Shortening Market Outlook
Shortening is any fat that is solid at room temperature and used in cooking purpose for bakery, confectionery, and other products. The term shortening is often used for hydrogenated vegetable oil which technically refers to all type of solid fats and is gaining demand due to the major applications of shortenings in baking and cooking. Shortening is also used in food preparations that require deep frying owing to its high smoke point. Moreover, it is used as a pan coating to prevent baked goods from sticking to the pan. Consumption of shortening involves health benefits such as unsaturated fat present in shortening reduces the risk of heart disease thereby driving the growth of. The shortening market is projected to grow at a CAGR of 4.76% during the forecast period (2020 - 2025).
Regional Analysis
Global Shortening Market Revenue has been segmented, by region into North America, Europe, Asia-Pacific, and the Rest of the World. The shortening market in North America has further been segmented into the US, Canada, and Mexico. Geographically, Asia-Pacific is anticipated to dominate the global shortening market during the forecast period owing to the increase in consumption in developing countries such as China and India. The shortening market in North America is expected to be the fastest market due to the increasing consumption of snacks and baked products such as donuts, pies, and cookies in this region.
Competitive Analysis:
Leading players in the global shortening market include Key Players
The J. M. Smucker Co. (US), Nutiva Inc. (US), Ventura Foods (US), Archer Daniels Midland Company (US), Cargill, Inc. (the US), Bunge Ltd. (US), Associated British Foods plc (UK.), OJSC Nizhny Novgorod Fats Oils Group (Russia), Conagra Brands, Inc. (the US), Wilmar International Ltd. (Singapore), and Fuji Oil Co., Ltd. (Japan) are few of the key players operating in global shortening market.
In July 2019, Indian food regulation authority FSSAI announced that food business operators can voluntarily include “trans-fat free” labeling on food products.
Segmentation:
The global shortening market has been segmented by source, claim, application, and region.
Based on source, the global shortening market has been segmented into animal-sourced and vegetable sourced. Vegetable sourced shortening products are likely to dominate the global shortening market over the forecast period due to the increasing demand for shortening derived from plants such as soy, sunflower, coconut, and palm. The increasing awareness about the presence of trans fats in animal fats is also likely to drive the demand for plant-based shortening in the coming years.
Based on the claim, the market has been segmented into organic, non-GMO, vegan, kosher, gluten-free, and others. The organic segment is likely to be a major revenue generator for the global shortening market over the forecast period due to the increasing interest among consumers in organic agricultural practices.
Based on application, the market has been segmented into bakery products, confectionery products, ice cream, snacks, and others. Bakery products are likely to remain the major revenue generator for the global Shortening Market over the forecast period.
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