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.
Shortenings generally have a more potent smoke point than margarine and butter, and it may have 100?t content, compared to about 80% for butter and margarine. Shortenings are vegetable fat that is typically prepared by hydrogenating or solidifying vegetable oils. Trans-free shortenings are now available widely available in the market. They are used in baking to help make products crumbly, flaky, and tender. They also deliver these characteristics by cutting through the dough, which aids it in baking into distinct pastry layers, and it even does not have the taste of butter. The increasing processed food industry is fostering the shortenings market. Processed foods are consumed in various countries as a staple meal. Dried ready meals, and many other prepared food products demand less preparation time. Bakery manufacturers prefer to use shortenings in most of the products, not only because of useful benefits but also as it is prepared very low when compared to other alternatives.
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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)
Based on Source, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
Based on Variant, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
Based on Application, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Bakery products
- Confectionery products
- Snacks & savory products
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Regional Outlook (Revenue, USD Million; 2020-2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- 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?
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