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.
Furthermore, the report discusses the business strategies undertaken by the companies to gain market share and a larger consumer base. It further provides details on the strategic initiatives taken by the companies to expand their business, such as mergers and acquisitions, joint ventures, collaborations, product launches, partnerships & agreements, recent deals, government deals, and advancements in technologies and products.
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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 2019, 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.
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.
• 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.
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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
o U.S
o Canada
• Europe
o Germany
o France
o UK
o Spain
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
• Middle East & Africa
• Latin America
o Brazil
o Rest of Latin America
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Radical Features of the Shortenings Market Report:
• Valuable insights into the Shortenings market to impart an in-depth understanding of the business verticle
• An 8-year forecast estimation along with an analysis of key elements of the market
• Technological advancements, regulatory framework, and recent developments covered in the report
• Growth analysis and projections until 2027
• Statistical analysis of the key players operating in the Shortenings industry
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