Shortening Market to Garner USD 6.41 Billion Revenue by 2030 at 4.52% CAGR - Report by Market Research Future (MRFR)

Shortening Market Size and Industry Trends by Source (vegetable, and animal), by Claim (organic, non-GMO, vegan, kosher, and gluten-free), by Application (bakery, confectionery, ice cream, and snacks), and by Region - Forecast period from 2020 to 2030

New York, New York, UNITED STATES

New York, US, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Shortening Market Information by Source, Claim, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 6.41 billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 4.52% during the review timeframe.

Market Synopsis

Shortening powder is a solid, dry powder mostly used in the food business, particularly in the bakery. An edible fat called shortening powder is mostly derived from plant materials like soybeans or palm kernels. Most of the world's use of shortening powder comes from North America, where it first appeared. Shortening powder made from dried vegetables has recently become more popular since it offers baked goods light, fluffy, and flaky texture while also providing a healthy dose of fat. A shortening is used to offer dishes, such as pastry, a crisp and fresh texture. Butter, soy, margarine, vegetable oils, and fat are a few types of fat that can be utilized as shortening.

Vegetable oils like cottonseed, soybean, or refined palm oil, typically liquid at room temperature, are the most common ingredients used to make shortening. Shortening powder is essentially edible fat; it doesn't have many positive health impacts, but the market demand for it is rising due to millennials' increased appetite for baked goods. Shortening powder acts as a catalyst to improve the product's final appearance.

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Report Scope:

Report AttributeDetails
2030 Market SizeUSD 6.41 Billion
CAGR4.52% (2020–2030)
Base Year2019
Forecast Period2020-2030
Historical Data2018
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Coveredby Source, Claim, Application, and Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Driversincreasing processed food sector demand
growing awareness of the area of consumer health

Market Competitive Landscape:

The reputable contenders in the shortening market are:

  • Archer Daniels Midland Company (U.S.)
  • Manildra Group (Australia)
  • Bunge Limited (U.S.)
  • Cargill (U.S.)
  • Wilmar International Limited (Singapore)
  • AAK AB (Sweden)
  • International Foodstuff Company Holdings Limited (UAE)
  • ConAgra Brands (U.S.)
  • Associated British Foods (U.K.)
  • Ventura Foods, LLC (U.S.)

Market U.S.P. Covered:

Market Drivers:

The market has grown due to the rise in key market variables, such as the rising demand for bakery and confectionery goods and the rising demand for shortenings in various food applications. The primary drivers inducing the development of the global market are now being identified as economy, convenience, and health benefits. Processed foods like spaghetti and noodles are consumed as staple foods in several countries that are a component of the global shortening market. The preparation time is comparably shorter for dry-ready meals, other consumables like dried pasta and noodles, and many other processed food items. Shortening fats are frequently used in bread products because of their many practical benefits, including improved elasticity and longer shelf life.

Functional products have grown in importance over the past few years due to increased consumer health awareness. Time management has become increasingly important to most people as the number of working urban couples has increased. As a result, they frequently search for products like shortening powder, which expedites cooking while also giving the finished product a more polished appearance. It is a useful product since it has a longer shelf life and may be stored in any dry location for years without much upkeep. As a result, the industry is seeing an increase in demand for shortening powder.

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Market Restraints:

Trans-fatty acid consumption has increased significantly, and these fats are closely linked to a higher risk of heart disease and other dangerous illnesses, including cancer. As a result, the government is enacting other direct laws regarding using liquid oils in sweets and icings. As a result, throughout the current forecast period, the industry for confectionery ingredients and, in turn, the market is being impacted by the growing awareness of the harmful health effects of trans-fatty acids.

COVID 19 Analysis     

The COVID-19 pandemic epidemic has slowed the expansion of the global market for shortening. The strict lockdown imposed by governments worldwide has compelled retail outlets, malls, supermarkets, and other sales channels to close or remain closed. However, many firms have moved their attention to e-commerce sites during the lockdown to boost revenue and sales. Currently, offline sales are rising as government lockup limitations in several nations are progressively loosened.

Compared to last year, the revenue drastically reduced, and the shortening powder industry is no different from other industries. Due to the proper lockdown being implemented worldwide, the supply chain, manufacturing, and demand were all interrupted for months. The market made a slow recovery after the pandemic's initial wave, but given the current situation, it appears quite gloomy, and many uncertainties are still present.

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Market Segmentation

By Source

The vegetable segment will gain significant traction in the forecast period.

By Claim

The organic segment will gain significant traction in the forecast period.

By Application

The bakery segment will gain significant traction in the forecast period.

Regional Insights

The Asia-Pacific region competes against the rest by including emerging economies like Indonesia, Malaysia, China, and India. The global shortening market in this area is anticipated to rapidly expand in the next years due to the increasing population density and expanding consumer spending power in developing nations like China and India. The consumption of bakery goods and snacks has increased due to the ongoing changes in consumer eating habits in the APAC region. Shortly, these expanding market aspects will drive the Asia-Pacific region's shortenings market.

Due to the widespread love of baked goods and the prominent usage of shortening powder in most of their food, Europe is one of the largest customers and producers of shortening powder. In Africa, as well as in Latin America and the Middle East, the market for shortening powder is stable and expanding. Its main competitive markets are in Asia. The global shortening powder market is expanding and exhibiting increasing trends.

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