Spry Vegetable Shortening Market - Forecast(2023 - 2028)
Spry Vegetable Shortening Market Overview
The Spry Vegetable Shortening Market Size is estimated to reach US$6.4 billion by 2028 and it is poised to grow at a CAGR of 4.5% over the forecast period of 2023-2028. Spry vegetable shortening products are used in places of butter or lard in various applications such as baking, frying, confectionary & pastry and others. It is mostly made by hydrogenating vegetable oil, such as soybean and cottonseed oil. Vegetable shortening is further subdivided into all-purpose shortening, emulsified shortening and high stability shortening products. Spry vegetable shortening products tend to remain old at room temperature, with no odor or specific flavor. The shortening aspect of the spry vegetables typically indicates to shorten the gluten strands, preventing them to turn into dough. The spry vegetable shortening industry outlook remains favorable owing to rising health consciousness, pre-pandemic food consumption trends and others that would support it during the forecast period of 2023-2028. According to Food Export Market, in 2020, the global total revenue of confectionery was $826,129.6 million and the total revenue of snack foods were $389,228.3 million.
Spry Vegetable Shortening Market Report Coverage
The report: “Spry Vegetable Shortening Market Forecast
(2023-2028)" by IndustryARC, covers an in-depth analysis of the
following segments in the Spry Vegetable Shortening Market.
Key Takeaways
- Geographically, Europe held a dominant market share in 2022. It is due to the presence of a well-established bakery and confectionary industry which is a primary application of vegetable shortening products. Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2023-2028. It is owing to rising per-capita consumption of bakery products along with rising disposable income levels in countries like India and the South Eastern Region.
- A rising trend of consuming vegan products along with a substantiated demand for bakery and confectionary products in mature markets have propelled the demand for the market. However, close competition from animal-derived shortening products impedes the market growth.
- A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Spry Vegetable Shortening Market Report.
Spry Vegetable Shortening Market Segment Analysis- by Type
The Spry Vegetable Shortening Market based on types can be
further segmented into All Purpose Shortening, Emulsified Shortening and High
Stability Shortening. All Purpose Shortening held a dominant market share in 2022. It is due to the wide usage of this class of products
across the applicative arenas. Moreover, the All-Purpose Shortening is
estimated to be the fastest-growing, with a CAGR of 6.4% over the forecast
period of 2023-2028. This product class is generally a trans-fat-free
solution, highly applicable to the baking industry. Additionally, certain forms
of manufacturers are now promoting it as both cholesterol and GMO-free to
enhance market participation, while also being 100% natural with no colorants. As
of NielsenIQ 2022, Non-GMO food product sales grew by around 5.9% in 2021 from
2020.
Spry Vegetable Shortening Market Segment Analysis - by Application
The Spry Vegetable Shortening Market based on the application
can be further segmented into Baking, Frying, Confectionary & Pastry and
Others. Baking held a dominant market share in 2022. It is due to a
vast presence of shortening in everyday product usage. All-purpose
shortening finds application in making bread and bakery products. The demand
for staple bread is a highly matured market, with active demand for vegetables
as a shortening agent. As per the Grocer 2021, wrapped bread loaves consumption
within the UK grew by 49.3 million kilos in 2020. However, Frying is
estimated to be the fastest-growing segment, with a CAGR of 5.8% over the forecast
period of 2023-2028. Vegetable-based shortening products have high smoke points,
thereby, providing a safe haven for various applications in the modern world.
Spry Vegetable Shortening Market Segment Analysis - by Geography
Europe held a dominant market share of 31% in 2022. Western Europe markets have matured evenly across the countries. However, innovations across vegan-health claims tend to provide impetus to the present market. Further, for the Eastern Europe industry, the market is in a war-like situation which depletes demand on the whole. Critically, European consumers are increasingly adopting food products that offer nutritional benefits such as label claims of low-in-calories, vegan, sustainably sourced and others. However, Asia-Pacific is estimated to be the fastest-growing region over the forecast period of 2023-2028. It is due to a growing trend of consumption derived from the western economies. Owing to adoption trends, the deployment of vegetable shortening would be highly deployed. As per the All-India Bread Manufacturing Association, per capita consumption of bread in India is around 1.5-1.75kg.
