The butter market size is projected to be valued at US$ 46.8 billion in 2023, and is expected to rise to US$ 67.6 billion by 2033. The sales of butter are expected to register a CAGR of 3.8% during the forecast period.
Customer buying habits have changed over the last few years to boost sales of goods made with natural and healthy ingredients. The nutrients from naturally obtained sources are said to be healthier than those from other processed foods.
The rising popularity of dairy products is largely attributable to this trend for natural ingredients. Saturated fats, water, salt, and various milk solids are all present in butter.
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Butter consumption has also significantly increased in recent years, as a result of consumers’ growing understanding that, when consumed in moderation, butter fats are healthy.
Due to butter’s rising popularity, food processing industries have also switched the fat element from margarine to butter. The pandemic-induced increase in home cooking and baking is anticipated to continue fueling industry expansion.
Transparency is the current trend causing the most change in the food and beverage sector. Consumers are seeing a lot more creative products with shorter ingredient lists that they can identify as they want to know and understand what is going into their products.
Consumers want better-quality goods and simplicity at the same time. Butter with certain characteristics has the potential to meet the needs of the food sector.
Key Takeaways
- By 2033, it is anticipated that the United States butter market account for around 75% of the North American butter market’s total revenue value shares. The market is expanding as a result of the rising demand for low-fat meals to maintain a balanced diet.
- The United Kingdom has witnessed a moderate growth of 1.9%. The demand for organic butter in the United Kingdom has surged as a result of the growing trend of clean-label food goods. The market’s top players are embracing the rise in demand for inventive, new, and high-end butter products.
- The butter market is predicted to grow rapidly in China. The desire for flavorful, vivid snacks is driven by changing lifestyles and rising disposable budgets. Flavored snack foods and other foods are more popular with consumers in the region, which is leading the market toward the growth of 5.1% by 2033.
· The conventional segment holds the strong growth of 3.9% among others. The growing popularity of convenience food and the ongoing trend of healthy eating is the key reason accounting for segment growth.
· Non-spreadable butter is growing towards an upward growth trajectory of 3.7%. Non-spreadable butter demand in the food business has increased as millennials’ preference for distinctive flavors and textures has grown.
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Manufacturers are Constantly Evolving Business Models
The companies’ main priority is developing new products to satisfy the rising demand for lactose-free butter. However, putting sustainability into practice entails particular restrictions and difficulties. Due to low entry barriers and larger market potential, new players are joining the market. In areas with high demand, the rising need for lactose-free butter presents a chance for product development. Additionally, the product offers room for expansion in the small market to handle the competition.
Latest Developments
In March 2022, a well-known packaging manufacturer, Wipak UK, introduced a recyclable paper butter wrap. This wrap is the first of its kind in the United Kingdom, and the first of its kind that can be recycled at the curb with paper garbage. The carbon footprint of this wrap is also 68 percent lower than that of aluminum/low-density polyethylene (LDPE)/paper laminated market-standard wraps.
Willamette Valley Pie Company launched its newly updated look in March 2022. The company has admitted that it is updating its image to align it with its ongoing expansion and the wider range of products it offers.
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Key Segments Covered in the Market Report
By Product Type:
- Cultured Butter
- Uncultured Butter
- Salted Butter
- Whipped Butter
- Others
By Processing:
- Processed Butter
- Unprocessed Butter
By Usage:
- Spreadable
- Non-spreadable
By End Use:
- Food Processing
- Bakery
- Dairy and Frozen Desserts
- Dressings and Spreads
- Others
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Store
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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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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