According to estimates, the Vegetable shortenings will be valued US$ 5.3 billion in 2023 and US$ 7.7 billion by 2033. Over the course of the projection period, the market is expected to rise at a CAGR of 3.8%. The following are the elements driving rising demand for vegetable shortening:
Vegetable shortenings are solid fats that are made by hydrogenating vegetable oils such as soybean oil or cotton seed oil. These shortenings are healthy alternatives to butter and lard for baking and greasing purposes. Vegetable shortenings display similar properties of butter and lard in terms of maintaining the solid texture at room temperature but are void of any kind of flavour or odour.
Rising demand for low calorie food products is expected to create business opportunities for vegetable shortening market players. The exceptional growth rate of the global bakery industry will further enhance the market’s growth.
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The key factors that are driving the market are changing food habits of consumers, growing demand for healthy bakery ingredients, and awareness regarding health benefits from vegetable shortenings. Alternatives such as butter and lard will pose as a minor restraint but the fact that vegetable shortenings are high in trans-fat will pose as an even bigger hurdle for the market’s growth over the forecast period.
Veganism to Boost the Market’s Growth
Vegetable shortenings are made from plant based oil sources such as soybean oil, cotton seed oil, refined pam oil, and other oils. The trend of veganism and plant based diets has grown as an in-vogue dietary trend finding its way in day-to-day reading diet.
The demand for lactose-free or dairy-free bakery products is quite high in western countries such as the U.S. and U.K. The market in the East is also catching up quite fast owing to the rising demand for vegan bakery and beverages.
Social media and millennials have played a major part in spreading humanitarianism, fitness culture, animal welfare, and environmental issues, eventually bringing to notice the advantages of going vegan. In the present year, the sale of vegan and plant based food products have increased by an estimated 200 per cent, thereby indicating a strong positive growth trajectory for the global vegetable shortening market over the forecast period.
Global Vegetable Shortening: Key Players
Some of the key players manufacturing vegetable shortening are as follows –
- Tuong An Vegetable Oil
- Hain Celestial
- Admiration Foods
- Cai Lan Oils & Fats Industries
- Ventura Foods
- Matrixx Initiatives
- Crisco
- Tan Binh Vegetable Oil
- Bunge North America
- Golden Hope Nha Be
- Others.
Market players have tremendous business opportunities in the South Asian and East Asian markets as the trend of vegan food products is gaining widespread popularity at a rapid rate. Many small scale bakery businesses that offer customizable, homemade, and delivery services for vegan bakery products are emerging in the metropolitan cities of the Asian countries.
However, the regional markets of North America, Europe, and Oceania are going to post the fastest growth rate of vegetable shortenings as the trend of veganism in these regions are still on the introductory growth phase on the PLC curve. Adding to it, the increasing product portfolio of bakery products in the Western countries will lay potential business opportunities for vegetable shortening market players.
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COVID-19 Impact
The North American, European and Oceanic markets are backed by reliable infrastructure and operational facilities to carry out food retail business. Initially, these markets did incur losses in sale of vegetable shortenings due to imposition of national level lockdowns and barriers in trading activities, however, they were quick to bounce back of this crisis.
These markets were able to regularise the sales vegetable shortening due to the presence exceptional e-Commerce and delivery services. Also, as most of these consumers rely on bakery foods (since bread is their staple food) and foods from restaurants, the governments in the West had given permit to restaurants and food outlets to continue food takeaways in the initial period of COVID-19.
The bakery market sustained minimal losses, and therefore, the vegetable shortening market was able to sustain during the pandemic. Alas, the Asian market, due to lack of basic infrastructure, registered more losses in the sale of vegetable shortening during the corona virus crisis.
The vegetable shortening market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
By doing so, the research report serves as a repository of analysis and information for every facet of the vegetable shortening market, including but not limited to: regional markets and segments.
The Report Covers Exhaustive Analysis on
- Vegetable shortening market segment
- Vegetable shortening market dynamics
- Vegetable shortening market size
- Vegetable shortening supply and demand
- Current trends/issues/challenges pertaining to vegetable shortening market
- Competition landscape and emerging market participants in vegetable shortening market
- Technology related to production/processing of vegetable shortening
- Value chain analysis of the vegetable shortening market
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Regional Analysis Includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, U.K., France, Italy, Spain, BENELUX, Poland, Russia, Nordic, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
The vegetable shortening market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the vegetable shortening market report projects the attractiveness of each major segment over the forecast period.
Global Vegetable Shortening: Market Segmentation
Based on Product Type :
- Non-emulsion Type
- Emulsion Type
Based on Application :
- Bakery
- Confectionery
- Instant Food Products
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