Spry Vegetable Shortening Market Drivers
Substantial Growth in the Vegan Population across the Globe:
Plant-based diets around the world are on the rise, which in
turn has substantiated the demand for Vegetable Shortening products. The shift
towards veganism has been observed across age groups, specifically, the
millennials and gen-z population. This is a prime demand propeller for a majority of
innovation or overall demand. As per Food Revolution Network, Shelf-Now
reported a 156% increase in vegetarian food sales and a 150% increase in vegan
food between 2020 and 2021. Moreover, as per Ipsos Retail Performance, in 2019,
a 30-fold increase in vegans within the U.S. was observed in the country from
2004 levels. Similar trends across the matured markets have provided the much-needed
acceleration to the Spry Vegetable Shortening market.
Matured Bakery and Confectionary Industry Have Widely Accepted Ingredients/Inputs Derived from Sustainable Sources:
The vegan market proposition in the bakery and confectionary
domain has seen improved sales from the onset of the pandemic. As per Ingredion,
sweet bakery goods with a vegan claim stood at 2% in
2016, which rose to touch 14% in 2021. A predominant reason for the growth is changing
consumer perception towards a vegan diet or products sourced from vegetables
and other sustainable means. Furthermore, as per Mintel 2021 Analysis,
approximately 6% of all bakery launches in Europe over the past five years have
had vegan claims, followed by vegan cakes at nearly 3%.
Spry Vegetable Shortening Market Challenges
Substandard Health Benefits along with Close Competition from Animal-derived Shortening Products:
The health profiles for shortening products have had a
negative impact on the overall health safety profile of the product. The
presence of butter and lard obstructs penetration across the geographies
due to consumer tendencies to prefer tastes over health. Vegetable Shortening Products are high in trans fat which poses a
major challenge for growth across the markets. Trans fat has an unhealthy
effect on the cholesterol levels of people. As per CDC, almost 2 in 5 adults
in the United States have cholesterol above >200mg/dl.
Key Market Players
Product launches, mergers and acquisitions, joint ventures and
geographical expansions are key strategies adopted by players in the Spry
Vegetable Shortening Industry. The top 10 companies in the Spry
Vegetable Shortening Market are:
- J.M. Smucker Company
- ADM
- Cargill Incorporated
- Bunge North America, Inc.
- Wilmar International Ltd
- IFFCO
- Associated British Foods plc
- Ruchi Soya
- Al-Khaleej Industries Sdn Bhd.
- MOI Foods U.S.A. Inc.
Recent Developments
- In October 2022, Plant-Based Bacon La Vie launched a Cheeky OOH takeover for World Vegan Day. The taste for the item has been tested 5,000 times and is actively made from sunflower vegetable fat from the company’s patented extraction process.
- In October 2022, Lactalis Ingredients showcased a broad range of solutions designed to address the formulation of dairy products, bakery, confectionery, biscuit and nutritional applications. Further, the product - Lactamilk is a fat-filled milk powder with 28% vegetable fat and 24% protein to match the composition.
- In October 2022, A Filipino Bakery introduced various food products, all of them relying on vegan ingredients and inputs. For example, A Pig-Pie is a savory roll containing no meat inputs but utilized evolved Vegetable Shortening.
Relevant Titles
Report Code: FBR 25246
Report Code: FBR 0497
Report Code: FBR 0437
For more Food and Beverage Market reports, please click here
LIST OF TABLES
1.Global Industry Environment Market 2019-2024 ($M)1.1 Policy Market 2019-2024 ($M) - Global Industry Research
1.2 Economics Market 2019-2024 ($M) - Global Industry Research
1.3 Sociology Market 2019-2024 ($M) - Global Industry Research
1.4 Technology Market 2019-2024 ($M) - Global Industry Research
2.Global Spry Vegetable Shortening Market by Type Market 2019-2024 ($M)
2.1 By Type Market 2019-2024 ($M) - Global Industry Research
2.1.1 All Purpose Shortening Market 2019-2024 ($M)
