Shortenings Market size in 2019 is estimated to be $ 4,053 million, growing at a CAGR of 4.7% during the forecast period 2020-2025. Shortening is a solid vegetable fat that is typically made by hydrogenating, or solidifying vegetable oils. Shortenings can be considered as an important ingredient of baking. It is used in baking to help make products crumbly, flaky and tender. Growing demand for bakery and confectionery products and increasing consumption of fat-free food products are the major factors driving the growth of the market. Moreover, changing food habits, easy availability of raw materials and advancement of R&D activities further enhance the overall market demand for Shortenings during the forecast period 2020-2025.
Application - Segment Analysis
Based on the Application, Shortenings Market is segmented into Bakery, Confectionery, Snacks & Savory. The bakery segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.8% during the forecast period 2020-2025. This is mainly owing to growing application of shortenings to obtain varied functional properties in bakery products such as biscuits, sweet biscuits, or cookies. Shortenings are used to produce a palatable and appealing product with desired textural characteristics. Moreover, bakery products such as cookies, cakes, breads, pastries, and pie provides benefits from the functional properties of shortenings are contributing to the growth of this segment.
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Source - Segment Analysis
Based on the Source, Shortenings Market is segmented into Vegetable, Animal. In 2019, vegetable held the largest share in the Shortenings Market. This is mainly owing to its wide application in the food industry. The growth in demand for vegetable shortenings in the industry can be attributed to the rise in awareness regarding healthy, fortified, non-hydrogenated trans-free vegetable shortenings. Moreover, Increase in concerns related to health due to the consumption of animal fat shortenings is also contributing to the growth of this segment.
Geography - Segment Analysis
North America dominated the Shortenings Market share accounting for 40% of the market in 2019. This is mainly owing to increasing population and easy availability of palm oil and increasing demand for baked products such as biscuits, pastries, cakes, and bread. According to American Bakers Association, the consumption of bakery and confectionery products is increasing, about 14.7 million tonnes of bakery are consumed which increases the growth of Shortenings Market.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to changing lifestyle and growing production of confectionery products.
Drivers – Shortenings Market
Growing Demand for Bakery and Confectionery Products
Increasing demand of bakery and confectionery products and increasing consumption of snacks are some factors driving the growth of Shortenings Market. Moreover, improving elasticity and shelf-life of bakery products and growing processed food industry is also set to increase the market growth.
Increasing Consumption of Fat-Free Food Products
Growing focus on development and consumption of fat-free food products and adoption of healthy consumption of products are some factors driving the growth of the market. Moreover, increasing disposable income and increasing demands for plant-sourced shortenings over animal-sourced further contributing to the growth of Shortenings Market.
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Challenges – Shortenings Market
Increasing awareness about health regarding the over-consumption of fats and oils are challenging the growth of the market. Moreover, the growing population that is health conscious are further restraining its market growth during the forecast period 2020-2025.
Shortenings Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Shortenings Market. Shortenings top 10 companies are Archer Daniels Midland Company, AAK AB, Bunge Limited, Manildra Group, Ventura Foods, LLC, International Foodstuff Company Holdings Limited, Cargill, Wilmar International Limited, Associated British Foods, and ConAgra Brands.
Acquisitions/Product Launches:
On February 2019, Cargill launches Palm Agility’s Virtue that helps to address multiple bakery performance and used in manufacturing of cookies, pies, and donuts.
On June 2018, Stratas Foods launches “Superb Select 1020” shortening produced from soybean oil. The product is designed to reduce the availability of saturate fats in end-use products by approximately forty percent when compared with conventional palm oil while having no hydrogenated fats present on the label.
Key Takeaways
In 2019, North America dominates the Shortenings Market owing to increasing population and easy availability of palm oil and increasing demand for baked products such as biscuits, pastries, cakes, and bread.
Growing demand for bakery and confectionery products and increasing consumption of fat-free food products is driving the market growth of shortenings.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Shortenings Market report.
Increasing awareness about health regarding the over-consumption of fats and oils are challenging the growth of the market.
Related Reports :
A. Vegetable Fats Market
https://www.industryarc.com/Report/19272/vegetable-fats-market.html
B. Savory Snacks Market
https://www.industryarc.com/Research/Savory-Snacks-Market-Research-504984
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