SHORTENINGS MARKET ANALYSIS

Shortenings Market, By Category (Plant-based and Animal-based), by Form (Solid and Liquid), by Application (Bakery & Confectionery, Snacks & Savory, and Others (frying, etc.)), by Distribution Channel (Online Stores and Offline Stores), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019-2027

Published In : Aug 2019
Code : CMI1565
Pages :143
Formats :
Excel and PDF
Industry : Food Ingredients

Shortenings MarketSize and Trends

Shortenings Market – Insights

The global shortenings market was valued at US$ 3,835.2 Mn in 2018, and is expected to register a CAGR of 3.2%, in terms of revenue over the forecast period (2019-2027), to reach US$ 5,051.7 Mn by 2027.

Asia Pacific accounted for the largest revenue share in the global shortenings market in 2018, and is projected to continue its dominance during the forecast period. Expanding confectionery market in Asia Pacific is expected to drive demand for shortening over the forecast period. According to the International Trade Center, in 2017, Singapore generated US$ 364.9 million revenue through export of chocolates, followed by China and Malaysia with US$ 315.6 million and US$ 226 million, respectively.

Moreover, Europe held the second largest position in the global shortenings market and is projected to exhibit a CAGR of 2.3% during 2019-2027. The demand for shortening in Europe is high, owing to growing production of confectionery products. For instance, according to the Association of Chocolate, Biscuits and Confectionery Industries of Europe (CAOBISCO), in 2015, Europe’s chocolate market was pegged at 2,772,325 metric ton, which increased to 2,827,184 metric ton in 2016, witnessing an increase of 1.9% during 2015-16.