PUBLISHER: The Business Research Company | PRODUCT CODE: 1477073
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477073
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.
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.
Markets Covered