Overview and Scope
Shortening is a solid fat at room temperature that can be used to give dishes such as pastry a crumbly and crisp texture. Coating the flour in fat stops it from absorbing water, which inhibits the production of gluten and prevents the dish from becoming stretchy and elastic.
Sizing and Forecast
The shortenings market size has grown steadily in recent years. It will grow from $4.24 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to traditional culinary practices, bakery and confectionery industry growth, demand for processed foods, rise in fast-food consumption, focus on shelf-life extension, consumer preferences for texture and mouthfeel..
The shortenings market size is expected to see steady growth in the next few years. It will grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to health-conscious consumer choices, clean label preferences, plant-based and specialty fats, gluten-free and allergen-free products, globalization of culinary preferences.. Major trends in the forecast period include innovation in texture-enhancing ingredients, clean frying solutions, packaging innovations for convenience, technological advancements in production, collaborations and partnerships..
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Segmentation & Regional Insights
The shortenings market covered in this report is segmented –
1) By Variant: Solid, Liquid, Cake/Icing, All-purpose
2) By Source: Vegetables, Animal
3) By Sales Channels: Direct Sales, Indirct Sales
4) By End User: HoReCa, Bakery, Confectionery, Processed Food, Household Retail
Top 5 Major Players:
- Cargill Incorporated
- Bunge Limited
- Wilmar International Limited
- Archer Daniels Midland Company
- Ventura Foods LLC
North America was the largest region in the shortenings market in 2023. The regions covered in the shortenings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for bakery products is driving the shortenings market. The bakery industry includes the sales of baked foods such as bread, and cakes. The increasing demand for gourmet products and changing food habits are leading to a rise in bakery products. Shortenings improve bakery products by providing a rumbly and crisp texture and preventing the dish from becoming stretchy and elastic. For instance, in November 2022, according to Agriculture and Agri-Food Canada, a Canada-based department of the government, total global retail sales of baked goods were equal to $425.7 billion in 2022, an increase from $407.2 billion in 2021. Therefore, increasing demand for bakery products will propel the shortenings market.
Key Industry Players
Major companies operating in the shortenings market report are Cargill Incorporated, Bunge Limited, Wilmar International Limited, Archer Daniels Midland Company, Ventura Foods LLC, AAK AB, Manildra Group, International Foodstuff Company Holdings Limited, Conagra Brands Inc., Stratas Foods LLC, Premium Vegetable Oils Sdn Bhd, Namchow Chemical Industrial Co. Ltd., Fuji Oil Co. Ltd., Kerry Group plc, AarhusKarlshamn AB, Upfield Holdings BV, NMGK Group, BRF SA, Yildiz Holding AS, Mallet & Company Inc., Lonza Group AG, Palsgaard A/S, Walter Rau Neusser Öl und Fett AG, Puratos Group NV, Princes Limited, Zeelandia International BV, Olenex Sàrl, HAS Group, VFI GmbH, COFCO Group Co. Ltd., DuPont Nutrition and Health, Stepan Specialty Products LLC, Fine Organics Limited
The shortenings market report table of contents includes:
1. Executive Summary
2. Shortenings Market Characteristics
3. Shortenings Market Trends And Strategies
4. Shortenings Market – Macro Economic Scenario
5. Global Shortenings Market Size and Growth
…
31. Global Shortenings Market Competitive Benchmarking
32. Global Shortenings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Shortenings Market
34. Shortenings Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Shortenings Market, Segmentation By Varient, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Shortenings Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Shortenings Market, Segmentation By Sales Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 75: Cargill Incorporated Financial Performance
Table 76: Bunge Limited Financial Performance
Table 77: Wilmar International Limited Financial Performance
Table 78: Archer Daniels Midland Company Financial Performance
Table 79: Ventura Foods LLC Financial Performance
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