Global Shortenings market size 2024, Forecast To 2033
4 Mar, 2024
The shortenings market size has experienced steady growth, increasing from$4.24 billion in 2023 to$4.43 billion in 2024, with a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period is attributed to traditional culinary practices, growth in the bakery and confectionery industry, demand for processed foods, rise in fast-food consumption, and focus on shelf-life extension, as well as consumer preferences for texture and mouthfeel. Expected to see steady growth in the next few years, the market is forecasted to reach$5.28 billion in 2028, with a compound annual growth rate (CAGR) of 4.5%. Major trends in the forecast period include innovation in texture-enhancing ingredients, clean frying solutions, packaging innovations for convenience, technological advancements in production, and collaborations and partnerships.
Global Shortenings Market Key Driver
The increasing demand for bakery products is driving the shortenings market. The bakery industry includes the sales of baked foods such as bread, and cakes. The increasing demand for gourmet products and changing food habits are leading to a rise in bakery products. Shortenings improve bakery products by providing a rumbly and crisp texture and preventing the dish from becoming stretchy and elastic. Total global retail sales of baked goods were equal to $425.7 billion in 2022, an increase from $407.2 billion in 2021, according to Agriculture and Agri-Food Canada, a Canada-based department of the government. Therefore, increasing demand for bakery products will propel the shortenings market.
Get A Free Sample Of The Global Shortenings Market ReportGlobal Shortenings Market Segments
The global shortenings market covered in this report is segmented –
1) By Variant: Solid, Liquid, Cake/Icing, All-purpose
2) By Source: Vegetables, Animal
3) By Sales Channels: Direct Sales, Indirct Sales
4) By End User: HoReCa, Bakery, Confectionery, Processed Food, Household Retail
By Geography: The regions covered in the shortenings market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the shortenings market in 2023. The regions covered in the shortenings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Shortenings Industry Players
Cargill Incorporated, Bunge Limited, Wilmar International Limited, Archer Daniels Midland Company, Ventura Foods LLC, AAK AB, Manildra Group, International Foodstuff Company Holdings Limited, Conagra Brands Inc., Stratas Foods LLC, Premium Vegetable Oils Sdn Bhd, Namchow Chemical Industrial Co. Ltd., Fuji Oil Co. Ltd., Kerry Group PLC, AarhusKarlshamn AB, Upfield Holdings BV, NMGK Group, BRF SA, Yildiz Holding AS, Mallet & Company Inc., Lonza Group AG, Palsgaard A/S, Walter Rau Neusser Öl und Fett AG, Puratos Group NV, Princes Limited, Zeelandia International BV, Olenex Sàrl, HAS Group, VFI GmbH, COFCO Group Co. Ltd., DuPont Nutrition and Health, Stepan Specialty Products LLC, Fine Organics Limited
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Shortenings Market Overview
Shortening is a solid fat at room temperature that can be used to give dishes such as pastry a crumbly and crisp texture. Coating the flour in fat stops it from absorbing water, which inhibits the production of gluten and prevents the dish from becoming stretchy and elastic.
Shortenings Global Market Report 2023 provides data on the global shortenings market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The shortenings market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.