Shortenings Market Size, Share, Industry Trends and Forecast to 2033
This report provides a comprehensive analysis of the Shortenings market, covering its size, growth trajectory, key trends, and forecasts from 2023 to 2033. It offers valuable insights into market segmentation, regional dynamics, and competitive landscape.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $10.50 Billion |
| CAGR (2023-2033) | 6.2% |
| 2033 Market Size | $19.45 Billion |
| Top Companies | Cargill, Inc., Archer Daniels Midland Company (ADM), Bunge Limited, Unilever, Wilmar International Limited |
| Last Modified Date | 15 Nov 2024 |
Shortenings Market Report (2023 - 2033)
Shortenings Market Overview
What is the Market Size & CAGR of Shortenings market in 2023 and 2033?
Shortenings Industry Analysis
Shortenings Market Segmentation and Scope
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Shortenings Market Analysis Report by Region
Europe Shortenings Market Report:
The European Shortenings market is projected to grow from $2.64 billion in 2023 to $4.89 billion by 2033. Growing awareness of health and wellness is leading to increased demand for high-quality, natural shortening products. Moreover, stringent regulations on food safety and labeling have encouraged market players to innovate and adapt their product offerings accordingly.Asia Pacific Shortenings Market Report:
The Asia Pacific region is expected to see substantial growth, with the market size projected to grow from $2.27 billion in 2023 to $4.20 billion by 2033. Rapid urbanization, rising disposable incomes, and changing food consumption patterns are key factors driving this growth. Furthermore, the increasing prevalence of Western dietary trends contributes significantly to the demand for shortening products.North America Shortenings Market Report:
North America holds a significant market share, estimated at $3.72 billion in 2023, projected to reach $6.89 billion by 2033. The region’s market growth is driven by a strong demand for bakery and confectionery products, coupled with the increasing trend toward clean-label and natural ingredients. Major players in the U.S. are also adopting innovative marketing strategies to cater to health-conscious consumers.South America Shortenings Market Report:
In South America, the Shortenings market is anticipated to grow from $0.92 billion in 2023 to $1.70 billion by 2033. The growth is primarily attributed to the expanding food processing industry and a growing young population that favors baked goods and convenience foods. Additionally, improved distribution channels are facilitating better access to a variety of shortening products.Middle East & Africa Shortenings Market Report:
In the Middle East and Africa, the market is forecasted to expand from $0.96 billion in 2023 to $1.77 billion by 2033. The region is witnessing increased population growth and urbanization, leading to a rise in bakery consumption. Furthermore, the expansion of retail channels is enhancing product availability in this region.Request a custom research report for industry.
Shortenings Market Analysis By Type
Global Shortenings Market, By Type Market Analysis (2023 - 2033)
The solid shortenings segment is projected to dominate the market, growing from $7.15 billion in 2023 to $13.25 billion by 2033, maintaining a 68.09% market share. Liquid shortenings will also see significant growth from $2.96 billion to $5.48 billion, holding an equal share of 28.15%. Semi-solid and specialty options such as hydrogenated and non-hydrogenated shortenings will account for the remaining market segments.
Shortenings Market Analysis By Application
Global Shortenings Market, By Application Market Analysis (2023 - 2033)
Bakery products lead the applications segment, projected to grow from $7.15 billion in 2023 to $13.25 billion by 2033, reflecting a 68.09% share. The confectionery sector follows, with its market size expected to increase from $2.96 billion in 2023 to $5.48 billion by 2033, capturing 28.15% of the market. Snack foods hold a smaller segment but are gaining traction due to changing consumer snacking habits.
Shortenings Market Analysis By Form
Global Shortenings Market, By Form Market Analysis (2023 - 2033)
The hydrogenated shortening segment is positioned as the leading category, representing a significant market portion, while the non-hydrogenated alternatives are increasingly sought after for their health benefits. The total market size for hydrogenated shortenings is projected to reach $13.25 billion by 2033, paralleling the significant demand for non-hydrogenated options, which is expected to grow correspondingly.
Shortenings Market Analysis By Distribution Channel
Global Shortenings Market, By Distribution Channel Market Analysis (2023 - 2033)
The online retail segment is anticipated to dominate, projected to grow from $8.61 billion in 2023 to $15.95 billion by 2033, holding an impressive 81.99% of the market share. Offline retail channels will also exhibit growth, from $1.89 billion to $3.50 billion, reflecting a growing preference for online purchasing among consumers, particularly for convenience products.
Shortenings Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Shortenings Industry
Cargill, Inc.:
Cargill is a global leader in food production, providing high-quality shortening formulations tailored for the baking industry. Their commitment to sustainability and innovation has secured their position as a crucial player.Archer Daniels Midland Company (ADM):
ADM is a major supplier of food ingredients, including shortenings, and focuses on delivering premium solutions that meet diverse customer needs across the global market.Bunge Limited:
Bunge is a leading agribusiness and food company with a significant presence in the shortening market, known for its sustainable practices and quality product range.Unilever:
Unilever is renowned for its wide range of food products, including innovative shortening solutions that appeal to health-conscious consumers and bakers.Wilmar International Limited:
Wilmar is one of Asia’s largest agribusiness groups, offering a robust portfolio of high-quality shortenings that serve various applications, especially in the bakery sector.We're grateful to work with incredible clients.
