Shortenings Market Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2019-2027

 

Shortenings Market

A product made from animal or plant fat is shortening. During the forecast period, the plant-based shortening market is anticipated to grow significantly due to the advantages that vegetable oil offers, such as the substantial antioxidant content. Vegetable oils, including soybean oil, palm oil, and rapeseed oil, among others, are used to make plant-based shortening. The bakery and confectionary industries are where shortening is most commonly used. Population growth in the Asia-Pacific region has increased food consumption per person, which has also increased regional demand for bakery and confectionery goods.

For instance, the Agricultural and Agri-Food Department of Canada (AAFC) reported in August 2016 that an analysis of bakery and breakfast cereal products revealed that Asia Pacific accounted for a sizeable portion of the global market for bakery products, accounting for retail sales of bakery products worth US$ 86,836.7 million in 2015.

The same source claims that Japan was responsible for US$ 22,982.5 million in retail sales of bakery products in 2013, US$ 23,659.3 million in 2015, and US$ 26,462.4 million by 2020, representing a CAGR of 2.3% from 2015 to 2020. A number of factors, including evolving eating patterns, the use of convenient food substitutes, the growth of the modern retail and food service sectors, and the accessibility of raw materials, are anticipated to propel the Asia Pacific shortenings market's expansion over the forecast period.

The Global Shortenings Market Was Valued At US$ 3,835.2 Mn In 2018, And Is Expected To Register A CAGR Of 3.2%, In Terms Of Revenue Over The Forecast Period (2019-2027), To Reach US$ 5,051.7 Mn By 2027.

The primary raw material used to prepare shortening is fat that comes from either animal or plant sources. Additionally, it contains trans-fats, which are regarded as unhealthy because a high intake of them can result in heart conditions. For instance, a May 2018 FDA article on trans-fats claims that the process of hydrogenating vegetable oil—a method that is frequently employed to create shortening—leads to the formation of trans-fats in food products. The same source claims that trans-fat consumption raises blood levels of low-density lipoproteins (LDL), a type of cholesterol that is regarded as being bad because it raises the risk of heart disease, which can be fatal.

In terms of revenue, Asia Pacific led the world market for shortenings in 2018, and it is anticipated that it will hold this position throughout the forecast period. Over the forecast period, rising demand for shortening is anticipated in Asia Pacific due to the region's expanding confectionery market. Singapore exported chocolates for US$ 364.9 million in 2017, followed by China and Malaysia with US$ 315.6 million and US$ 226 million, respectively, according to the International Trade Center.

Additionally, Europe ranked second globally in terms of shortenings market share and is anticipated to experience a CAGR of 2.3% from 2019 to 2027. Shortening is in high demand in Europe because of the expansion of the confectionery industry. For instance, the Association of Chocolate, Biscuits and Confectionery Industries of Europe (CAOBISCO) reports that the market for chocolate in Europe was estimated to have grown by 1.9% between 2015 and 2016 to reach 2,827,184 metric tonnes from 2,772,325 metric tonnes in 2015.

Top companies involved are- Cargill, Incorporated, Archer Daniels Midland Company, Bunge Limited, Wilmar International Ltd., Ventura Foods, Associated British Foods, AAK, and J. M. Smucker Company

Get the Press Release of Global Shortenings Market

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