Plant-Based Butter Market Primed for Remarkable Growth | Future Market Insights

Posted on 2024-03-27 by Future Market Insights in Food & Beverage // 0 Comments

Steady increase in consumer awareness levels about ethics of producing animal-based foods & beverages, and the impact of animal husbandry on the environment are key factors that are driving demand for plant-based butter. Further, the surging vegan and vegetarian global population, and the culinary importance of butter is creating a surge in shelf space and retail sales in the market. The wide range of plant-based dairy sources and the associated flavor profiles, positively influence growth of the market, appealing to a wider consumer demographic.

According to a new report from ESOMAR-certified market research and consulting firm Future Market Insights (FMI), the global plant-based butter market surpassed US$ 2.4 Bn in 2020. The market study has tracked demand in more than 20 countries, with a comprehensive section on the effects of the covid-19 pandemic on the industry.

Vegan food and beverage sales are increasing as consumers become more aware of the negative health effects of animal-derived goods. Plant-based butter sales have increased dramatically as the market has grown in general.

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Key Takeaways Global plant-based butter market to exhibit CAGR exceeding 7.5% through 2030 Soy-milk based butter held nearly 40% share in 2020 Online retail distribution to register relatively faster growth, aided by benefits in terms of consumer engagement US to remain the largest market, pegging North America to surpass US$ 200 Mn in 2020“The plant-based butter market is a nascent phase and is being increasingly viewed as a high-potential product in the dairy alternative industry, as a healthy alternative to conventional fatty food products, which will aid growth in the market for the foreseeable future,” says a FMI analyst.

Covid-19 Impact Analysis The covid-19 pandemic has resulted in substantial changes in the dietary preferences of consumers around the world. Concerns over transmission of the virus through animal based products has aided the adoption of plant-based alternatives.

Also, plant-based butter can be sourced from oat milk, rice milk, corn milk, soy milk, pea milk, almond milk, coconut milk, cashew milk, flax milk, and hemp milk among others, allowing for a wider flavor range. While demand from the food service sector is likely to drop owing to lockdown restrictions, home consumption with sales through online sales is expected to rise.

The prospects of the plant-based butter market has widened since early 2020. As per the Good Food Institute, sales of plant-based foods surpassed that of animal based alternatives since the advent of the crisis, and will continue through the forecast period.

Who is Winning?The plant-based butter market is competitive and characterized by the presence of small and mid-scale players. Leading manufacturers are effectively leveraging demand for natural, clean label products, with the aim of geographic expansion and widening product portfolios for long term growth.

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Some of the leading players in the plant-based butter market include Conagra Brands Inc., Upfield Foods, Miyoko’s Creamery, Wayfare Food, Prosperity Organic Food Inc., Lyrical Foods Inc., Califia Farms, Premier Organics, Naturli Foods, Ekogram-the real food, Wildfriend Foods, The J.M. Smuker Co., The Leaviet Corp., Milkadamia, among others.

More Valuable Insights on Plant-based Butter Market

Source

Oat Milk Rice Milk Corn Milk Soy Milk Pea Milk Almond Milk Coconut Milk Cashew Milk Flax Milk Hemp Milk Others

Distribution Channel

B2B Hotels Restaurants Cafes B2C Hypermarket/Supermarket Convenience Stores Specialty Stores Mom and Pop Stores Discount Stores Food & Drink Specialty Stores Independent Small Groceries Online Retail Others

Region

North America (U.S. & Canada) Latin America (Mexico & Rest of LATAM) Europe, Middle East & Africa Asia Pacific (Greater China, South East Asia, Japan, India, South Korea, Australia, New Zealand)

Frequently Asked Questions

How will the plant-based butter market expand through 2030?
Which is the largest plant-based butter market?
How is COVID-19 impacting the plant-based butter growth projections?
Which are some of the prominent market players?

Key Segments

Source

Oat Milk
Rice Milk
Corn Milk
Soy Milk
Pea Milk
Almond Milk
Coconut Milk
Cashew Milk
Flax Milk
Hemp Milk
Others

Distribution Channel

B2B
- Hotels
- Restaurants
- Cafes
B2C
- Hypermarket/Supermarket
- Convenience Stores
- Specialty Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others

Region

North America (U.S. & Canada)
Latin America (Mexico & Rest of LATAM)
Europe, Middle East & Africa
Asia Pacific (Greater China, South East Asia, Japan, India, South Korea, Australia, New Zealand)

Authored by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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