The global Shortenings for Bakery Products Market is projected to reach USD 6,208.0 Million by 2028 from USD 4,325.2 Million in 2020 in terms of value, at a CAGR of 4.5% from 2020. Shortenings enrich the moistness, fineness, and uniformity of grain, and keeping quality. If either margarine or butter is used, the flavor also is imparted; hydrogenated shortening ordinarily is used in cake, however. The efficiency of shortenings has been increased in recent years by the addition of surfactants, which facilitate emulsification and air incorporation and dispersion in batters. This is often because of features like more durability and cheaper than animal-based shortenings. The Asia Pacific held a dominant position within the global Shortenings for Bakery Products Market and contributed maximum revenue share. Factors like the expansion of the food beverage industry besides growing usage of shortenings in multiple food preparation applications are predicted to drive the expansion of the Asia Pacific Shortenings for Bakery Products Market shortly.
Top Companies Operating in the Global Shortenings for Bakery Products Market Report:
Archer Daniels Midland Company (U.S.), Cargill (U.S.), AAK AB (Sweden), Wilmar International Limited (Singapore), and Bunge Limited (U.S.). Other players in this segment include Manildra Group (Australia), Associated British Foods (U.K.), Ventura Foods, LLC (U.S.), ConAgra Brands (U.S.).
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Further key findings from the shortenings report suggest
- The Shortenings for Bakery Products Market is divided into plant-based and animal-based divisions. The plant-based division is accounted for the most important share in terms of revenue. The plant-based sector contributed to over 84.3% of the entire revenue within the worldwide shortening market in 2020.
- The oil segment is estimated to be the largest share in the market, in terms of value, in 2020. The vegetable oils such as palm oil, soybean oil, canola oil, and olive oil are used in the production of shortenings. Palm oil is the most widely preferred key ingredient in shortenings, as it is economical, compared to butter. Consumption patterns in urban demographics, influenced by busy lifestyles, represent an enhanced need for convenience and yet healthy products.
- The APAC segment accounts for the largest revenue share in the global Shortenings for Bakery Products Market and is projected to continue its dominance growing at a CAGR 5.9% during the forecast period. Easy accessibility of palm oil and growing demand for baked commodities such as biscuits, pastries, cakes, and bread are the significant factors predicted to drive the market in the region. Extending the confectionery market in the Asia Pacific is expected to drive demand over the forecast period.
- Besides, Europe held the second-largest position in the global market due to the growing production of confectionery products.
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For the purpose of helping readers make profitable business decisions, the report is written with industry analysts, market segmentation, and data collection. In addition to providing detailed information on technical and product advances, this report also discusses market value, growth rates, and niche market segments in detail.
An analysis of the Shortenings for Bakery Products Market has been carried out by segmenting it into key regions and offering information on growth rates, market shares, current and emerging trends, production and consumption ratios, analysis of the industrial chain, demand and supply, imports and exports, revenue contributions, and the presence of key players in each region. To gain a better understanding of the regional spread of and progress of the Shortenings for Bakery Products Market, a country-by-country analysis of the market is provided in the report.
The global Shortenings for Bakery Products Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Based on Key Ingredient, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Oil
- Butter
- Tallow
- Lard
- Others
Based on Source, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Vegetable
- Animal
Based on Variant, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Solid
- Liquid
- Cake/Icing
- All-purpose
- Others
Based on Application, the market has been segmented as follows: (Revenue, USD Million; 2020-2028)
- Bakery products
- Confectionery products
- Snacks savory products
- Others
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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