Shortening Market Outlook
The global shortening market is expected to grow at a Significant CAGR During the Forecast Period. Shortenings, as a part of the market, find a wide range of applications in the confectionery, bakery, and snacks & savory sectors. The rise in the prominent market factors such as an increase in demand for shortenings in various food applications, and a prominent rise in demand for bakery and confectionery products has fueled the growth in the market. Affordability, convenience, and health benefits are emerging as the main factors that drive global market growth. The development of other market products such as loaves of bread, cereal, cakes, biscuits, and pastries is well-established in the European countries that will have a positive impact on the global market expansion in 2027. Whereas the demand for bakery and confectionery products is increasing in the Asian Pacific region with the growing per capita consumption of loaves of bread and baked goods during the ongoing period that will be ending in 2027.
Regional Analysis
Global Shortening Market Analysis has been segmented, by region into North America, Europe, Asia-Pacific, and the Rest of the World. The shortening market in North America has further been segmented into the US, Canada, and Mexico. Geographically, Asia-Pacific is anticipated to dominate the global shortening market during the forecast period owing to the increase in consumption in developing countries such as China and India. The shortening market in North America is expected to be the fastest market due to the increasing consumption of snacks and baked products such as donuts, pies, and cookies in this region.
Competitive Analysis:
In July 2019, Indian food regulation authority FSSAI announced that food business operators can voluntarily include “trans-fat free” labeling on food products.
Segmentation:
The global shortening market has been segmented by source, claim, application, and region.
Based on source, the global shortening market has been segmented into animal-sourced and vegetable sourced. Vegetable sourced shortening products are likely to dominate the global shortening market over the forecast period due to the increasing demand for shortening derived from plants such as soy, sunflower, coconut, and palm. The increasing awareness about the presence of trans fats in animal fats is also likely to drive the demand for plant-based shortening in the coming years.
Based on the claim, the market has been segmented into organic, non-GMO, vegan, kosher, gluten-free, and others. The organic segment is likely to be a major revenue generator for the global shortening market over the forecast period due to the increasing interest among consumers in organic agricultural practices.
Based on application, the market has been segmented into bakery products, confectionery products, ice cream, snacks, and others. Bakery products are likely to remain the major revenue generator for the global Shortening Market over the forecast period.
Leading players in the global shortening market include Key Players
The J. M. Smucker Co. (US), Nutiva Inc. (US), Ventura Foods (US), Archer Daniels Midland Company (US), Cargill, Inc. (the US), Bunge Ltd. (US), Associated British Foods plc (UK.), OJSC Nizhny Novgorod Fats & Oils Group (Russia), Conagra Brands, Inc. (the US), Wilmar International Ltd. (Singapore), and Fuji Oil Co., Ltd. (Japan) are few of the key players operating in global shortening market.
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