The MRFR report suggests that the global shortening market is anticipated to register significant growth during the review timeframe ending in 2030.
Shortening refers to fat derived from animals and vegetable oil and is used for cooking and baking. Shortening is any fat that is solid at room temperature. Shortening made from partial or full vegetable sources, including oil obtained from soybean and pal, is preferred more than animal sources. The global shortening market has registered praiseworthy growth in the past few years. The market's growth is primarily being driven by the growing areas of applications in the food sector owing to its health benefits.
Segment Analysis
The global shortening market report has been classified into several segments based on application, claim, source, and region.
The global shortening market is divided into vegetable sourced and animal-sourced based on the source.
Based on the claim, the global market for shortening is split into gluten-free, kosher, vegan, non-GMO, organic, and others.
Based on application, the global shortening market is divided into snacks, ice cream, confectionery products, bakery products, and others.
Regional Analysis
The global shortening market research is examined across several major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
According to the MRFR reports, the Asia-Pacific region is estimated to register the fastest growth in the global shortening market over the projection period. The region is further divided into Australia & New Zealand, India, China, Japan, and the Rest of Asia-Pacific. The regional market's growth is attributed mainly to the growing consumption and production of flour products across developing economies such as India and China. Furthermore, the factors such as the change in eating habits of consumers and increasing disposable income are anticipated to boost the demand for bakery and confectionery products, causing an upsurge in the growth of the regional shortening market over the assessment era.
The shortening market for the North American region is projected to secure the top position globally over the forecasted period. The regional market's growth is attributed to the growing convenience food consumption across the region. The regional market is further classified into Mexico, Canada, and the US.
The European regional market for shortening is projected to record significant growth over the assessment period.
Which region is likely to emerge as the dominant player in the global market?
The APAC region is likely to emerge as the dominant player in the global market competition.
Competitive Analysis
The global shortening market is well recognized for the presence of the wide number of players spread worldwide. With the enormous growth of the food & beverages sector in recent years, the market has witnessed a massive number of new entrants worldwide. The players in the market are focused on growing their global market footprint and are implementing numerous growth strategies. The global shortening market has prominent leaders such as Fuji Oil Co., Ltd. (Japan), Wilmar International Ltd. (Singapore), OJSC Nizhny Novgorod Fats & Oils Group (Russia), Bunge Ltd. (US), Archer Daniels Midland Company (US), Nutiva Inc. (US), The J.M. Smucker Company (US), Conagra Brands, Inc. (the US), Associated British Foods plc (UK), Cargill, Inc. (US), Ventura Foods (US), and several others.
Recent Developments
- January 2022 – The J.M. Smucker Co. has disclosed the closing of the transaction to separate its natural and organic beverage and grains businesses to Nexus Capital Management LP in a cash deal worth USD110 million, bound by a working capital adjustment. The company earlier revealed a definitive agreement on December 15, 2021.
The deal encompasses TruRoots® and R.W. Knudsen® assets and trademarks and an authorizing agreement for Santa Cruz Organic® beverages.
- February 2022 – Wilmar Sugar Pte Ltd and MSM Malaysia Holdings Berhad announced the signing of an agreement in December 2021 regarding collaboration in the foundation of a sustainable sugar supply chain. Both the companies will go aboard on joint efforts to help and support each other to begin a methodology to allow sustainable raw sugar sourcing within the joint supply chain by concentrating on traceability reporting of sugar supplies and observing sustainability performance based on the NDPE Sugar Policy.
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