2.1.2 Emulsified Shortening Market 2019-2024 ($M)
2.1.3 High Stability Shortening Market 2019-2024 ($M)
3.Global Major Companies List Market 2019-2024 ($M)
4.Global Spry Vegetable Shortening Olenex Market 2019-2024 ($M)
4.1 ADM Market 2019-2024 ($M) - Global Industry Research
4.2 Walter Rau Market 2019-2024 ($M) - Global Industry Research
4.3 Yildiz Holding Market 2019-2024 ($M) - Global Industry Research
4.4 VFI GmbH Market 2019-2024 ($M) - Global Industry Research
4.5 AAK Market 2019-2024 ($M) - Global Industry Research
4.6 Zeelandia Market 2019-2024 ($M) - Global Industry Research
4.7 Puratos Market 2019-2024 ($M) - Global Industry Research
4.8 Princes Group Market 2019-2024 ($M) - Global Industry Research
4.9 HAS Group Market 2019-2024 ($M) - Global Industry Research
5.Global Demand by End Market Market 2019-2024 ($M)
5.1 Demand in Baking Market 2019-2024 ($M) - Global Industry Research
5.2 Demand in Frying Market 2019-2024 ($M) - Global Industry Research
5.3 Demand in Confectionery and Pastry Market 2019-2024 ($M) - Global Industry Research
6.Global Industry Environment Market 2019-2024 (Volume/Units)
6.1 Policy Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Economics Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Sociology Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 Technology Market 2019-2024 (Volume/Units) - Global Industry Research
7.Global Spry Vegetable Shortening Market by Type Market 2019-2024 (Volume/Units)
7.1 By Type Market 2019-2024 (Volume/Units) - Global Industry Research
7.1.1 All Purpose Shortening Market 2019-2024 (Volume/Units)
7.1.2 Emulsified Shortening Market 2019-2024 (Volume/Units)
7.1.3 High Stability Shortening Market 2019-2024 (Volume/Units)
8.Global Major Companies List Market 2019-2024 (Volume/Units)
9.Global Spry Vegetable Shortening Olenex Market 2019-2024 (Volume/Units)
9.1 ADM Market 2019-2024 (Volume/Units) - Global Industry Research
9.2 Walter Rau Market 2019-2024 (Volume/Units) - Global Industry Research
9.3 Yildiz Holding Market 2019-2024 (Volume/Units) - Global Industry Research
9.4 VFI GmbH Market 2019-2024 (Volume/Units) - Global Industry Research
9.5 AAK Market 2019-2024 (Volume/Units) - Global Industry Research
9.6 Zeelandia Market 2019-2024 (Volume/Units) - Global Industry Research
9.7 Puratos Market 2019-2024 (Volume/Units) - Global Industry Research
9.8 Princes Group Market 2019-2024 (Volume/Units) - Global Industry Research
9.9 HAS Group Market 2019-2024 (Volume/Units) - Global Industry Research
10.Global Demand by End Market Market 2019-2024 (Volume/Units)
10.1 Demand in Baking Market 2019-2024 (Volume/Units) - Global Industry Research
10.2 Demand in Frying Market 2019-2024 (Volume/Units) - Global Industry Research
10.3 Demand in Confectionery and Pastry Market 2019-2024 (Volume/Units) - Global Industry Research
11.North America Industry Environment Market 2019-2024 ($M)
11.1 Policy Market 2019-2024 ($M) - Regional Industry Research
11.2 Economics Market 2019-2024 ($M) - Regional Industry Research
11.3 Sociology Market 2019-2024 ($M) - Regional Industry Research
11.4 Technology Market 2019-2024 ($M) - Regional Industry Research
12.North America Spry Vegetable Shortening Market by Type Market 2019-2024 ($M)
12.1 By Type Market 2019-2024 ($M) - Regional Industry Research
12.1.1 All Purpose Shortening Market 2019-2024 ($M)
12.1.2 Emulsified Shortening Market 2019-2024 ($M)
12.1.3 High Stability Shortening Market 2019-2024 ($M)
13.North America Major Companies List Market 2019-2024 ($M)
14.North America Spry Vegetable Shortening Olenex Market 2019-2024 ($M)
14.1 ADM Market 2019-2024 ($M) - Regional Industry Research
14.2 Walter Rau Market 2019-2024 ($M) - Regional Industry Research
14.3 Yildiz Holding Market 2019-2024 ($M) - Regional Industry Research
14.4 VFI GmbH Market 2019-2024 ($M) - Regional Industry Research
14.5 AAK Market 2019-2024 ($M) - Regional Industry Research
14.6 Zeelandia Market 2019-2024 ($M) - Regional Industry Research
14.7 Puratos Market 2019-2024 ($M) - Regional Industry Research
14.8 Princes Group Market 2019-2024 ($M) - Regional Industry Research
