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The global fat shortening market is expected to reach USD 4.3 billion by 2023, witnessing a CAGR of 4.3% during 20182023 forecast period. The growth of the convenience food market and favorable functional ingredients, along with the increasing usage of shortening fat in bakery, snacks, confectionary items are largely responsible for the shortening fat demand in the global market. The rapid adaptation of shortening fat in the food processing industry for better texture, functional attributes, and transfat reduction properties are boosting this market. Globally, shortening fats are becoming popular in the food industry for their low transfat property, and such trends are expected to be seen in the future as well.
The growing processed food industry drives the market for shortening fats. Shortening fats are extensively used in bakery products due to its number of functional benefits such as improving elasticity, have a higher smoke point and has a higher shelf life. Bakery manufactures prefer to use fat shortenings in most of its products, not only because of functional benefits but also as it is processed very low when compared to other alternatives.
The bakery, confectionary and snacks are the largest shortening fat consuming food segments, globally. The fat's extraordinary properties of improving food appearance, flavor, texture, nutrition, and high melting point make it highly suitable for the food processing industry, at a global level. Currently, baked products, such as sweet biscuits, biscuits, cakes, pastries, bread, and cookies are the largest shortening fat consumption food segments, by application. The products that need appealing properties, palatability and high desired textural characteristics are suitable for shortening fat application.
The global demand for shortening fat is expected to be 20 to 25% higher in the coming decade, at the global level. AsiaPacific will be the production hub of the global shortening fat industry; this region is the fastestgrowing consumer of shortening fat in the global market. India and China are the fastestgrowing consumer markets for shortenings fats, whereas, Malaysia and Indonesia are the major producers in the region. The rapid utilization of palm oil for shortening fat production is a major reason for this market forecast.
MAJOR PLAYERS: UNILEVER, BUNGE, NMGK GROUP, CONAGRA, ZYDUS CADILA, WILMARINTERNATIONAL, FUJI OIL, BRF, YIDIZ HOLDING, GRUPO LALA, NAMCHOW, SUNNYFOODS, CARGILL, COFCO, UNIPRESIDENT, MENGNIU, YILI, BRIGHTDAIRY and DAIRY CREST., amongst others.
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