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Shortenings Market - Exploration Trends, Analysis, Growth Prospects And Forecast 2033
Shortenings Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to traditional culinary practices, bakery and confectionery industry growth, demand for processed foods, rise in fast-food consumption, focus on shelf-life extension, consumer preferences for texture and mouthfeel.
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%. The growth in the forecast period can be attributed to health-conscious consumer choices, clean label preferences, plant-based and specialty fats, gluten-free and allergen-free products, globalization of culinary preferences. Major trends in the forecast period include innovation in texture-enhancing ingredients, clean frying solutions, packaging innovations for convenience, technological advancements in production, collaborations and partnerships.
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Market Drivers and Trends:
The increase in online food delivery is expected to propel the growth of shortenings market going forward. Online platforms drive increased demand for baked goods and fried foods, both of which commonly use shortenings. Collaborations between delivery services and local establishments, the convenience of ready-to-eat foods, and the globalization of culinary options contribute to a higher demand for shortenings. Culinary innovation, the expansion of quick-service restaurants (QSRs) online, and the alignment with consumer trends for indulgent foods further fuel the demand for shortenings in the evolving landscape of online food delivery. For instance, in July 2022, according to Zomato Ltd., an India-based food delivery company, in the fiscal year 2022, Zomato fulfilled 535 million orders, marking a substantial 124% increase compared to the previous fiscal year 2021. Therefore, the increase in online food delivery is driving the growth of 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, ke*to-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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Major Key Players of the Market:
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 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
Shortenings Market 2024 Key Insights:
• 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%.
• Surging Demand For Bakery Product To Drive Market Growth
• Product Innovations Transforming The Shortenings Market
• North America was the largest region in the shortenings market in 2023
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