14.9 HAS Group Market 2019-2024 ($M) - Regional Industry Research
15.North America Demand by End Market Market 2019-2024 ($M)
15.1 Demand in Baking Market 2019-2024 ($M) - Regional Industry Research
15.2 Demand in Frying Market 2019-2024 ($M) - Regional Industry Research
15.3 Demand in Confectionery and Pastry Market 2019-2024 ($M) - Regional Industry Research
16.South America Industry Environment Market 2019-2024 ($M)
16.1 Policy Market 2019-2024 ($M) - Regional Industry Research
16.2 Economics Market 2019-2024 ($M) - Regional Industry Research
16.3 Sociology Market 2019-2024 ($M) - Regional Industry Research
16.4 Technology Market 2019-2024 ($M) - Regional Industry Research
17.South America Spry Vegetable Shortening Market by Type Market 2019-2024 ($M)
17.1 By Type Market 2019-2024 ($M) - Regional Industry Research
17.1.1 All Purpose Shortening Market 2019-2024 ($M)
17.1.2 Emulsified Shortening Market 2019-2024 ($M)
17.1.3 High Stability Shortening Market 2019-2024 ($M)
18.South America Major Companies List Market 2019-2024 ($M)
19.South America Spry Vegetable Shortening Olenex Market 2019-2024 ($M)
19.1 ADM Market 2019-2024 ($M) - Regional Industry Research
19.2 Walter Rau Market 2019-2024 ($M) - Regional Industry Research
19.3 Yildiz Holding Market 2019-2024 ($M) - Regional Industry Research
19.4 VFI GmbH Market 2019-2024 ($M) - Regional Industry Research
19.5 AAK Market 2019-2024 ($M) - Regional Industry Research
19.6 Zeelandia Market 2019-2024 ($M) - Regional Industry Research
19.7 Puratos Market 2019-2024 ($M) - Regional Industry Research
19.8 Princes Group Market 2019-2024 ($M) - Regional Industry Research
19.9 HAS Group Market 2019-2024 ($M) - Regional Industry Research
20.South America Demand by End Market Market 2019-2024 ($M)
20.1 Demand in Baking Market 2019-2024 ($M) - Regional Industry Research
20.2 Demand in Frying Market 2019-2024 ($M) - Regional Industry Research
20.3 Demand in Confectionery and Pastry Market 2019-2024 ($M) - Regional Industry Research
21.Europe Industry Environment Market 2019-2024 ($M)
21.1 Policy Market 2019-2024 ($M) - Regional Industry Research
21.2 Economics Market 2019-2024 ($M) - Regional Industry Research
21.3 Sociology Market 2019-2024 ($M) - Regional Industry Research
21.4 Technology Market 2019-2024 ($M) - Regional Industry Research
22.Europe Spry Vegetable Shortening Market by Type Market 2019-2024 ($M)
22.1 By Type Market 2019-2024 ($M) - Regional Industry Research
22.1.1 All Purpose Shortening Market 2019-2024 ($M)
22.1.2 Emulsified Shortening Market 2019-2024 ($M)
22.1.3 High Stability Shortening Market 2019-2024 ($M)
23.Europe Major Companies List Market 2019-2024 ($M)
24.Europe Spry Vegetable Shortening Olenex Market 2019-2024 ($M)
24.1 ADM Market 2019-2024 ($M) - Regional Industry Research
24.2 Walter Rau Market 2019-2024 ($M) - Regional Industry Research
24.3 Yildiz Holding Market 2019-2024 ($M) - Regional Industry Research
24.4 VFI GmbH Market 2019-2024 ($M) - Regional Industry Research
24.5 AAK Market 2019-2024 ($M) - Regional Industry Research
24.6 Zeelandia Market 2019-2024 ($M) - Regional Industry Research
24.7 Puratos Market 2019-2024 ($M) - Regional Industry Research
24.8 Princes Group Market 2019-2024 ($M) - Regional Industry Research
24.9 HAS Group Market 2019-2024 ($M) - Regional Industry Research
25.Europe Demand by End Market Market 2019-2024 ($M)
25.1 Demand in Baking Market 2019-2024 ($M) - Regional Industry Research
25.2 Demand in Frying Market 2019-2024 ($M) - Regional Industry Research
25.3 Demand in Confectionery and Pastry Market 2019-2024 ($M) - Regional Industry Research
26.APAC Industry Environment Market 2019-2024 ($M)
26.1 Policy Market 2019-2024 ($M) - Regional Industry Research
26.2 Economics Market 2019-2024 ($M) - Regional Industry Research
26.3 Sociology Market 2019-2024 ($M) - Regional Industry Research
26.4 Technology Market 2019-2024 ($M) - Regional Industry Research
27.APAC Spry Vegetable Shortening Market by Type Market 2019-2024 ($M)
27.1 By Type Market 2019-2024 ($M) - Regional Industry Research
