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Shortenings Market Analysis, Size, Share, Growth, Trends And Forecast 2024-2033
Shortenings Market Analysis
As per the report, the shortenings market size has grown steadily in recent years. It will grow from $4.24 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The shortenings market size is expected to see steady growth in the next few years. It will grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
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Surging Demand For Bakery Product To Drive Market Growth
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. For instance, in November 2022, according to Agriculture and Agri-Food Canada, a Canada-based department of the government, total global retail sales of baked goods were equal to $425.7 billion in 2022, an increase from $407.2 billion in 2021. Therefore, increasing demand for bakery products will propel the shortenings market.
Product Innovations Transforming The Shortenings Market
Product innovation have emerged as a key trend in the shortenings market. 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, ket*o-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.
The 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
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Major companies operating in the shortenings market report 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 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 Ö*l 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
Contents of the report:
1. Executive Summary
2. Shortenings Market Report Structure
3. Shortenings Market Trends And Strategies
4. Shortenings Market - Macro Economic Scenario
5. Shortenings Market Size And Growth
…..
27. Shortenings Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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