Shortening Market size to grow by USD 1,249.49 million from 2022 to 2027| AAK AB, Archer Daniels Midland Co., B and G Foods Inc. and more among the key companies in the market - Technavio
NEW YORK, Dec. 1, 2023 /PRNewswire/ -- The shortening market size is estimated to increase by USD 1,249.49 million from 2022 to 2027. The market's growth momentum will be progressing at a CAGR of 4.93%. The global shortening market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer shortening in the market are 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 and others.Discover some insights on market size, historic period (2017 to 2021), and Forecast (2023 to 2027) before buying the full report -Request a sample report
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Vendor Offerings -
- AAK AB - The company offers shortening solutions such as liquid shortenings designed for intense applications where stability is a necessity, which simplifies cooking with liquid convenience and enhances flavor without adding costs.
- Archer Daniels Midland Co. - The company offers shortening solutions such as NovaLipid shortening, and NovaLipid Fluid Shortening.
- B and G Foods Inc. - The company offers shortening solutions through its subsidiary ACH Foods.
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Shortening Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on source (vegetables and animals), channel (indirect channel and direct channel), and geography (Europe, North America, APAC, South America, and the Middle East and Africa)
- The market share growth by the vegetables segment will be significant during the forecast period. As consumers are increasingly concerned about the health impacts of consuming saturated fats and trans fats, there is an increase in demand for the vegetable segment. Vegetable-based shortening, sourced from oils like soybean, sunflower, or canola oil, is generally lower in saturated fats and does not contain trans fats one of the main advantages of this segment. Factors such as the rise of plant-based diets and veganism have led to increasing demand for vegetable-based alternatives in different food products, including shortening. This segment is the most desired segment of shortening by consumers as it is generally made from oils that undergo minimal processing without the use of artificial additives or preservatives. The major affiliates of consumers who prefer this segment are individuals with dietary restrictions or allergies, such as those avoiding dairy or lactose. Therefore, these factors are expected to fuel the global shortening market growth during the forecast period.
Geography Overview
By geography, the global shortening market is segmented into Europe, North America, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global shortening market.
- Europe is estimated to account for 36% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The factors such as baked products are an integral part of the culinary culture which drives the demand significantly and is one of the major reasons for the dominating market share of shortening in Europe. Some of the main baked goods, including cakes, pastries, and desserts, play a prominent role in cafe menus which positively influences the demand for shortenings. However, there is a high demand for shortenings, and factors such as shortening being high in saturated fats have led some consumers to seek healthier alternatives such as vegan butter. Therefore, customers are increasingly favouring plant-based alternatives to traditional shortenings, such as vegetable oils, coconut oil, or plant-based margarine. Thus, these factors are anticipated to drive the global shortening market growth in the region during the forecast period.
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Shortening Market – Market Dynamics
Leading Drivers -
The high consumption of bakery products is a major factor driving the shortening market growth. Factors such as varying consumer choices, lifestyle trends, cultural influences, and economic situations are particularly driving the high demand for bakery products. The key application of shortening is in bakery products as it has a higher melting point compared to butter, which helps to make a tender and flaky texture in baked goods, such as pie crusts, biscuits, and pastries. The major characteristic of shortening is its low moisture content which helps to prevent spoilage and rancidity, contributing to the longer shelf life of baked goods made with shortening. Due to consumers' growing preference for snacks and other on-the-go food products, it is expected to drive the global shortening market growth during the forecast period.
Key Trends -
Plant-based and vegan shortenings are expected to have a positive impact on the shortening market. The rising popularity of plant-based diets and the growing demand for vegan products are expected to have a substantial influence on the market. The major sources of these shortenings include vegetable oils or other plant-based sources such as coconut and are free from animal-derived ingredients such as margarine. Several manufacturers are introducing plant-based and vegan options to cater to this expanding consumer segment due to the increasing demand for these plant-based and vegan shortenings. There is a growing popularity for products that are perceived as healthier owing to the rising health consciousness among customers. Therefore such factors are anticipated to drive the global shortening market growth during the forecast period.
Major challenges -
Health issues associated with shortening will be a major challenge hindering the shortening market growth. Factors such as increasing awareness about the adverse health impacts of consuming trans fats and saturated fats have led many consumers to seek healthier alternatives. There is a growing concern regarding the potential adverse effects on cardiovascular health as shortening is very high in trans fats and saturated fats. Therefore, Consumers prefer other alternatives for shortening, including vegetable oils or plant-based fats, due to this health concern. Further, other aspects, such as changing dietary preferences and trends also affect the demand for shortening. Therefore, these factors are expected to hinder the global shortening market growth during the forecast period.
What are the key data covered in this Shortening Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the shortening market between 2023 and 2027
- Precise estimation of the shortening market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the shortening market industry across Europe, North America, APAC, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of shortening market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Source
- market Segmentation by Channel
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and 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 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.
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SOURCE Technavio
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