Shortenings Market has been valued $ 4.57 billion in the year 2019 and it is estimated to reach $6.28 billion by the year 2026, with a CAGR of 4.57% from 2021 to 2026. Shortenings is most commonly known as fat that is a solid at room temperature and used to make crumbly pastry and also various other food products. Although butter is solid at room temperature and it most commonly used in making pastry, the term shortening seldom refers to butter, but is more closely related to margarine. Important shortenings include butter, lard, vegetable oils, processed shortenings, and margarine. It is most commonly used in the food industry; these are the main factors that have considerably increased the demand for the Shortenings, thereby driving the growth of the Shortenings market in the upcoming years.
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Shortenings in the market is mainly due to the growing demand for low-calorie food all over the globe and increasing demand for bakery products, rise in the disposable income of the middle-class population expects a boost to the market, increased spending on foods by the consumers, Bakery manufacturing is the major consumer due to the improved quality of the product on the usage of shortenings, these are the main factors that have considerably increased the demand for the Shortenings, thereby driving the growth of the Shortenings market in the upcoming years. The main drawback is the rising awareness about health regarding the over-consumption of fats and oils this factor harms the growth of the Shortenings in the market
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Report is segmented as:
Shortenings Market is segmented on the basis of by key ingredient, on the basis of by source, on the basis of by variant, on the basis of by application:
* Shortenings Market is segmented on the basis of by key ingredient into Tallow, Lard, Butter, Oil
* Shortenings Market is segmented on the basis of by key source into Animal, Vegetable
* Shortenings Market is segmented on the basis of by key variant into Cake/Icing, All-Purpose, Liquid, Solid
* Shortenings Market is segmented on the basis of by key application into Snacks & Savory, Confectionery, Bakery
Geographical Segmentation:
Shortenings Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. Asia Pacific has the dominant share in the Shortenings is due to increasing demand for baked products such as biscuits, pastries, cakes, and bread , followed by Europe, North America ,Latin America and Middle East & Africa will register a slower increase in the Shortenings Market
Impact of COVID-19 on Market
The COVID-19 pandemic has slightly impacted the supply-chain of Shortenings, Covid -19 pandemic has affected almost every industry, and the long-term effects are projected to impact growth of Shortenings during the forecast period. Covid-19 pandemic has impacted huge on the sales revenue of Shortenings market, Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies. Companies have started opening their manufacturing units after taking all the necessary preventive measures. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.