27.1.1 All Purpose Shortening Market 2019-2024 ($M)
27.1.2 Emulsified Shortening Market 2019-2024 ($M)
27.1.3 High Stability Shortening Market 2019-2024 ($M)
28.APAC Major Companies List Market 2019-2024 ($M)
29.APAC Spry Vegetable Shortening Olenex Market 2019-2024 ($M)
29.1 ADM Market 2019-2024 ($M) - Regional Industry Research
29.2 Walter Rau Market 2019-2024 ($M) - Regional Industry Research
29.3 Yildiz Holding Market 2019-2024 ($M) - Regional Industry Research
29.4 VFI GmbH Market 2019-2024 ($M) - Regional Industry Research
29.5 AAK Market 2019-2024 ($M) - Regional Industry Research
29.6 Zeelandia Market 2019-2024 ($M) - Regional Industry Research
29.7 Puratos Market 2019-2024 ($M) - Regional Industry Research
29.8 Princes Group Market 2019-2024 ($M) - Regional Industry Research
29.9 HAS Group Market 2019-2024 ($M) - Regional Industry Research
30.APAC Demand by End Market Market 2019-2024 ($M)
30.1 Demand in Baking Market 2019-2024 ($M) - Regional Industry Research
30.2 Demand in Frying Market 2019-2024 ($M) - Regional Industry Research
30.3 Demand in Confectionery and Pastry Market 2019-2024 ($M) - Regional Industry Research
31.MENA Industry Environment Market 2019-2024 ($M)
31.1 Policy Market 2019-2024 ($M) - Regional Industry Research
31.2 Economics Market 2019-2024 ($M) - Regional Industry Research
31.3 Sociology Market 2019-2024 ($M) - Regional Industry Research
31.4 Technology Market 2019-2024 ($M) - Regional Industry Research
32.MENA Spry Vegetable Shortening Market by Type Market 2019-2024 ($M)
32.1 By Type Market 2019-2024 ($M) - Regional Industry Research
32.1.1 All Purpose Shortening Market 2019-2024 ($M)
32.1.2 Emulsified Shortening Market 2019-2024 ($M)
32.1.3 High Stability Shortening Market 2019-2024 ($M)
33.MENA Major Companies List Market 2019-2024 ($M)
34.MENA Spry Vegetable Shortening Olenex Market 2019-2024 ($M)
34.1 ADM Market 2019-2024 ($M) - Regional Industry Research
34.2 Walter Rau Market 2019-2024 ($M) - Regional Industry Research
34.3 Yildiz Holding Market 2019-2024 ($M) - Regional Industry Research
34.4 VFI GmbH Market 2019-2024 ($M) - Regional Industry Research
34.5 AAK Market 2019-2024 ($M) - Regional Industry Research
34.6 Zeelandia Market 2019-2024 ($M) - Regional Industry Research
34.7 Puratos Market 2019-2024 ($M) - Regional Industry Research
34.8 Princes Group Market 2019-2024 ($M) - Regional Industry Research
34.9 HAS Group Market 2019-2024 ($M) - Regional Industry Research
35.MENA Demand by End Market Market 2019-2024 ($M)
35.1 Demand in Baking Market 2019-2024 ($M) - Regional Industry Research
35.2 Demand in Frying Market 2019-2024 ($M) - Regional Industry Research
35.3 Demand in Confectionery and Pastry Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)2.Canada Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
3.Mexico Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
4.Brazil Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
5.Argentina Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
6.Peru Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
7.Colombia Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
8.Chile Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
10.UK Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
11.Germany Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
12.France Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
13.Italy Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
14.Spain Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
16.China Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
17.India Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
18.Japan Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
19.South Korea Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
20.South Africa Global Spry Vegetable Shortening Market Revenue, 2019-2024 ($M)
21.North America Global Spry Vegetable Shortening By Application
22.South America Global Spry Vegetable Shortening By Application
23.Europe Global Spry Vegetable Shortening By Application
24.APAC Global Spry Vegetable Shortening By Application
25.MENA Global Spry Vegetable Shortening By Application