The global Shortenings market was valued at USD 3.61 billion in 2016 and is projected to reach USD 5.14 billion by 2025, growing at a CAGR of 14.2% from 2017 to 2025. Shortenings are products that are majorly derived from plant and animal oils. They are majorly used in foodstuffs to prevent gluten formation. Bakery manufacturing is the major consumer due to improved quality of product on usage of shortenings.
Market Dynamics: 1. Market Drivers 1.1 Growing demand for bakery and confectionery products 2. Market Restraints 2.1 Health concerns related to excessive consumptions of fats and oils
Market Segmentation: The global Shortenings market is segmented on the source, key ingredient, variant, application, process, and region. 1. By Source: 1.1 Vegetable 1.2 Animal
2. By Key Ingredient: 2.1 Oil 2.2 Lard 2.3 Butter 2.4 Tallow 2.5 Others
3. By Variant: 3.1 Liquid Shortening 3.2 Solid Shortening 3.3 All Purpose Shortening 3.4 Cake/Icing Shortening 3.5 Others
4. By Application: 4.1 Confectionery Products 4.2 Savory Snacks 4.3 Bakery 4.4 Others
5. By Process: 5.1 Fractionisation 5.2 Hydrogenation 5.3 Interesterification 5.4 Edible Oil Production Process
6. By Region: 6.1 North America (U.S., Canada, Mexico) 6.2 Europe (Germany, UK, France, Rest of Europe) 6.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific) 6.4 Latin America (Brazil, Argentina, Rest of Latin America) 6.5 Middle East & Africa
Competitive Landscape: The major players in the market are as follows: 1. Cargill 2. Bunge Limited 3. Conagra Brands 4. Wilmar International Limites 5. International Foodstuff Company Holdings Limited 6. Manildra Group 7. Associated British Foods PLC 8. AAK AB 9. Ventura Foods LLC 10. Archer Daniels Midland Company
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.