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.
The Global Shortenings Market Report provides an in-depth
analysis of the market by assessing the growth trends, products, applications,
end-user segment, historical data, and information obtained through interviews
of industry experts. This market intelligence report includes a comprehensive
evaluation of the market, discussing the value, volume, size, share, growth
rate, key trends, demand & supply ratio, gross revenue, competitive
landscape, regional analysis, manufacturers, product types, and end-user applications
to give a 360° overview of the global Shortenings industry.
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Key Players:
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.).
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.
Consumption patterns in urban demographics, influenced by busy lifestyles,
represent an enhanced need for convenience and yet healthy products.
- 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:
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
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
- Rest of Latin America
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Key questions answered:
·
Which
of these regions – North America, Europe, Asia Pacific, Latin America, and
Middle East & Africa, dominates
market share?
·
What
is the outcome of the COVID-19 Impact Analysis performed in the report?
·
What
are the revenue estimations for every region in the Shortenings market?
·
What
is the current market valuation of each region and the estimated market size by
the end of the forecast period?
·
What
is the projected growth rate of the global Shortenings market?
Thank
you for reading this article. You can also get chapter-wise sections or
region-wise report coverage for North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa.
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