The global shortening market is expected to grow USD 6.41billion at a 4.52% CAGR During Forecast 2020-2030. Shortenings, as a part of the market, find a wide range of applications in the confectionery, bakery, and snacks & savory sectors. The rise in the prominent market factors such as an increase in demand for shortenings in various food applications, and a prominent rise in demand for bakery and confectionery products has fueled the growth in the market. Affordability, convenience, and health benefits are emerging as the main factors that drive global market growth. The development of other market products such as loaves of bread, cereal, cakes, biscuits, and pastries is well-established in the European countries that will have a positive impact on the global market expansion in 2030. Whereas, the demand for bakery and confectionery products is increasing in the Asian Pacific region with the growing per capita consumption of loaves of bread and baked goods during the ongoing period that will be ending in 2030.
COVID 19 Analysis
The sudden outbreak followed by the fatal spread of the COVID-19 pandemic in 2020 has hampered the global shortening market growth that was projected for the ongoing forecast period. Retail stores, malls, supermarkets, and other inclusions of the sales channels have been forced to close or remain closed owing to the disrupted demand and this has been a result of stringent lockdown imposed by governments all over the world. During the lockdown that has been imposed by the local and global governments, however, several brands have shifted their focus to e-commerce platforms to generate revenue and increase sales. Offline sales are increasing at the moment and the main reason behind this is that the government lockdown restrictions in several countries are being gradually lifted.
The rise in investments followed by the collaborative efforts of the Shortening Market players and global governments followed by their functioning in various research and development departments is likely to help the global market to opt for collaborative measures in the long run and as a part of the ongoing forecast period ending in 2030.
The market trends support an increasing processed food sector demand that is driving the shortening market demand. In some nations that are a part of the global shortening market, processed food items, such as pasta and noodles, are consumed as staple foods. The period of preparation is comparably less for dry-ready meals, and other consumables like dried noodles, pasta, and many other processed food products. The shortening fats in bread products are often being utilized for their many functional advantages like better elasticity, higher smoke points, and promising a higher shelf-life.
Functional meals and beverages being demanded by the consumers with functional nutrients complement many health advantages as well as the essential nutritional content of the product. Amino acids, vitamins, minerals, followed by others like protein, fatty acids, and prebiotics are included in these nutrients. Due to a higher degree of growing awareness of the area of consumer health, functional products are becoming more and more important in recent years. There has been an increasing product development followed by a huge rise in innovation activities that are attracting consumers to opt for functional foods and beverages, especially during the ongoing forecast period that will be ending in 2030.
There has been a huge degree of consumption of trans-fatty acids that are strongly associated with an increased risk of cardiovascular diseases and other serious ailments like cancer. As a result, additional regulations are being laid down by the government on the usage of liquid oils directly in sweet goods and icings. Thus, the rising awareness regarding the negative health effects of trans-fatty acids is affecting the confectionery ingredients industry, and in turn, the shortening market during the ongoing forecast period.
The shortening market is witnessing a huge rise in the investment portions followed by the collaborative efforts of the global governments is helping in the market expansion to carry out the research and development processes as projected for the ongoing forecast period that will be ending in 2030.
The shortening market has been segmented based on the following to meet the rising needs of the global market audience and help the market opt for global expansion during the period.
Based on Key Ingredient, the Shortening Market has been segmented as follows:
Based on Source, the market has been segmented as follows:
Based on Variant, the market has been segmented as follows:
Based on Application, the market has been segmented as follows:
Based on Region, the market has been segmented as follows:
The Asian Pacific region, as a part of the prominently participating regions, has dominated the global Shortening Market functioning and has further, accounted for the largest share, in terms of both value and volume, in the global market, during the historic forecast period that had ended in 2020. The Asian Pacific region amongst the rest in competition comprises developing economies such as India, China, Malaysia, and others like Indonesia. With the rising degree of population and improvements in the purchasing power of consumers in developing countries such as China and India, the global shortening market in this region is expected to witness high growth in the future, as a part of the forecast period. The ongoing market changes in the eating habits of consumers in the APAC region have resulted in a rise in the consumption of bakery products and snacks. These rising market factors drive the shortenings market in the Asia-Pacific region in the upcoming future.
The shortening market is likely to be dominated by key players such as:
-Raw material suppliers/growers
-Fat and/or oil processors/manufacturers
-Research institutes and organizations
-Government bodies, venture capitalists, and private equity firms
The objective of this global market study is to define, segment, and project the size of the market based on the key ingredient, source, variant, application, and the regional functioning of the shortening market. The report aims to provide detailed information about the crucial factors influencing market dynamics involving the market drivers, restraints, opportunities, and industry-specific challenges. The global market opportunities and competitive landscape of market leaders are also considered and studied for the stakeholders. The market report discusses the competitive developments such as expansions and investments, partnerships, agreements, joint ventures, and other options like collaborations, followed by the new product launches, and acquisitions in the market are covered in the study.
|Market Size||USD 6.41 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Source, Claim, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Archer Daniels Midland Company (U.S.),Bunge Limited (U.S.),Cargill (U.S.),Wilmar International Limited (Singapore),AAK AB (Sweden),There are some other players in this segment including:,Manildra Group (Australia),International Foodstuff Company Holdings Limited (UAE),ConAgra Brands (U.S.),Associated British Foods (U.K.),Ventura Foods, LLC (U.S.)|
|Key Market Opportunities||rise in demand for bakery and confectionery products|
|Key Market Drivers||increasing processed food sector demand|
The APAC region is likely to emerge as the dominant player in the global market competition.
The global market is expected to grow at a CAGR of 4.52%.
The global market is reported to have attained a global market revenue of USD 6.41billion.