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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Market Share by Application
The bakery applications of shortening fats are expected to hold a sizable market share. This expansion can be attributed to the daily increase in demand for bakery goods brought on by changing lifestyles, growing populations, and economic advancements. For the creation of bakery shortenings, fully hydrogenated soybean oil obtained from soybeans that contain no trans fats are often used as hard fat. Rapid urbanisation and the growing need for ready-to-eat or fast food products are further helping the shortening fats market growth.
In addition, the confectionery applications is anticipated to expand at a fast CAGR during the forecast period due to the extensive use of shortening fats in confectionery. Usage of shortening fats imparts their distinctive flavour and shortening characteristics. Shortening based on roasted whole soybeans and their flour as ingredients is also growing in use in regional confectionery products and snacks.
Market Share by Region
North America is expected to account for a significant share in the shortening fats market. The established bread industry in North America is fundamental for the region's expansion. Also, the consumers' preferences for healthy eating, particularly with regard to freshly baked items like bread, cake, pies, and other baked goods, is propelling the market growth in the region.
Over the course of the forecast period, the Asia Pacific region is anticipated to exhibit a fast growth rate. This is attributable to factors such as the significant consumption of confectionery goods and the region's dominant position in the confectionery sector. The expansion of the global shortening fats market in the Asia Pacific is further fuelled by the rising production and demand. China is a fastest-growing consumer market for shortening fats, particularly those sourced from soybeans.
Shortening Fats Market Report Snapshots
Shortening Fats Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market for shortening fats is projected to grow at a CAGR of 4.30% between 2024 and 2032.
The major drivers of the market include the growing innovations in shortening fats, rise in disposable income, altering lifestyles, preferences for eliminating the use of trans fats in the food industry, and growing intake of confectionary products.
The increased spending on the baked foods and confectioneries and surging inclination of customers towards healthy eating are the key industry trends propelling the growth of the market.
The major regions in the shortening fats market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Based on product type, the market is segmented into vegetable based and animal based. Vegetable based are further segmented into palm and palm kernel, sunflower seed, and soybeans, among others, whereas animal based is sub-divided into butter, tallow, and lard, among others.
On the basis of application, the market is divided into confectionery, ice cream, snacks, and bakery, among others.
The major players in the industry are Cargill, Incorporated, Bunge Limited, Pristine Baking Solutions, Soren Srl, and AAK AB, among others.
Shortening is a cooking ingredient that helps produce crumbly, flaky, and tender baked goods. Since shortening is 100% fat, in comparison to butter and lard's about 80% fat content, it produces extremely delicate cakes, cookies, and pie crusts.
Vegetable shortening or margarine is frequently used in the production of bakery goods such muffins, cakes, pastries, and pies.
Vegetable oils like soybean, cottonseed, or palm oil are used to make the majority of shortening that is now on the market.
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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124