Global Shortening Market: Overview
The global market for shortening is anticipated to gather momentum during the forecast period, 2018-2028. Reason for such rising prominence of the global shortening market is its wide range of applications in the food sector. Due to the countless health benefits offered by shortening it is more used by the food and bakery industry now and thus the market gained traction.
Shortening is a fat that is made from animal fat and vegetable oil. It is used for both cooking and baking purposes. Shortening, basically, refers to any fat that remains solid at room temperature. Shortening is made from partial or full vegetable source, comprising oil derived from pal and soybean. Consumers increasingly prefer shortening from vegetable source to animal source.
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The global market for shortening has been segmented on the basis of the following parameters: source, type, application, and region. Lard, hydrogenated oils, and even butter can be utilized as shortening. Shortening usually refers to hydrogenated oils that was used widely in the early 20th century.
Global Shortening Market: Notable Developments
The competitive market dynamics of the global shortening market have become better in recent times. Some of the notable developments relating to the competitive landscape of global shortening market are:
- Earlier this year, US-based Archer Daniels Midland Company announced that it had successfully completed its acquisition of Neovia. Based out of France, Neovia is a leadi9ng animal feed producer. The acquisition thus created a global market leader in value-added solutions and products for both production and companion animals. The acquisition of Neovia represents a major milestone and a move in the execution of Archer Daniels Midland Company’s strategic plan to become a global leader in nutrition.
Archer Daniels Midland Company, The J.M. Smucker Company, OJSC Nizhny Novgorod Fats & Oils Group, Cargill, Inc., Associated British Foods plc , and Wilmar International Ltd. are some of the names to reckon with in the global shortening market. New regional players are expected to emerge in the global shortening market in the years to follow.
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Global Shortening Market: Growth Drivers
- Growing Health Awareness Shoots up Demand for Vegetable Sourced Shortening
The vegetable sourced shortening is likely to lead the market during the forecast period due to increased consciousness about health products. Escalated demands for trans-fat-free vegetable shortening amongst consumers are further expected to fuel the market. Vegetable shortenings are sourced from various plant sources, such as groundnut, soybean, coconut, palm, sunflower, and others.
- Changing Preferences of the Masses
Over the forecast period of 2019-2027, global shortening market is estimated to be fuelled by its increased application in the bakery products segment. Shortenings will be used widely in the bakery segment for desired freshness, texture, and volume.
Global Shortening Market: Regional Outlook
On the basis of geography, the global Shortening market has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Regionally, Asia-Pacific is forecasted to be the fastest growing region in the global shortening market.
The reason for such dominance is the increasing production and consumption of flour products in developing countries, such as India and China. Improvements in the purchasing power of consumers in the region coupled with change in eating habit of consumers have led to increased consumption of bakery and confectionery products. Such change is expected to propel the growth of global shortening market during forecast period.
North American shortening market is expected to expand at a fast rate between 2019 to 2027 in global owing to the augmented consumption of convenience food in the region.
The global shortening market is segmented as:
On the basis of type
- All Purpose Shortening
- Emulsified Shortening
- High Stability Shortening
On the basis of source
On the basis of application
- Confectionery and Pastry
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