The global shortening market size was valued at $4,250.0 million in 2020, and is estimated to reach $6,373.6 Million by 2030, registering a CAGR of 4.2% from 2021 to 2030. In 2020, the vegetables segment accounted for significant revenue share in the market, and is expected to grow at a CAGR of 3.8% throughout the forecast period. Europe is one of the prominent regions, which accounted for a sizeable share of the total market in 2020.
The increasing processed food sector is driving the shortening market demand. In some nations processed food items, such as pasta and noodles, are consumed as staple foods. The period of preparation is comparably short for dry-ready meals, dried noodles, pasta, and many other processed food products. The shortening fats in bread product are often utilized for its many functional advantages such as better elasticity, higher smoke point, and higher shelf-life.
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The outbreak of the COVID-19 pandemic in 2020 has hampered the global shortening market growth. Retail stores, malls, supermarkets, and other sales channels have been forced to close or remain closed as a result of stringent lockdown imposed by governments all over the world. During the lockdown, however, several brands have shifted their focus to e-commerce platforms to generate revenue and increase sales. Offline sales are increasing at the moment, as government lockdown restrictions in several countries are being gradually lifted.
According to the shortening market analysis, the market is segmented into source, application, sales channel, and region. Depending on source, the market is divided into vegetables and animal. Based on applications, bakery products, confectionery products, snacks & savory products, and others. By sales channel, it is fragmented into direct and indirect sales. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, Italy, Belgium, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, the UAE, Nigeria, Saudi Arabia, South Africa, and rest of LAMEA).
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Based on source, vegetables segment held the major share of 81.1% in the global shortening market. This is attributed to the wide usage of vegetables source in the bakery, confectionery products sector.
Based on application, bakery products segment witness a major traction and is likely to gain a major demand in the coming years. Bakery products segment witness an annual growth rate of 3.6% during the forecast period. The demand for bakery products segment is increasing everyday owing to the changing lifestyles, growing population and economic improvements.
Based on sales channel, indirect sales held the major share of 65.4% in the market. The growth of the indirect sales segment is driven by increase in demand for shortening products, fueled by the boom in bakery and confectionery products.
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Key findings of the study
By source, the vegetables segment held the highest share, accounting for 81.1% of the global shortening market.
Based on application, the bakery products segment held the major share of 44.2% of the market.
Region wise, Europe held the major shortening market share, and is expected to remain dominant throughout the forecast period.
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The major players in the market are Cargill Incorporated, Premium Vegetable Oils Sdn Bhd, Bunge North America, Inc, Fediol, Namchow Chemical Industrial Co., Ltd, Wilmar International Ltd, Fuji Oil Co., Ltd, Associated British Foods plc, Ventura Foods, and J.M. Smucker Company .
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