The Shortenings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Shortenings Global Market Report 2024, The shortenings market size has grown steadily in recent years. It will grow from $4.24 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to traditional culinary practices, bakery and confectionery industry growth, demand for processed foods, rise in fast-food consumption, focus on shelf-life extension, consumer preferences for texture and mouthfeel..
The shortenings market size is expected to see steady growth in the next few years. It will grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to health-conscious consumer choices, clean label preferences, plant-based and specialty fats, gluten-free and allergen-free products, globalization of culinary preferences.. Major trends in the forecast period include innovation in texture-enhancing ingredients, clean frying solutions, packaging innovations for convenience, technological advancements in production, collaborations and partnerships..
The increasing demand for bakery products is driving the shortenings market. The bakery industry includes the sales of baked foods such as bread, and cakes. The increasing demand for gourmet products and changing food habits are leading to a rise in bakery products. Shortenings improve bakery products by providing a rumbly and crisp texture and preventing the dish from becoming stretchy and elastic. For instance, in November 2022, according to Agriculture and Agri-Food Canada, a Canada-based department of the government, total global retail sales of baked goods were equal to $425.7 billion in 2022, an increase from $407.2 billion in 2021. Therefore, increasing demand for bakery products will propel the shortenings market.
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The shortenings market covered in this report is segmented –
1) Shortenings Market By Variant: Solid, Liquid, Cake/Icing, All-purpose
2) Shortenings Market By Source: Vegetables, Animal
3) Shortenings Market By Sales Channels: Direct Sales, Indirct Sales
4) Shortenings Market By End User: HoReCa, Bakery, Confectionery, Processed Food, Household Retail
Top Major Players
Archer Daniels Midland Company
Product innovation have emerged as a key trend in the shortenings market. Major players in the shortenings market are innovating new products, including vegan, low calorie products, with lower sugar and fat content, to sustain in the market. For instance, in October 2021, Conagra Brands, a US-based packaged goods company, launched Reddi-Wip Zero Sugar. Reddi-Wip Zero Sugar is a creamy-textured, keto-friendly whipped cream topping made with real cream, with zero grams of sugar, zero carbohydrates, and 15 calories per serving. It contains no artificial flavors and it is gluten-free.
The shortenings market report table of contents includes:
1. Executive Summary
2. Shortenings Market Characteristics
3. Shortenings Market Trends And Strategies
4. Shortenings Market – Macro Economic Scenario
5. Global Shortenings Market Size and Growth
…….
31. Global Shortenings Market Competitive Benchmarking
32. Global Shortenings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Shortenings Market
34. Shortenings Market Future Outlook and Potential Analysis
35. Appendix
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