The global specialty
shortenings market is said to register a CAGR of 4.5% from 2022 to
2032, intended to earn revenue of US$ 7.1 Bn by 2032, up from US$ 4.6 Bn in
2022.
Specialty shortenings are the fatty substances that are majorly
used in the bakery and confectionery products. The use of specialty shortenings
enables to have a crisp structure and stability in the products such as bread,
fillings, icing, and cake. Some other desirable characteristics of the
specialty shortenings include bland or pleasant flavour, good shortening power,
and long shelf life.
Traditionally cocoa butter has been used as a shortening
however, the hike in the prices of cocoa butter has led to the search for the
alternatives in the specialty shortenings in the global market. Kokum butter
extracted from kokum seed kernels is one such example of the alternative
solution, which finds use in cosmetic products. The ease of handling of
specialty shortenings across all purposes is creating a positive outlook in the
global specialty shortenings market. The products of specialty shortenings
are available in dry and liquid form, which can be derived from plants as well
as animals.
Plant-based Ingredients Increasing Popularity is also
Creating Increased Opportunity for the Plant-based Specialty Shortenings in the
Global Market
The global specialty shortenings market is driven by the
increasing consumption of processed food and beverage industry around the
world. Bakery and confectionery industry is flourishing and expanding at a
rapid speed, especially in the Asian countries. The adoption of Western
lifestyle and diet habits has resulted in the spread of café culture and
specialty bakery franchises in Asia and the Middle East and Africa. With the
consumer shift in food habits and easy access is creating a positive outlook in
the global specialty shortenings market. Additionally, the global market of
specialty shortenings market is also driven majorly by the increasing
consumption of chocolate. Chocolate is becoming more popular for its effect in
the relieving stress and uplifting the mood, which has affected the increase in
the demand for specialty shortenings.
The specialty shortenings are also used in the other
industries besides the food and beverage industry such as cosmetics and
personal care and pharmaceutical products. The use of cosmetics and personal
care products has been steadily increasing in the world, owing to the increased
consumer awareness about the products and increased access. Moreover, the
emergence of gender-specific cosmetics and personal care products is resulting
in the expansion of the cosmetic industry. This, in turn, is increasing the
demand for specialty shortenings in the global market.
Specialty Shortenings Market: Key Participants
Some of the market participants in the specialty
shortenings market are:
- 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.
The report covers exhaustive analysis on:
- Specialty
Shortenings Market Segments
- Specialty
Shortenings Market Dynamics
- Specialty
Shortenings Market Size
- Specialty
Shortenings Supply and Demand
- Current
Trends/Issues/Challenges pertaining to Specialty Shortenings Market
- Competition
Landscape and Emerging Market Participants in Specialty Shortenings Market
- Technology
related to Production/Processing of Specialty Shortenings
- Value
Chain Analysis of the Specialty Shortenings Market
Regional analysis includes:
- North
America (U.S., Canada)
- Latin
America (Mexico, Brazil)
- Europe
(Germany, U.K., France, Italy, Spain, Poland, Russia)
- East
Asia (China, Japan, South Korea)
- South
Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania
(Australia, New Zealand)
- Middle
East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Specialty Shortenings Market Segmentation
The specialty shortenings market can be segmented on the basis
of form, Source, end use, and distribution channel.
On the basis of form, the specialty shortenings market
can be segmented as:
- Dry
- Liquid
On the basis of source, the specialty shortenings market
can be segmented as:
- Plant-based
- Animal-derived
On the basis of end use, the specialty shortenings market
can be segmented as:
- Food
and Beverage
- Bakery
and Confectionery
- Dairy
- Sauces,
Soups, and Dressings
- Cosmetics
and Personal Care Products
- Pharmaceutical
On the basis of distribution channel, the specialty
shortenings market can be segmented as:
- Direct
Sales Channel/ B2B
- Indirect
Sales Channel/B2C
- Hypermarket/Supermarket
- Specialty
Stores
- Online
Retail
- Mass
Grocery Stores
- Other
Retail Format
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