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Lard is made from 100 percent animal fat (usually pork) that has been separated from the meat. Most lard is made through a process called rendering, whereby the fatty parts of the pig (such as the belly, butt, and shoulder) are cooked slowly until the fat is melted. This fat is then separated from the meat. Once chilled, lard will solidify into a smooth, opaque substance that may or may not have a lingering pork taste, depending on how it's processed.
So how does lard stack up against other cooking fats? Up until the early 20th century, lard reigned supreme. But once vegetable shortening was invented, it quickly dethroned lard as the cooking fat of choice.
Vegetable shortening is made from, you guessed it, vegetable oils, such as soybean, cottonseed, or palm oils. To this day, shortening remains the most popular option as its shelf-stable and affordable, but lard and shortening can be used for the same purposes, such as greasing pans or achieving light and flaky pie crusts.
Butter on the other hand is a cooking fat made from cream that has been churned until it reaches a solid state. It's often the baker's fat of choice, though some bakers are turning to lard because of its lower melting point which allows more steam to be released during cooking, resulting in a lighter and flakier pastry.