Known and Unknown Adjacencies Impacting the Shortenings Market

The shortenings market is experiencing high growth, particularly in the Asia-Pacific region. The Asia-Pacific region is projected to be the fastest growing segment from 2017 to 2022. 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.

The shortening market caters to food industries such as bakery, confectionery, and snacks & savory. The snacks & savory products segment is projected to grow at the highest CAGR from 2017 to 2022. The snacks shortening such as tortilla shortening is available in the market for the production of tortilla flour. Such shortenings help to maintain the structure and body without compromising the quality of the final product. Varieties of shortenings with low-trans fats and saturated fats are presently used in snack products. With the increase in per capita income, consumers demand an additional varied set of food products, and in turn influence the demand for shortenings.

The shortenings market, by source, has been segmented into vegetable and animal. The vegetable segment is projected to grow at a relatively higher CAGR from 2017 to 2022. 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.

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The shortenings market, by key ingredient, has been segmented into butter, oil, lard, tallow, and others. The oil segment is projected to grow at the highest CAGR from 2017 to 2022. 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.

The shortenings market, by variant, has been segmented into solid, liquid, all-purpose, cake/icing, and others. The all-purpose segment is projected to grow at the highest CAGR from 2017 to 2022. The all-purpose segment is projected to grow due to its varied functional properties in various applications. Also, all-purpose shortening is an extremely versatile product that blends well with other ingredients and gives a rich and uniform taste and texture to cakes, cookies, biscuits, pie crusts, and pastries. All-purpose shortening does not transfer food tastes, does not attach any unwanted tastes or aromas, and does not leave unwanted greasy textures.

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