A 9.4% CAGR is forecast for the clarified butter market, which is predicted to reach a global market value of US$ 6.11 billion by 2033 from an estimated US$ 2.49 billion in 2023.
The widespread adoption of clarified butter is mostly due to globalization. The customers of today, known as millennial, have shown a deep interest in food and have experimented with its flavour and nutritional value.
Due to fewer barriers preventing the transportation of local food ingredients across borders, they have a wide range of options. Consumers’ shifting nutritional priorities and shifting taste preferences have opened up new clarified butter market opportunities for dairy producers, who are then compelled to spread different varieties of clarified butter over the world, fuelling the expansion of the clarified butter business.
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High Product Cost is a Crucial Market Setback
It is projected that the market expansion will be hampered by the high cost of clarified butter in comparison to other cooking oils. In the coming years, it is also estimated that the expanding consumer trend towards low-fat and vegan diets may restraint market expansion.
Regional Standpoints
With a market share of more than 45%, Asia Pacific emerged as the leading regional market. Biscuits, cookies, chicken, scallops, paneer, oats, soups, bone marrow, lamb, naan, steak, beef, celery, muffins, brussels sprouts, halwa, rice, dal, biryani, pancakes, fudge, skillets, and paratha are few of the meals that are frequently prepared with clarified butter.
From 2023 to 2033, European market is anticipated to see a significant CAGR of 14.8%. In nations like Germany, the United Kingdom, France, and Italy, where there is a sizable population that values health, clarified butter is expected to become more common as a staple meal. In the coming years, it is anticipated that an increase in migration from South Asian nations including Bangladesh, Pakistan, and India is poised to create new clarified butter market.
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Key Takeaways
- In the nature category, the conventional segment is anticipated to record 8.8% CAGR and reach US$ 3.15 billion by 2033.
- More than 55% of global income came from the traditional sector of nature category.
- Over 85% of global revenue was generated through offline distribution channels.
- From 2023 to 2033, the CAGR of 12.1% is anticipated for the online retail stores segment of the clarified butter market.
- With a share of more than 45% throughout the course of the forecast period, Asia Pacific became the dominant clarified butter market.
- The significant CAGR of 14.8% is predicted for Europe between 2023 and 2033.
- By 2033, China is anticipated to have a projected market worth US$ 1,799.72 million, recording 14.3% CAGR.
- An estimated US$ 513.2 million is spent on the clarified butter market in the United States.
- From 2023 to 2033, Japan and Canada market are expected to expand at respective rates of 4.9% and 8.3%.
- Germany is anticipated to register a CAGR of 6%.
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Competitive Landscape
Leading companies in the global clarified butter market are Organic Valley, Roil Foods Ltd., Verka USA, Grassland Dairy Products, Inc., Netherend Farm Ltd., Amul, Avera Foods (Pty) Ltd., Nordic Creamery, Grassland Dairy Products Inc., Beneficial Blends LLC, and Lurpak.
The main prospects for clarified butter producers globally are new developments in food packaging and expanding markets in emerging nations.
Recent Development
- Investment
To expand distribution channel and innovation in product line, 4th & heart closed a US$ 7.6 million funding steered by Harbinger Ventures, a capital investor. Similar to this, IndoCan Honey Pvt Ltd funded of US$ 1 million to NutriMoo, a firm that also produces dairy products and clarified butter.
- Launch
In Andhra Pradesh, India, Heritage Foods Limited opened its first official store in 2018. This tactical move was intended to increase its regional footprint within the nation.
Key Segments
By Nature:
- Conventional
- Organic
By Packaging Type:
- Jars
- Tubs
- Tins
By Distribution Channel:
- Online
- Offline
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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