NEW YORK, Feb. 28, 2024 /PRNewswire/ — The shortening market is set to grow by USD 1.25 billion from 2022 to 2027 progressing at a CAGR of 4.93% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download Sample Report in minutes!
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.93% |
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Market growth 2023-2027 |
USD 1.25 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.53 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 36% |
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Key countries |
US, China, Japan, UK, and Germany |
Surging Bakery Product Consumption Fuels Market Growth
Bakery product demand is influenced by factors like changing consumer preferences, lifestyle trends, cultural influences, and economic conditions, but remains consistently high due to their widespread popularity. Shortening, commonly used in baking, has a higher melting point than butter, creating a tender, flaky texture in goods like pie crusts and pastries. Its low moisture content prevents spoilage and rancidity, extending the shelf life of baked goods, especially beneficial for commercial bakeries. Bakery items are convenient for busy consumers, contributing to their popularity for breakfast or snacks. The emphasis on convenience foods is driving increased demand for bakery products worldwide.
Plant-Based and Vegan Shortenings are Leading Trends in the Market
As the demand for plant-based and vegan products rises, numerous manufacturers are introducing options tailored to this expanding consumer segment.
Health Concerns Pose a Significant Challenge
Factors such as increased awareness of the adverse health effects associated with trans fats and saturated fats have prompted many consumers to pursue healthier alternatives.
Market Segmentation
The shortening market analysis includes Source, Channel, and geography landscape. This study identifies the Plant-based and vegan shortenings, Increased online penetration of shortening, Mergers, and acquisitions among Companies as one of the prime reasons driving the shortening market growth during the next few years.
The indirect channel segment will account for a significant share of market growth during the forecast period. Indirect sales channels involve distribution through intermediaries like wholesalers, distributors, retailers, or online marketplaces. They offer Companies wider market access leveraging established networks and customer bases. Effective promotion by intermediaries can drive high product demand. Additionally, joint marketing initiatives, incentives, and training programs further enhance product visibility alongside manufacturer efforts. This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report
The shortening market covers the following areas:
Companies Mentioned
- AAK AB
- Archer Daniels Midland Co.
- B and G Foods Inc.
- Bunge Ltd.
- Cargill Inc.
- CAROTINO SDN BHD
- Fuji Oil Co. Ltd.
- Gujarat Ambuja Exports Ltd.
- IFFCO Group
- Manildra Flour Mills Pty. Ltd.
- Olivia Impex Pvt. Ltd.
- Palsgaard AS
- Premium Oils and Fats Sdn Bhd
- Riken Vitamin Co. Ltd.
- S.S.D. Oil Mills Co. Ltd.
- Stratas Foods
- Vantage Specialty Chemicals
- Ventura Foods LLC
- Wilmar International Ltd.
- Associated British Foods Plc
Company Offerings
- Fuji Oil Co. Ltd: The company offers shorten solutions such as Carotino red palm fruit oil.
- Archer Daniels Midland Co –The company offers solutions such as NovaLipid, and NovaLipid Fluid.
- AAK AB – The company offers solutions such as liquid designed for intense applications where stability is a necessity, which simplifies cooking with liquid convenience and enhances flavor without adding costs. Technavio’s SUBSCRIPTION platform
Analyst Review
The Market is driven by the increasing demand for vegetable oils, particularly soybean-based products like margarine. This demand is primarily fueled by the processed food sector, which includes products such as pasta, noodles, dry-ready meals, and bread. Functional meals and beverages are also significant contributors to the market, as they contain essential nutrients such as amino acids, vitamins, minerals, and proteins, often sourced from vegetable oils.
Retail stores, including malls, supermarkets, and e-commerce platforms, play a crucial role in the distribution of shortening fats. The market is influenced by global governments’ regulations and market dynamics, with drivers such as the growing demand for functional meals and beverages. However, restraints such as concerns over trans-fatty acids impact the market’s growth. Companies operating in the shortening fats market are focusing on premiumization and offering artisanal and indulgent baked commodities to cater to consumer preferences.
In developing nations, the production and distribution of shortening fats are essential for the food industry, especially in the bakery, confectionery, and dairy products sectors. The market is also driven by industrial use, particularly in the production of processed food products. Despite concerns over obesity and lifestyle epidemics, the market continues to grow, driven by convenience food products and bakery items with functional benefits. Download a Free Sample Report
Related Reports
The specialty bakery market size is projected to increase by USD 15.87 billion with a growth at a CAGR of 5.29% between 2023 and 2028.
The gluten-free bakery market size is estimated to grow at a CAGR of 10.2% between 2022 and 2027. The market size is forecast to increase by USD 1,326.19 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Source
Market Segmentation by Channel
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
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SOURCE Technavio
