Increasing Demand for Specialty Shortenings to Push Market Revenue Growth During 2019- 2029
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.
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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 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:
On the basis of source, the specialty shortenings market can be segmented as:
On the basis of end use, the specialty shortenings market can be segmented as:
- Food and Beverage
- Bakery and Confectionery
- Sauces, Soups, and Dressings
- Cosmetics and Personal Care Products
On the basis of distribution channel, the specialty shortenings market can be segmented as:
- Direct Sales Channel/ B2B
- Indirect Sales Channel/B2C
- Specialty Stores
- Online Retail
- Mass Grocery Stores
- Other Retail Format
Specialty Shortenings Market: Regional Analysis
North American and European countries occupy the majority of the share in the global specialty shortenings market. The consumption of consumer goods products such as processed food and beverage, pharmaceuticals, and cosmetics and personal care products is dominated by North American and European countries in the world. However, Asian and Middle Eastern and African region is likely to witness the highest growth rate over the forecast period in the global specialty shortenings market. The shift of population from a rural area to the urban area and increased availability of processed consumer goods products in these regions is resulting in the increased consumption and increased demand for specialty shortenings in the global market.
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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.