The global shortenings market was valued at US$ 3,835.2 Mn in 2018, according to Global Shortenings Market Report, 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) published by . The global shortenings market is projected to reach US$ 5,051.7 Mn by 2027, exhibiting a CAGR of 3.2% during the forecast period (2019-2027). The market is expected to witness significant growth over the forecast period, attributing to increasing demand for shortenings from various end-use industries such as bakery and confectionery coupled with growth of these industries. Shortening is considered as a major constituent in bakery and confectionary products, and is used for making frosting. It is used as a texture enhancing agent in cakes, pastries, and cookies to give them crumbly and flaky texture and making them as well as tender. As a result, growth of the bakery and confectionary industry worldwide is expected to propel demand for shortening over the forecast period. For instance, according to a report titled 'Sector Trend Analysis of Bakery Products' published by Agriculture and Agri-Food Canada (AAFC), in December 2016, the global bakery market reached US$ 338.7 billion in terms of retail value in 2015 from US$ 321.8 billion in 2014, with a CAGR of 4.7% for the period 2010-2015. Moreover, according to the annual report of Federation of Bakers of U.K., published in 2018, the bakery industry was a US$ 4.06 billion industry in the U.K. in retail sales value in 2017. However, adverse health effects of excessive consumption of trans-fats along with the availability of alternatives such as margarine and butter is expected to hamper growth of the global shortenings market over the forecast period. To know the latest trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/market-insight/shortenings-market-1565 Browse 45 market data tables* and 22 figures* on "Shortenings Market” - Global forecast to 2027. Key Takeaways of the Market:
- On the basis of category, plant-based segment contributed for over 90.0% of the revenue share in the global shortenings market in 2018. Plant-based shortenings are mainly made from vegetables oils such as refined palm oil, cotton seed, and soybean, which are in liquid state at room temperature. These are majorly used in pies, cakes, breads, doughnuts, and other baked goods. Vegetable shortening is more durable and cheaper than animal-based shortenings. This factor is expected drive the segment growth in the global shortenings market.
- Based on distribution channel, offline stores segment held for the largest revenue in 2018 in the global shortenings market. Offline stores include hypermarkets and supermarkets, departmental stores, and convenience stores. Growing number of hypermarkets & supermarkets retail chains, availability of a variety of products, marketing & promotional activities such as offers and trade discounts are major factors contributing to higher sales of shortening and related food products through offline stores. Some of the largest supermarket chains around the world include Tesco, Walmart, Lidi, SPAR, Ahold Delhaize, 7-Eleven, CBA, and Carrefour.
- However, rising number of mobile phone users, coupled with growing internet penetration across the globe is expected to boost sales of shortening through online channels. For instance, according to Internet World Stats, the total number of internet users across the world increased from 3,079 million in 2014 to 4,157 million in 2017.
- Major players operating in the global shortenings market are Cargill, Incorporated, Archer Daniels Midland Company, Bunge Limited, Wilmar International Ltd., Ventura Foods, Associated British Foods, AAK, and J. M. Smucker Company
