Shortening Market Poised for Steady Growth: Allied Market Research Report Unveils Market Dynamics and Growth Drivers

According to a new report published by Allied Market Research, titled "Shortening Market by Source, Application, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030,"

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 : https://www.alliedmarketresearch.com/request-sample/14359

The global shortening market was valued at $4,250.0 million in 2020 and is estimated to reach $6,373.6 million by 2030, registering a CAGR of 4.2% from 2021 to 2030. In 2020, the vegetable segment accounted for a significant revenue share in the market and is expected to grow at a CAGR of 3.8% throughout the forecast period. Europe is one of the prominent regions, which accounted for a sizeable share of the total market in 2020.

The global shortening market has witnessed significant growth over the years and is expected to grow at a steady pace during the forecast period. This is attributed to an increase in demand for animal and marine fats and oils from the foodservice sector and a rise in the use of lard in the baking industry as bread spreads. In addition, the animal source has expanded rapidly as a result of increased demand from downstream industries such as biodiesel, food, oleochemicals, and pet food. Consumers in developing regions, such as Asia-Pacific, prefer lard over butter in baked goods, thus shortening market trends.

Shortening fat is utilized in most mixtures and batters to give the baked item a fresh and brittle texture. Shortening fat can be made from either animal fat or vegetable oil, but shortening made from mostly or completely hydrogenated vegetable oil is more common nowadays. The shortening fat is used in a wider application of the food industry, such as ice creams, dried noodles, and other functional food items, for better taste and a longer shelf life in the market.

According to the shortening market analysis, the market is segmented into source, application, sales channel, and region. Depending on the source, the market is divided into vegetables and animals. Based on applications, bakery products, confectionery products, snacks & savory products, and others. By sales channel, it is fragmented into direct and indirect sales. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A13990

Based on source, the vegetable segment held the largest share of 81.1% in the global shortening market. This is attributed to the wide usage of vegetables source in the bakery and confectionery products sector. Moreover, animal source witnessed highest CAGR throughout the forecast period. Animal fats are necessary for cell growth and the protection of organs in the body. Furthermore, fats play an important role in a variety of biological functions, including the production of hormones and the regulation of vitamins. Thus, animal fats are classified into different groups, including saturated, monounsaturated, trans, and polyunsaturated fats, each of which has a different effect on cholesterol levels.

Based on application, bakery products segment has witnessed major traction and is likely to gain major demand in the coming years. bakery products segment witnessed an annual growth rate of 3.6% during the forecast period. The demand for bakery products is increasing everyday owing to changing lifestyles, growing population and economic improvements. Growing urbanization and increasing demand for ready-to-eat or fast food are expected to surge sales of bakery products. Fortification of bakery products with functional ingredients is further supplementing shortening market growth.

Based on sales channel, indirect sales held the major share of 65.4% in the market. The growth of the indirect sales segment is driven by increase in demand for shortening products, fueled by the boom in bakery and confectionery products.

Depending on the market, Europe accounted for the maximum share in the global market in 2020 and is anticipated to continue this trend in the near future. The demand from the respective food sectors in the region, which is supported by improvements in living standards and population growth, is driving the market. Moreover, an increase in emphasis on biofuels, such as biodiesel produced from animal fats, is augmenting the shortening of market demand.

The major players in the market are Cargill Incorporated, Premium Vegetable Oils Sdn Bhd, Bunge North America, Inc., Fediol, Namchow Chemical Industrial Co., Ltd., Wilmar International Ltd., Fuji Oil Co., Ltd., Associated British Foods plc, Ventura Foods, and J.M. Smucker Company.

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲

By source, the vegetable segment held the highest share, accounting for 81.1% of the global shortening market.

Based on application, the bakery products segment held the largest share of 44.2% of the market.

Region-wise, Europe held the major shortening market share and is expected to remain dominant throughout the forecast period.

𝐒𝐩𝐞𝐚𝐤 𝐖𝐢𝐭𝐡 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 : https://www.alliedmarketresearch.com/connect-to-analyst/A13990

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We have professional corporate relations with various companies and this helps us dig out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

We have professional corporate relations with various companies, and this helps us dig out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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