The global shortening fats market is projected to gain impetus from the rising initiatives by companies to improve formulations. This information is published in an upcoming report by Fortune Business Insights™, titled, “Shortening Fats Market Size, Share & Industry Analysis, By Type (Butter, Margarine (Both Solid and Liquid), Vegetable Oils, Lard, Other Processed Shortening Fats), By Form (Solid, Liquid, All-purpose shortening, Cake/icing shortening), By Application (Confectionery, Bakery, Dairy, Snacks, Other Processed Foods) and Regional Forecast, 2021-2028.” The report further states that shortening fats possess functional superiority and are used in various applications. They also influence the sensory properties that consist of flavor and texture attributes. Additionally, they offer a lubricating effect in food matrices.
Highlights of the Report
• In-depth information about the shortening fats market trends, growth drivers, hindrances, opportunities, and challenges.
• Elaborate details about all the possible segments present in the market.
• List of renowned companies and their business strategies.
• Competitive landscape, including new agreements, product launches, contracts, mergers and acquisitions, and collaborations.
Increasing Premiumization of Baked Commodities to Boost Growth
Shortening fats are most often used across a wide range of baked goods, namely, cakes, cookies, pastries, and more. They play a very crucial role by contributing to heat transfer, air incorporation, softness, rising shelf life, structural integrity, mouth-feel, and texture of the products. Nowadays, several companies present in the market are looking forward to capitalizing on ‘artisanal & indulgent,’ as well as ‘premiumization’ of baked commodities. This is mainly occurring because these food products require a considerable amount of fats to produce suitable sensory properties. All these factors are set to propel the shortening fats market growth during the forecast period.
Rapid Shift of Consumers Towards Healthy Indulgence to Favor Growth in Europe & North America
In terms of region, the market is segregated into Asia Pacific, Europe, South America, the Middle East and Africa, and North America. Amongst these, Europe and North America house the most well-established bakery sector. The consumers in both regions are inclining towards healthy indulgence at a fast pace. This is especially happening in their choices of freshly baked commodities, such as rolls, pies, cakes, and bread. Besides, a large number of private label and independent bakers are present in both regions. There is also a growing demand for highly convenient, organic, and clean-label products by the consumers. The manufacturers, hence, are beginning to reformulate the trans fatty acid content of shortenings. Asia Pacific, on the other hand, is anticipated to exhibit the fastest growth in terms of shortening fats market revenue owing to the robust consumption and mass-popularity of baked goods.
Key Players Focus on Strategic Partnerships & New Product Launches to Gain Competitive Edge
Companies present in the market are either launching novel products or are engaging in strategic collaborations to gain maximum shortening fats market share in the forthcoming period. They are also reformulating their products to increase sales. Below are two of the latest industry developments:
• February 2019: Cargill Incorporated, a privately held global corporation based in Minnesota, announced the launch of PalmAgility, it's brand new palm oil shortening line meant for the bakery industry. As per the company officials, palm oil aids in reducing brittleness when exposed to a broad range of temperatures and can be easily stored without losing texture or workability. PalmAgility possesses a creamier and smoother texture as compared to the regular pal oil shortenings. The company recently tested the product in crème fillings, cookies, donuts, and pies.
• August 2018: Sime Darby Plantation, a provider of premium quality vegetable oil-based ingredients, headquartered in Selangor, signed an agreement with COFCO Group Co. Ltd., China's state-owned food-processing company. The agreement would enable both companies to partner up on numerous palm oil-related ventures. Under the terms, COFCO and SDP would conduct extensive research on the health benefits of products, namely, palm kernel oil, red palm olein, and palm tocotrienol.
Fortune Business Insights™ profiles some of the most reputed companies present in the shortening fats market. They are as follows:
• AAK USA, Inc.
• Namchow Holdings Co. Ltd.
• Bunge Limited
• Palsgaard A/S
• COFCO Group Co. Ltd.
• Cargill Incorporated
• Fuji Oil Asia Pte. Ltd.
• Conagra Foodservice, Inc.
• Wilmar International Ltd.
• Other key market players
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