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Global Shortenings Market 2023 Competitive Landscape, Future Outlook, Regional Segments And Forecast To 2032 | Major Players Are Cargill Incorporated, Bunge Limited, Wilmar International Limited, Archer Daniels Midland Company, Ventura Foods LLC
Shortenings Market
The Business Research Company's Shortenings Global Market Report 2023 identifies increasing demand for bakery products as the major driver for the Shortenings Market's growth in the forecast period. 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.
The global shortenings market is expected to grow from $4.07 billion in 2022 to $4.28 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the shortenings market is expected to grow to $5.12 billion in 2027 at a CAGR of 4.6%.
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Major competitors in the Shortenings Market are 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, Premium Vegetable Oils Sdn Bhd, Fediol, Namchow Chemical Industrial Co. Ltd., and Fuji Oil Co. Ltd.
A key trend in the Shortenings Market includes Product innovation. Major players in the shortenings market are innovating new products, including vegan, low calorie products, with lower sugar and fat content, to sustain in the market. For instance, in October 2021, Conagra Brands, a US-based packaged goods company, launched Reddi-Wip Zero Sugar. Reddi-Wip Zero Sugar is a creamy-textured, friendly whipped cream topping made with real cream, with zero grams of sugar, zero carbohydrates, and 15 calories per serving. It contains no artificial flavors and it is gluten-free.
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The Shortenings Market 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
The Business Research Company's "Global Shortenings Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Shortenings Market Include:
1. Executive Summary
2. Shortenings Market Characteristics
3. Shortenings Market Trends And Strategies
4. Shortenings Market - Macro Economic Scenario
5. Shortenings Market Size And Growth
……
26. Africa Shortenings Market
27. Shortenings Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Shortenings Market
29. Shortenings Market Future Outlook and Potential Analysis
30. Appendix
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