Shortenings are class of fat animal or vegetable in origin which is solid at room temperature. Shortenings include lard, butter, tallow, hydrogenated veg oil, and palm stearin. The major area of consumption of shortenings is in the bakery industry. The consumption of shortening is directly related to growth in the bakery industry. Globally, the bakery industry has experienced growth due to changing lifestyles and eating habits of consumers across all geographies. Moreover, growth of convenience food and ready to eat products is the prime factor augmenting the growth in shortenings market. Direct consumption of shortenings has been on lower side owing to concerns of health as it contains high amount of saturated fats.
Among the sources, palm stearin and hydrogenated veg oil together form the major share in global shortenings market. Furthermore, volume of butter is expected to grow at the highest CAGR of 3.7% owing to increasing production of animal based shortenings globally. Among animal based shortening butter forms major part followed by tallow and lard.
Malaysia and Indonesia are the major supplier of palm stearin; whereas the hydrogenated veg oil is manufactured within the countries and very little amount comes into the international trade.
Figure: Global Shortening Market value 2015-2023
The report segments the global shortening market by source, application, and region. The source includes palm stearin, hydrogenated veg oil, and animal based. Similarly, the application includes bakery, confectionery, snacks and savoury, and other applications include domestic uses.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, South America, Europe, Asia-Pacific, and Rest of the World.
Cargill Inc., Archer Daniels Midland Company, ABF Plc.Royal, DSM N.V., Kerry Group Plc., Ruchi Soya Industries Limited, Wilmar International.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of shortening globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and value chain analysis of Shortening. Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the Shortening market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market.
The report also provides in-depth analysis of the impact of REACH policy (Registration, Evaluation, and Authorization of Chemicals) adopted by the European Union on the Global Shortening Market over the period of 2017 to 2023. This section also provides crucial information on the safety profiles of the chemicals in the European Union.
The report also provides in-depth analysis of regulatory framework pertaining to shortening market. This will help the companies to understand the regulatory compliance, supports, and barriers in the shortening market. This section highlights key amendments and their implication on shortening market in the short run as well as in the long run.
This report will help manufacturers, suppliers, and distributors of the shortening market to understand the present and future trends in this market and formulate their strategies accordingly.