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What is the Expected Expansion Rate of the Shortenings Market in the 2024-2033 Forecast?

Over the past few years, the size of the shortenings market has seen consistent growth. The market is estimated to increase from $4.24 billion in 2023 to $4.43 billion in 2024, indicating a compound annual growth rate (CAGR) of 4.4%. Factors that have contributed to the growth during the historic period include conventional cooking habits, expansion of the bakery and confectionery industry, increasing demand for processed foods, surge in fast food consumption, emphasis on prolonging shelf-life, and consumer partiality towards texture and mouthfeel.

The market size for shortenings is anticipated to witness consistent growth over the forthcoming years, expanding to $5.28 billion by 2028 with a compound annual growth rate (CAGR) of 4.5%. This projected growth during the estimated time period is due to health-aware consumer behavior, preferences for clean label products, plant-based and speciality fats, and products that are free from gluten and allergens, along with a globalized approach to food choices. Key trends anticipated during this time period include the development of ingredients that improve texture, cleaner frying methods, innovative packaging for user convenience, advanced production technology, as well as strategic collaborations and partnerships.

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What Factors Are Catalyzing the Growth of the shortenings Market?

The boost in the shortenings market is primarily driven by the growing popularity of bakery items. Components of the bakery industry comprise largely of baked food sales such as loaves of bread and cakes. Changes in eating habits along with increased interest in gourmet food items are influencing a surge in the consumption of bakery products. Shortenings play an indispensable role by adding a distinctive crumbly and crispy character to these bakery items, apart from curbing the risk of the finished product turning stretchy or too elastic. As cited by Agriculture and Agri-Food Canada, a governmental agency of Canada in November 2022, the overall global retail sales of baked items equated to $425.7 billion during the year, marking an increase from the previous year’s $407.2 billion. As a result, the projected growth in the demand for bakery products is likely to provide the much-needed impetus to the shortenings market.

What Are the Core Segments of the Shortenings Market?

The shortenings market covered in this report is segmented –

1) By Variant: Solid, Liquid, Cake/Icing, All-purpose

2) By Source: Vegetables, Animal

3) By Sales Channels: Direct Sales, Indirct Sales

4) By End User: HoReCa, Bakery, Confectionery, Processed Food, Household Retail

What Are the Groundbreaking Trends in the Shortenings Market?

The inception of product innovation is a prevailing trend in the shortenings market. A creative approach to new product formulation, which includes items like vegan and low-calorie commodities having lower sugar and fat content, is adopted by top players in the market to maintain their competitiveness. To illustrate, Conagra Brands, an American packaged goods firm, introduced Reddi-Wip Zero Sugar in October 2021. This product, Reddi-Wip Zero Sugar, is a keto-friendly whipped cream topping that offers a creamy texture and is made using real cream. It contains no sugar, no carbohydrates, and only 15 calories per portion. It is free from artificial flavors and is also gluten-free.

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What Are the Key Regions Powering Growth in the Shortenings Market?

North America was the largest region in the shortenings market in 2023. The regions covered in the shortenings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Shortenings Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the shortenings market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Shortenings Market Include

1. Shortenings Market Executive Summary

2. Shortenings Market Segments

3. Shortenings Market Size And Template Market Growth Rate

4. Key Shortenings Market Trends

5. Major Shortenings Market Drivers

……

25. Key Mergers And Acquisitions In The Shortenings Market

26. Top Shortenings Companies

27. Shortenings Market Opportunities And Strategies

28. Shortenings Market, Conclusions And Recommendations

29. Appendix

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