In 2023, the butter powder market has reached a valuation of US$ 2.4 billion, with a projected Compound Annual Growth Rate (CAGR) of 6.3% throughout the forecast period. By 2033, this market is expected to nearly double in value, estimated to soar to US$ 4.4 billion, according to FMI.
Several factors contribute to the flourishing growth of the butter powder market. The increasing demand for clean-label products and whole foods has significantly influenced the food industry, leading to a preference for meticulously selected ingredients, driving the high demand for butter powder.
As the youth demographic increasingly seeks nutritional food alternatives, food brands are compelled to introduce a variety of flavored options. This creates a demand for butter powder as a substitute for butter due to its longer shelf life and convenience. However, it’s important to note that while butter powder serves as a flavoring and additive, it cannot replicate the taste and texture of butter, thereby limiting its applications in certain food products.
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The butter powder market holds significant potential for expansion, particularly within the plant-based alternatives segment. Primarily embraced by the younger demographic, including millennials and Gen Z, butter powder has seen a surge in popularity amidst growing awareness of veganism and its environmental benefits in combating climate change. However, while vegan butter powder remains relatively unexplored, its emergence presents an opportunity for market growth, projected to reach the estimated value by 2033.
Consumer perception plays a crucial role in the success of any product. Given its departure from traditional butter and other alternatives, powdered butter may encounter initial skepticism and resistance from consumers hesitant to adopt novel substitutes.
Key Takeaways
- The share of the United States’ butter powder market was valued at 22.8% in 2022, making it one of the lead shareholders of the market.
- In 2022, Germany held 7.4% of the value share in the global butter powder market.
- Japan was a global market value shareholder of 3.1% in 2022, depicting a potential undertaking in the forecast period.
- The Chinese market is estimated to have a CAGR of 11.4% by 2033, potentially increasing its value share in the global butter powder market during the forecast period.
- In 2033, the CAGR of the butter powder market in India is gauged at 5%.
- The United Kingdom’s butter powder market is speculated to grow at a rate such that the CAGR is 5.1% in 2033.
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What are the recent developments in the competitive field of the butter powder market?
The branding and marketing of the butter powder product is a crucial part of the progress graph of the competitors of the market as it increases the customer base and promotes the benefits of the product itself. Companies performing in the market are largely focused on increasing their customer base by reaching out to them through advertisement and other marketing tactics.
Some of the latest key performers of the market are,
Olam International
Olam International, a Singapore-based company, is a leading manufacturer of butter powder in the global market. In 2022, they observed 16.8% YoY growth, projecting US$ 4.06 billion in revenue.
Arla Foods
Arla Foods, a Swedish company headquartered in Denmark, is a key player in the butter powder market. The company has observed steady growth in its revenue over the last five years until 2022.
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Butter Powder Market Segmentation
By Product Type:
- Dairy-based
- Vegan
By Nature:
- Organic
- Conventional
By Application:
- Baked Goods
- Dairy Products
- Dry Beverage Mix
- Confectionery
- Snack Food
- Breakfast Cereals
- Dietary Supplements
- Sports Nutrition
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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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