Shortenings are a type of fat used in cooking and baking to create a crumbly, flaky texture in food products. They are essential ingredients in the culinary world, widely utilized by both professionals and home cooks to enhance the texture and flavor of various dishes. Shortenings are used in a myriad of applications, including the preparation of pastries, bread, cakes and fried foods. They can be derived from different sources and are available in several variants, such as solid, liquid and specifically formulated types for cakes and icings, catering to the diverse needs of the food industry and consumers.
The shortenings market consists of sales, by entities (organizations, sole traders and partnerships), of shortenings products that are primarily used to improve the texture of baked goods, make pastries flakier and to fry foods, offering a versatile solution for various culinary requirements.
The global shortenings market was valued at $3,740.00 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Rise In Online Food Delivery
The rise in online food delivery contributed to the growth of the shortening market during the historic period. Online meal delivery services provide users with a wide range of cuisines and food selections, including baked products and fried delicacies. Shortenings are crucial ingredients in several of these dishes, including pastries, cookies, fried chicken and donuts. The simplicity of ordering these items online has increased demand for baked goods and fried dishes, pushing up consumption. According to Fundera, Inc., a US-based finance and insurance corporation, more than 112 million Americans have utilized a food delivery service, which contributes to an online food delivery industry generating over $26.5 billion, with 60% of American consumers ordering takeout or delivery at least once a week and 31% using third-party food delivery services at least twice a week. Therefore, the rise in online food delivery drove the growth of the shortening market during the historic period.
Focus On Strategic Acquisitions To Grow Business
Companies in the shortenings market are focusing on strategic acquisitions to strengthen their offerings and expand their geographic presence. For instance, in March 2023, KTC Edibles Ltd., a UK-based edible oils and fats manufacturing company, acquired Cardowan Creameries for an undisclosed amount. This acquisition is an excellent cultural and business fit for KTC to expand its offering, service all its customers and accelerate Cardowan's strategic growth plans. Cardowan Creameries is a specialist margarine manufacturer offering a variety of margarine and shortenings. Additionally, in October 2020, B&G Foods, Inc., a US-based food holding company, acquired Crisco oils and shortening businesses for a deal amounting to approximately $550 million. With this acquisition, B&G Foods aimed to increase demand for Crisco oils and further grow its core businesses by acquiring Crisco's trademarks, licensing agreements and dedicated manufacturing and warehouse facilities. Crisco is a US-based shortening manufacturing company offering vegetable oil, cooking oils and cooking sprays, founded in 1911.
The global shortenings market is concentrated, with large players operating in the market. The top ten competitors in the market made up to 48.1% of the total market in 2022.
Shortenings Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global shortenings market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for shortenings? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The shortenings market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider shortenings market; and compares it with other markets.
The report covers the following chapters
Introduction And Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by variant, by source, by sales channels and by end-user.
Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the shortenings market.
Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by variant, by source, by sales channels and by end-user. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
. Regional Market Size And Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Competitive Dashboard- Briefs on competitive dashboard of major players.
Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years
Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations-This section includes recommendations for shortenings providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
Appendix This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered
1) By Variant: By Solid; Liquid; Cake/Icing; All-Purpose
2) By Source: Vegetable Shortenings; Animal Shortenings
3) By Sales Channels: Direct Sales; Indirect Sales
4) By End-User: Horeca; Bakery; Confectionery; Processed Food; Household/Retail
Companies Mentioned: Cargill; Archer Daniels Midland Company; Bunge Limited; Wilmar International Ltd; AAK AB
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; shortenings indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Table of Contents
1 Executive Summary
1.1 Shortenings - Market Attractiveness And Macro economic Landscape
2 Table Of Contents
3 List Of Tables
4 List Of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Shortenings Market Definition And Segmentations
6.4 Market Segmentation By Variant
6.4.1 Solid
6.4.2 Liquid
6.4.3 Cake/Icing
6.4.4 All-Purpose
6.5 Market Segmentation By Source
6.5.1 Vegetable Shortenings
6.5.2 Animal Shortenings
6.6 Market Segmentation By Sales Channels
6.6.1 Direct Sales
6.6.2 Indirect Sales
6.7 Market Segmentation By End-User
6.7.1 HoReCa
6.7.2 Bakery
6.7.3 Confectionery
6.7.4 Processed Food
6.7.5 Household/Retail
7 Major Market Trends
7.1 Launch Of New Shortenings Varieties For Enhanced Culinary Applications
7.2 Focus On Strategic Acquisitions To Grow Business
7.3 Introduction Of Plant-Based Shortenings As Healthier Alternatives
7.4 Increasing Investments To Acquire And Upgrade Manufacturing Facilities
7.5 Launch Of Innovation Centers To Accelerate Shortening Research and Development
8 Shortenings Market - Macro Economic Scenario
8.1 COVID-19 Impact On The Shortenings Market
8.2 Impact Of The War In Ukraine On The Shortenings Market
8.3 Impact Of High Inflation On The Shortenings Market
9 Global Market Size and Growth
9.1 Market Size
9.2 Historic Market Growth, 2018 - 2023, Value ($ Million)