Shortenings Market Report

Global Shortenings Market Size

The global shortenings market is estimated to grow from USD 5.22 billion in 2024 to USD 7.49 billion in 2033, representing a CAGR of 4.10%.

Shortenings can be considered an important ingredient in the kitchen. Due to this importance, the fat market is flourishing in the world market due to the development of the food and beverage industry. The increasing popularity of bakery products in the world market and the easy availability of fats influence the growth of the market in the coming years. Shortenings are mainly used in the bakery and confectionery industry. The increase in population in the Asia-Pacific region has led to an increase in per capita food consumption and, therefore, to an increase in the consumption of bakery and confectionery products in the region.

The increasing demand for low-calorie products worldwide offers promising new opportunities for players in the global shortening market to expand in the coming years. The growing application base of cooking ingredients is triggering the global shortening market. In recent years, the demand for bakery products has increased due to their increasing popularity, thus stimulating the growth of the market worldwide. The other factors that contribute to the growth of the market are the increase in disposable income and the evolution of people's lifestyles. There are certain factors that are hampering the market in a negative way, including growing health awareness of excessive fat and oil consumption that should restrict the Shortenings Market growth. For example, according to an analysis of baked goods and breakfast cereals, published by the Canadian Department of Agriculture and Agri-Food (AAFC), in August 2016, Asia-Pacific represented a significant share of the global bakery market, which represented a rise in the shortenings market.

The extension in the processed food industry is supposed to promote the global shortenings business. Affordability, easy availability, convenience, and health benefits contribute to the growth of the baked goods market and the target market thereafter. Furthermore, the growing demand for bakery and confectionery products due to their functional benefits, including increased elasticity and longer shelf life, should create an environment conducive to growth in the target Shortenings Market. In 2015, the FDA ruled that the consumption of unsaturated fatty acids is not a safe food additive, due to the health concerns associated with consumption. The growing health-conscious population is also hampering the market. Shortenings Market players operating in the shortening market will likely face several challenges in the coming years due to the development of substitutes.

REPORT COVERAGE

Shortening Market Segmentation:

The shortening market is globally segmented into

• application

• variant

• source

• key ingredients

Depending on the key ingredient, the shortening market is segmented into

• oil

• butter

• lard

• tallow

by source

• plants

• animals

by application

• baked goods

• confectionery

• snacks,

• salty products

The bakery products segment represented the majority of the market. The shift in consumer preferences towards trans-fat allowed products has managed to increased demand for shortening goods made with new processes.

The Shortenings Market is divided based on variants

• solid

• liquid

• cake/icing variants

• multipurpose

The solid divided controlled the market in 2016, while the versatile divided is expected to raise at the uppermost CAGR followed by the cake/icing segment. Shortenings are required for all uses due to their versatile nature and multifunctional features. This versatility helps them mix well with other ingredients and gives cakes, cookies, crackers, crusts, and cakes a rich and consistent flavor and texture.

Shortenings Market Regional Analysis:

The global Shortenings market has been categorized based on geography into

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East, and Africa

The Asia Pacific represented the most substantial portion of revenue in the global market in 2018 and is foreseen to continue the same trend during the evaluation period. The expanding confectionery market in the Asia Pacific is expected to stimulate demand for shortening during the forecast period. The shortening market in North America is expected to experience moderate growth rates during the forecast period. Furthermore, Europe occupies the second position in the global shortening market and should show a CAGR of 2.3% during the 2020-2025 timeframe. The demand for shortening in Europe is high, due to the increasing production of confectionery products.

Shortenings Market Key Players

1. Bunge Limited

2. Cargill

3. International Foodstuff Company Holdings Limited

4. AAK AB

5. Archer Daniels Midland Company

6. Ventura Foods, LLC

7. Manildra Group

8. Associated British Foods

9. Marques ConAgra

10. Wilmar International Limited.

RECENT HAPPENINGS IN THE MARKET

• In 2007, the Food and Drug Administration (FDA) asked all food manufacturers to list trans-fat content on labels. And in 2015, it removed trans-fats from "generally recognized as safe" products. In mid-2018, companies were given a deadline to release their partially hydrogenated oil products.
• Current FDA labeling laws approve products that contain less than 0.5 grams of trans fat for labeling and marketing as trans-fat free.
• In October 2016, the Cargill Company launched five new bakery shortening items below its majestic product line. The new Regal Bakery Shortenings consists of Regal NH Icing Butter, Regal Cakes & amp; Icing butter, Regal Donut Fry butter, regal all-purpose butter, regal puff pastry butter.