Shortenings Market to Showcase Continued Growth in the Coming Years

The shortenings market is projected to grow at a CAGR of 4.2%, in terms of value, from 2017 to reach a projected value of USD 4.57 Billion by 2022. Shortenings find a wide range of applications in the confectionery, bakery, and snacks & savory sectors. The factors such as increase in demand for shortenings in various food applications, and rise in demand for bakery and confectionery products has fueled the growth in the market. Affordability, convenience, and health benefits are the main factors that drive the baked foods market. The market for products such as breads, cereal, cakes, biscuits, and pastries is well-established in Europe. Whereas, demand for bakery and confectionery products is increasing in the Asia-Pacific region with the growing per capita consumption of breads and baked goods.

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On the basis of key ingredient, the global shortenings market is segmented into oil, butter, lard, tallow, and others. The oil segment dominated the market owing to its major use in the production of various shortening products and wider availability.

On the basis of source, the global market is segmented into vegetable and animal. The vegetable segment dominated the market. The high market demand for vegetable shortenings in the industry can be attributed to the increase in awareness for healthy, fortified, non-hydrogenated trans-free vegetable shortenings.

The shortenings market is segmented on the basis of application into bakery products, confectionery products, and snacks & savory products, and others including sauces, gravies, and soups. The bakery products segment accounted for the largest share in the market. The change in consumer preferences toward the trans-fat-free products has led to the increase in demand for shortening products made with modern processes such as interesterification.

The market is segmented on the basis of variant into solid, liquid, cake/icing, all-purpose, and others. The solid segment dominated the market in 2016, whereas the all-purpose segment is projected to grow at the highest CAGR followed by the cake/icing segment. All-purpose shortenings are in demand owing to their versatile nature and multi-functional characteristics. This versatility helps them to blend well with other ingredients and give a rich and uniform taste and texture to cakes, cookies, biscuits, pie crusts, and pastries.

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India is a major consumer of palm oil and butter-based products such as shortenings and margarine. Malaysia and Indonesia are the leading producers of palm oil and major exporters of processed palm oil products. The rapid expansion of the applications of fats & oils such as palm oil and butter has resulted in the growth of the market in the region, which has further increased the demand for fat & oil derived products such as shortenings.

This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Cargill (U.S.), Archer Daniels Midland Company (U.S.), ConAgra Brands (U.S.), Wilmar International Limited (Singapore), and Bunge Limited (U.S.).

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