Rising Demand for Bakery Products to Drive Shortening Market
The global shortening market is expected to exhibit steady growth due to the growing demand for convenience foods and packaged bakery products, according to the latest research report from Market Research Future (MRFR).
Competitive Analysis:
Leading players in the global shortening market include Fuji Oil Co. Ltd., Wilmar International Ltd., Conagra Brands Inc., OJSC Nizhny Novgorod Fats and Oils Group, Associated British Foods plc, Bunge Ltd., Cargill Inc., Archer Daniels Midland Company, Ventura Foods, Native Inc., and the J.M. Smucker Company.
In July 2019, Indian food regulation authority FSSAI announced that food business operators can voluntarily include “trans-fat-free” labeling on food products.
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Segmentation:
The global shortening market has been segmented by source, claim, application, and region.
Based on source, the global shortening market has been segmented into animal-sourced and vegetable-sourced. Vegetable sourced shortening products are likely to dominate the global shortening market over the forecast period due to the increasing demand for shortening derived from plants such as soy, sunflower, coconut, and palm. The increasing awareness about the presence of trans fats in animal fats is also likely to drive the demand for plant-based shortening in the coming years.
Based on the claim, the market has been segmented into organic, non-GMO, vegan, kosher, gluten-free, and others. The organic segment is likely to be a major revenue generator for the global shortening market over the forecast period due to the increasing interest among consumers in organic agricultural practices.
Based on application, the market has been segmented into bakery products, confectionery products, ice cream, snacks, and others. Bakery products are likely to remain the major revenue generator for the global shortening market over the forecast period.
Regional Analysis:
The global shortening market is expected to be dominated by the Asia Pacific over the forecast period due to the growing demand for bakery products and other flour products in the region, according to the MRFR report. The Asia Pacific market is a major regional market for shortening products due to the growing consumer disposable income in the region, which has led to a growing demand for bakery products and other packaged food products, in which shortening is used to achieve a better texture and consistency. The growing demand for packaged bakery products such as bread, puffs and pastries, and cakes is likely to be a major driver for the shortening market in the Asia Pacific over the forecast period.
The growing demand for packaged flatbreads such as rotis and tortillas in the Asia Pacific is also likely to be a major driver for the shortening market in the region. The increasing disposable income of consumers in the region has driven the demand for packaged food products, while the rising number of working women has driven the demand for packaged cooking products with which they can prepare meals with minimum prep time, allowing for easy to cook meals in their hectic urban lifestyle. The Asia Pacific market for shortening products is likely to exhibit the highest growth rate over the forecast period.
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Europe is the second-largest regional market for shortening products and is likely to exhibit solid growth over the forecast period due to the widespread popularity of baked products such as bread and flaky pastries. Europe has longstanding traditions for the preparation of bakery products and is a major market for various components used in preparing said bakery products. This is likely to hold the shortening market in the region in good stead over the forecast period, as the growing popularity of baked products is likely to generate a sizeable revenue stream for the shortening market in the region. The increasing demand for plant-based shortening products is likely to be a key feature of the shortening market in Europe, as a growing number of consumers in Europe are becoming aware of the adverse effects of the meat industry and are accordingly switching to plant-based diets, including vegetarianism and veganism.
North America is also a major market for shortening products and is likely to remain a major revenue generator for the global shortening market due to the growing demand for packaged bakery products in the region. The increasing demand for convenience foods is likely to result in the rapid growth of the shortening market in North America over the forecast period.
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