Demand for bakery products, fat free food requirements by the consumer, plant source shortenings, and easy availability are major driving factors for shortenings market.
New York, NY -- (SBWIRE) -- 04/14/2021 -- The global Shortenings Market is projected to reach USD 6.1 Billion by 2027 from USD 4.0 Billion in 2019 in terms of value, at a CAGR of 4.5% from 2019. Shortenings enrich the moistness, fineness, and uniformity of grain, and keeping quality. If either margarine or butter is used, the flavor also is imparted; hydrogenated shortening ordinarily is used in cake, however. The efficiency of shortenings has been increased in recent years by the addition of surfactants, which facilitate emulsification and air incorporation and dispersion in batters. This is often because of features like more durability and cheaper than animal-based shortenings. The Asia Pacific held a dominant position within the global shortenings market and contributed maximum revenue share. Factors like the expansion of the food & beverage industry besides growing usage of shortenings in multiple food preparation applications are predicted to drive the expansion of the Asia Pacific shortenings market shortly.
Growing emphasis on expansion and intake of fat-free food commodity enhance the shortenings market demand, emphasis on adoption of healthy consumption of products from the various regions of the world also speed ups the development of the shortening market and demands for plant-sourced shortenings over animal-sourced due to its easy availability and cost-effective in nature acts as a major market driver. Though, availability of functional foods that claim to improve health by providing assistance beyond that of the traditional nutrients it contains. Functional foods include items as cereals, bread, beverages that are mixed with vitamins, some herbs, and nutraceuticals hinders the market growth and further distresses about the lack of nutritional aids and valuable ingredients being destroyed during their production process acts as a restricting factor for shortenings market growth.
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Further key findings from the shortenings report suggest
The shortenings market is divided into plant-based and animal-based divisions. The plant-based division is accounted for the most important share in terms of revenue. The plant-based sector contributed to over 84.3% of the entire revenue within the worldwide shortening market in 2019.
The oil segment is estimated to be the largest share in the market, in terms of value, in 2019. The vegetable oils such as palm oil, soybean oil, canola oil, and olive oil are used in the production of shortenings. Palm oil is the most widely preferred key ingredient in shortenings, as it is economical, compared to butter. Consumption patterns in urban demographics, influenced by busy lifestyles, represent an enhanced need for convenience and yet healthy products.
The APAC segment accounts for the largest revenue share in the global shortenings market and is projected to continue its dominance growing at a CAGR 5.9% during the forecast period. Easy accessibility of palm oil and growing demand for baked commodities such as biscuits, pastries, cakes, and bread are the significant factors predicted to drive the market in the region. Extending the confectionery market in the Asia Pacific is expected to drive demand over the forecast period.
Besides, Europe held the second-largest position in the global market due to the growing production of confectionery products.
The key players of the market are Archer Daniels Midland Company (U.S.), Cargill (U.S.), AAK AB (Sweden), Wilmar International Limited (Singapore), and Bunge Limited (U.S.). Other players in this segment include Manildra Group (Australia), Associated British Foods (U.K.), Ventura Foods, LLC (U.S.), ConAgra Brands (U.S.)
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This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2017-2027. For the purpose of this study, Reports and Data have segmented the Shortenings market on the basis of ingredient, mode of variant, source and region:
Based on Key Ingredient, the market has been segmented as follows: (Revenue, USD Million; 2020-2027)
Oil
Butter
Tallow
Lard
Others
Based on Source, the market has been segmented as follows: (Revenue, USD Million; 2020-2027)
Vegetable
Animal
Based on Variant, the market has been segmented as follows: (Revenue, USD Million; 2020-2027)
Solid
Liquid
Cake/Icing
All-purpose
Others
Based on Application, the market has been segmented as follows: (Revenue, USD Million; 2020-2027)
Bakery products
Confectionery products
Snacks & savory products
Others
Regional Outlook (Revenue in USD Billion; 2017–2027)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
TOC -
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019 – 2027
Chapter 3. Indicative Metrics
Chapter 4. Shortenings Market Segmentation & Impact Analysis
4.1. Shortenings Segmentation Analysis
4.2. Shortenings Market Impact Analysis
……………
Chapter 10. Competitive Landscape
10.1. Market Revenue Share by Manufacturers
10.2. Mergers & Acquisitions
10.3. Strategy Benchmarking
10.4. Vendor Landscape
10.4.1. North American Suppliers
10.4.2. European Suppliers
10.4.3. Asia-Pacific Suppliers
10.4.4. Middle East and Latin American Suppliers
Chapter 11. Company Profiles
11.1. Cargill
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Portfolio Benchmarking
11.1.4. Strategic Initiatives
11.2. ADM
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Product Portfolio Benchmarking
11.2.4. Strategic Initiatives
11.3. AAK AB
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Product Portfolio Benchmarking
11.3.4. Strategic Initiatives
11.4. Wilmar International Limited
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Product Portfolio Benchmarking
11.4.4. Strategic Initiatives
? 11.5. Bunge Limited
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Product Portfolio Benchmarking
11.5.4. Strategic Initiatives
Continued……….
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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Shortenings market and its competitive landscape.
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