The Spry Vegetable Shortening Market Size is estimated to reach $6.4 billion by 2028 and it is poised to grow at a CAGR of 4.5% over the forecast period of 2023-2028. Food shortenings are solid fats that are actively made from soybean or cottonseed or kernel oil by utilizing the process of hydrogenating vegetable oil. Spry vegetable shortenings utilize the concept of health goodness in applications such as baking, frying, confectionary and pastry. Moreover, spry vegetable shortenings display identical properties of butter, lard or other forms of animal sources which in comparison to vegetable-sourced shortenings are unhealthy. Europe held a dominant market share of 31% in 2022. The rise in healthy eating in the region along with veganism as a consumer trend would propel the Europe Spry Vegetable Shortenings market during the forecast period of 2023-2028.

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Spry Vegetable Shortening Market Drivers:

  • Global Rise of Veganism has Aided in the Adoption of Vegetable Derived Shortening:

Veganism as a concept has gained immense market traction due to the various benefits it offers to the masses. As per the latest insight from Ipsos Retail Performance, a 30-fold increase in the vegan population has been seen in the U.S. since 2004. Additionally, the veganism trends benefit the adoption of vegetable-derived shortenings. Animal-based shortenings tend to be high in saturated fats, which in turn affects the health of the consumer. Owing to such trends, the Spry Vegetable Shortening market is benefitted.

  • Sustainable Sources for Key Inputs in the Proliferation of the Bakery and Confectionary Industry have Benefitted the Vegetable Shortenings Market:

Consumer knowledge pertinent to sustainability as a concept for food consumption has risen massively after the onset of COVID-19. Additionally, consumers across certain geographies surveyed reveal to pay an extra amount for food products derived from sustainable means. Critically, 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.

Product Launch:

In October 2022, Plant-based Bacon La Vie launched a Cheeky OOH takeover for World Vegan Day. The taste for this has been tested 5,000 times and is actively made from sunflower vegetable fat from the company’s patented extraction process.

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.

Major Players in the Market

The major players in the Spry Vegetable Shortenings Market Include J.M. Smucker Company, ADM, Cargill Incorporated, Bunge North America, Inc., Wilmar International Ltd, IFFCO, Manildra Group, Associated British Foods plc, Ruchi Soya, Al-Khaleej Industries Sdn Bhd. and MOI Foods U.S.A.

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