The growing popularity of plant-based butter has led to specialty brands experimenting with new flavors and sources. A new study by Future Market Insights concurs with positive consumer sentiment on plant-based butter, estimating market to grow nearly 7.6% y-o-y in 2031.
The Plant-based Butter market is witnessing remarkable growth as consumers seek healthier and environmentally-friendly alternatives to traditional dairy butter. With advancements in plant-based ingredient technology, these butters offer the same creamy texture and rich taste without the use of animal-derived fats. The market’s expansion is driven by increasing awareness of health and sustainability issues, propelling the demand for plant-based products.
Vegan food and beverage sales have surged as consumer health consciousness has increased, particularly about the consequences of animal-based goods. Plant-based butter sales have increased considerably as a result of the overall rise in the plant-based food market.
According to the Food Industry Association, vegan, vegetarian, flexitarian, or pescatarian customers made up approximately 30% of all households. This advancement creates new opportunities for plant-based butter manufacturers. Demand for plant-based butter is being driven by the increased customer preference for clean-label, natural goods, which is prompting dairy manufacturers to study and launch vegan alternatives.
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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)
For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-12904
About Us
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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