PUNE, India, March 16, 2017 /PRNewswire/ --
The report "Shortenings Market by Key Ingredient (Oil, Butter, Lard, Tallow), Source (Vegetable, Animal), Variant (Solid, Liquid, All-purpose, Cake/Icing), Application (Bakery, Confectionery, Snacks & Savory), and Region - Global Forecast to 2022", published by MarketsandMarkets, the global market is projected to reach USD 4.57 Billion by 2022 in terms of value, at a CAGR of 4.2% from 2017.
Browse 83 market data Tables and 46 Figures spread through 165 Pages and in-depth TOC on "Shortenings Market"
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The global Shortenings Market is expanding with considerable growth potential over the next five years. The growth of this market can be attributed to the growth of the convenience food sector, favorable functional properties of shortenings, and growth in usage and applications of shortenings in bakery & confectionery products and snacks & savory products.
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Bakery products segment, by application, is estimated to be the largest segment in 2017
The bakery products segment is estimated to be the largest market share in the Shortenings Market in 2017, due to growing application of shortenings to obtain varied functional properties in bakery products such as biscuits, sweet biscuits, or cookies. Shortenings are used to produce a palatable and appealing product with desired textural characteristics. Bakery products such as cookies, cakes, breads, pastries, and pie crusts benefit from the functional properties imparted by the use of shortenings.
Oil: The most widely preferred type of key ingredient in shortenings
The oil segment is estimated to be the largest share in the Shortenings Market, in terms of value, in 2017. The vegetable oils such as palm oil, soybean oil, canola oil, and olive oil are used in the production of shortenings. Palm oil is the most widely preferred key ingredient in shortenings, as it is economical, compared to butter. Consumption patterns in urban demographics, influenced by busy lifestyles represent an enhanced need for convenience and yet healthy products. Consumer awareness has created a new market for healthy products and natural ingredients derived from palm oil such as interesterified shortening and shortening produced from healthy rice bran oil.
Vegetable shortenings segment, by source, is estimated to be the largest segment in 2017
The vegetable segment is estimated to be the largest market share in the Shortenings Market in 2017, due to its wide range of applications in the food industry. The growth in demand for vegetable shortenings in the industry can be attributed to the rise in awareness regarding healthy, fortified, non-hydrogenated trans-free vegetable shortenings. Increase in concerns related to health due to the consumption of animal fat shortenings fuel the growth in consumption of vegetable shortenings.
Asia-Pacific estimated to be the most lucrative market for shortenings
In 2017, the Asia-Pacific region is estimated to hold a significant share in the global Shortenings Market.
India is a major consumer of palm oil and butter-based products such as shortenings and margarine. Malaysia and Indonesia are the leading producers of palm oil and major exporters of processed palm oil products. The rapid expansion of the applications of fats & oils such as palm oil and butter has resulted in the growth of the market in the region, which has further increased the demand for fat & oil derived products such as shortenings.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Cargill (U.S.), Archer Daniels Midland Company (U.S.), ConAgra Brands (U.S.), Wilmar International Limited (Singapore), and Bunge Limited (U.S.).
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