The global specialty shortenings market is said to register a CAGR of 4.5% from 2022 to 2032, intended to earn revenue of USD 7.1 Billion by 2032, up from USD 4.6 Billion in 2022.
The demand for specialty shortening is higher as the need for low-trans-fat property specialty shortening is increasing because of growing consumer requirements for less fat-containing products. Growing consumption of processed food and beverage industry across the world is driving the global specialty shortenings market.
| Report Attribute | Details |
|---|---|
| Specialty Shortenings Market Value (2022) | USD 4.6 Billion |
| Specialty Shortenings Market Anticipated Forecast Value (2032) | USD 7.1 Billion |
| Specialty Shortenings Market Projected Growth Rate (2022 to 2032) | 4.5% |
Specialty shortenings are fatty substances that are primarily used in bakery and confectionery products. The demand for specialty shortenings is higher owing to their property of giving bakery products their crisp and crumbly texture. They provide texture and stability in products such as fillings, bread, cake, and icing.
Besides crips and crumbly texture, specialty shortenings also increase the plasticity of the dough. Some of the other listed advantages of specialty shortenings are good shortening power, adding pleasant or bland flavor, and longer shelf life. Cocoa butter was conventionally used as a shortening agent, but cocoa butter is not cost-efficient, and therefore the search for alternatives in the specialty shortenings in the global market is increasing.
Kokum butter obtained from kokum seed kernels is one of the many alternatives, and it has surging use in the cosmetic industry. The sales of specialty shortenings are increasing and boosting the global specialty shortenings market owing to the ease of handling the product across all purposes. Specialty shortening products are available in liquid as well as dry form, and they can be derived from plants and animals.
The constant increase in the demand for bakery and confectionery products across the world is fuelling the global specialty shortenings market and increasing the market demand too.
The main ingredient while making any bakery products such as pastries, cakes, and cookies is specialty shortening. It also has uses in products other than a bakery, such as chocolate, dairy products, pharmaceutical, ice cream, cosmetics, and other industries.
Globally there is a huge demand for milk products and confectionaries. These products need an additional amount of specialty shortenings to enhance shelf life and texture; this is the reason for more opportunities for the specialty shortening market.
The increasing popularity of plant-based ingredients has resulted in an additional opportunity for plant-based specialty shortenings in the global specialty shortenings market. Besides, the increasing consumption of processed food and beverage industries across the globe is fuelling the global specialty shortenings market.
Processed food items such as noodles and pasta are consumed as staple foods in some nations. The preparation time is less for dried noodles, pasta, dry-ready meals, and several other processed food products. The specialty shortenings in bread products are usually used for varied functional benefits such as higher smoke points, improved elasticity, and better shelf life.
Plant-based specialty shortenings are derived from vegetable oils such as sunflower oil, palm oil, rapeseed oil, olive oil, soybean oil, and coconut oil. Animal-derived specialty shortenings are extracted from rendered animal fats like tallow and lard. Plant-based shortenings are experiencing greater demand owing to their several health benefits as compared to animal-derived shortenings. Also, due to the growing vegan population across the world and rising health awareness among consumers, the plant-based segment is anticipated to witness a bigger market share.
Increasing consumption of chocolate is also driving the global specialty shortenings market. There is a demand for chocolate across the globe owing to its stress-relieving and mood-uplifting qualities; this has positively impacted the rise in the demand for specialty shortenings.
Specialty shortenings are also used in several other industries apart from food and beverage, such as personal care, cosmetics, and pharmaceutical products. The demand for personal care and cosmetics is constantly increasing around the world due to rising consumer awareness pertaining to better access.
The development of cosmetics and personal care products that are gender-specific is leading to the growth of the cosmetic industry. Therefore, there is also an upsurge in demand for specialty shortenings in the worldwide market.
In the global specialty shortenings market, region-wise, North America and Europe account for the major market share. Consumer adoption of goods and products such as cosmetics and personal care, processed foods and beverages, and pharmaceuticals is higher in European and North American countries.
In 2020, Europe attributed the maximum market share owing to the increasing trend of confectionary and freshly baked products in the markets like cake, bread, dried noodles, etc. Nevertheless, the Asia Pacific and the Middle East, and Africa regions are said to experience the biggest growth rate during the forecast period in the global specialty shortenings market.
Factors like ease of access to consumer goods and the majority population shifting from rural areas to urban areas are contributing to the market growth and demand for specialty shortenings in the Asia Pacific and the Middle East and Africa regions.
The young population in the Asia Pacific is portraying more interest in baked and confectionary items, and altering their eating lifestyle is propelling this region to be the fast-growing region in the specialty shortening market.
A few of the key players in the Specialty Shortenings market include Bunge North America, Inc., Cargill, Inc., Archer Daniels Midland Company, Ventura Foods, Musim Mas Holdings Pte. Ltd., Sime Darby Kempas Sdn. Bhd., and Tate & Lyle Plc.
Key market players in the specialty shortening market have implemented business expansion and novel product launches as their strategic developmental strategies to develop their market share, enhance profitability, and continue competing in the market. In April 2022, Cargill, Inc. is said to develop the nutrient research and development abilities of its Global Animal Nutrition Innovation Centre to serve food and agriculture, industry customers.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Form, Source, End Use, Distribution Channel |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | Bunge North America, Inc.; Cargill, Inc.; Archer Daniels Midland Company; Ventura Foods; Musim Mas Holdings Pte. Ltd.; Sime Darby Kempas Sdn. Bhd.; Tate & Lyle Plc. |
| Customization | Available Upon Request |
The global specialty shortenings market is set to advance at a CAGR of 4.5% from 2022 to 2032.
The Specialty Shortenings market is projected to hold a market share of USD 7.1 billion by 2032.
Some of the key players holding major global specialty shortenings market share are Bunge North America, Inc., Cargill, Inc., Archer Daniels Midland Company, Ventura Foods, Musim Mas Holdings Pte. Ltd., Sime Darby Kempas Sdn. Bhd., and Tate & Lyle Plc.
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Specialty Shortenings Market
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