Shortening Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Shortening Market: Overview
The shortening market has been anticipated to experience innumerable growth opportunities in the upcoming years. This market growth is on the back of various factors. The increasing rate of application in the food industry serves as the primary factor to boost growth impetus in the shortening market. The shortening provides various health benefits that stimulate its application in the food and bakery industry and thus adds in the expansion avenues in the shortening market.
Shortening is basically fat, which is made from vegetable oil and animal fat. It is commonly used for baking and cooking purposes. Shortening commonly refers to any type of fat, which remains solid at room temperature. Shortening has been made from a full or partial vegetable source that comprises oil derived from soybean and pal. In recent years, consumers have increasingly given preference to shortening from vegetable sources compared to the animal source, and thus creating growth impetus in the shortening market.
The shortening from the vegetable source is likely to fuel expansion avenues in the shortening market. This growth in the shortening market can be attributed to the increasing consciousness among individuals related to health products. In addition to this, escalating demands for trans-fat-free vegetable shortening amongst consumers is also driving growth impetus in the shortening market. Sunflower, palm, coconut, soybean, groundnut, and others are some of the prominent plants sources for vegetable shortening. Owing to this increasing rate of applications, the shortening market has been estimated to develop growth avenues in the forthcoming years.
The shortening market has been spread around various geographical areas across the world including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these regions, Asia Pacific has been expected to hold a dominating position in the shortening market. This market dominance is on the back of growing production and consumption of flour products in various developing countries. Improvements in the consumers purchasing capacity and constantly changing eating habits are also fueling growth impetus in the shortening market.
Global Shortening Market: Overview
The global market for shortening is anticipated to gather momentum during the forecast period, 2018-2028. Reason for such rising prominence of the global shortening market is its wide range of applications in the food sector. Due to the countless health benefits offered by shortening it is more used by the food and bakery industry now and thus the market gained traction.
Shortening is a fat that is made from animal fat and vegetable oil. It is used for both cooking and baking purposes. Shortening, basically, refers to any fat that remains solid at room temperature. Shortening is made from partial or full vegetable source, comprising oil derived from pal and soybean. Consumers increasingly prefer shortening from vegetable source to animal source.
The global market for shortening has been segmented on the basis of the following parameters: source, type, application, and region. Lard, hydrogenated oils, and even butter can be utilized as shortening. Shortening usually refers to hydrogenated oils that was used widely in the early 20th century.
Global Shortening Market: Notable Developments
The competitive market dynamics of the global shortening market have become better in recent times. Some of the notable developments relating to the competitive landscape of global shortening market are:
Some of the most prominent competitors operating in the competitive landscape of global shortening market include –
New regional players are expected to emerge in the global shortening market in the years to follow.
Global Shortening Market: Growth Drivers
The vegetable sourced shortening is likely to lead the market during the forecast period due to increased consciousness about health products. Escalated demands for trans-fat-free vegetable shortening amongst consumers are further expected to fuel the market. Vegetable shortenings are sourced from various plant sources, such as groundnut, soybean, coconut, palm, sunflower, and others.
Over the forecast period of 2018-2028, global shortening market is estimated to be fuelled by its increased application in the bakery products segment. Shortenings will be used widely in the bakery segment for desired freshness, texture, and volume.
Global Shortening Market: Regional Outlook
On the basis of geography, the global Shortening market has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Regionally, Asia-Pacific is forecasted to be the fastest growing region in the global shortening market.
The reason for such dominance is the increasing production and consumption of flour products in developing countries, such as India and China. Improvements in the purchasing power of consumers in the region coupled with change in eating habit of consumers have led to increased consumption of bakery and confectionery products. Such change is expected to propel the growth of global shortening market during forecast period.
North American shortening market is expected to expand at a fast rate between 2018 to 2028 in global owing to the augmented consumption of convenience food in the region.
The global shortening market is segmented as:
On the basis of type
On the basis of source
On the basis of application
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