm oil, soybean oil, canola oil, and olive oil are used in the production of shortenings. Palm oil is the most widely preferred key ingredient in shortenings, as it is economical, compared to butter. Consumption patterns in urban demographics, influenced by busy lifestyles, represent an enhanced need for convenience and yet healthy products.
- The APAC segment accounts for the largest revenue share in the global shortenings market and is projected to continue its dominance growing at a CAGR 5.9% during the forecast period. Easy accessibility of palm oil and growing demand for baked commodities such as biscuits, pastries, cakes, and bread are the significant factors predicted to drive the market in the region. Extending the confectionery market in the Asia Pacific is expected to drive demand over the forecast period.
- Besides, Europe held the second-largest position in the global market due to the growing production of confectionery products.
- The key players of the market are Archer Daniels Midland Company (U.S.), Cargill (U.S.), AAK AB (Sweden), Wilmar International Limited (Singapore), and Bunge Limited (U.S.). Other players in this segment include Manildra Group (Australia), Associated British Foods (U.K.), Ventura Foods, LLC (U.S.), ConAgra Brands (U.S.). Due to dominance of APAC region and to serve the region in a better way, ABF announced joint venture with Wilmar International in 2020, the venture will obtain the Chinese yeast and bakery ingredients activities of AB Mauri, a division of ABF, and will leverage Yihai Kerry Arawana’s supply chain, sales, and distribution network and local business expertise in China. The joint venture will also build and operate a new yeast plant co-located with Wilmar’s food processing plant in the Taha industrial zone in Qiqihar City, China, significantly increasing capacity and cost-competitive production combined with a traditional portfolio of products which will speed up the demand of the bakery products heading to the growth of shortenings market.
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2017-2028. For the purpose of this study, Reports and Data have segmented the Shortenings market on the basis of ingredient, mode of variant, source and region:
Based on Key Ingredient, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Oil
- Butter
- Tallow
- Lard
- Others
Based on Source, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Vegetable
- Animal
Based on Variant, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Solid
- Liquid
- Cake/Icing
- All-purpose
- Others
Based on Application, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Bakery products
- Confectionery products
- Snacks & savory products
- Others
Regional Outlook (Revenue, USD Million; 2020-2028)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
- Rest of Latin America
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