Summary
Major players in the plant-based butter market are Conagra Brands, Inc., Upfield Holdings B.V, Pure Blends, Nutiva Inc., Jem Organics, Yumbutter, Ellyndale, Melt Organic, ForA Foods, Miyoko’s Creamery, Prosperity Organic Food Inc., Premier Organics, Naturli Foods, Daisya Fine Food and Carley’s Organic.
The global plant-based butter market is expected to grow from $2.42 billion in 2022 to $2.58 billion in 2023 at a compound annual growth rate (CAGR) of 6.25%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The plant-based butter market is expected to reach $3.33 billion in 2027 at a CAGR of 6.66%.
The plant-based butter market consists of sales of plant-based butter and its sources such as oat milk, rice milk, corn milk, soy milk, pea milk, almond milk, coconut milk, cashew milk, flax milk, and hemp milk.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Plant-based butter, also known as vegan butter, is a dairy-free butter substitute made by combining water with plant-derived oil, such as olive, avocado, coconut, palm kernel oil, or a combination of oils.Plant-based butter can be a convenient vegan substitute for toast and in cooking.
They can also be a good butter substitute for those who are lactose intolerant or allergic to dairy.
North America was the largest region in the plant-based butter market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main natures of plant-based butter are organic and conventional.Organic butter can be used as a spreadable foodstuff made from organic creams.
Organic butter has the same amount of saturated fat as regular butter, but it is hormone and antibiotic-free, and it contains 80% less sugar.The sources are nuts, avocados, coconut, olive oil, canola, palm fruit, and others.
The applications include the food and beverage industry, food service industry, and households.
The increasing awareness of health and wellness is expected to propel the growth of the plant-based butter market.Plant-based butter is good for weight loss and provides building blocks for healthy muscles and tissues.
They are high in fiber and contain less amount of calories & fats than regular dairy butter.For instance, according to the 2021 India Times poll, the COVID-19 pandemic has transformed Indians’ attitudes toward health and wellness, with 70% saying they will prioritize food and lifestyle adjustments in 2021 to manage both physical and emotional health.
Therefore, the increasing awareness of health and wellness drives the growth of the plant-based butter market going forward.
New product launches have emerged as a key trend gaining popularity in the plant-based butter market.Major companies operating in the food and dairy sector are focused on developing new innovative products to strengthen their position in the market.
For instance, in December 2020, Mooala, a US-based leading maker of premium,?organic,?dairy-free beverages, launched a new organic plant-based Keto Mylk and made available it in four flavors original, vanilla creme, cinnamon roll, and chocolate chip.The company, best known for its plant-based Bananamilk, expands its organic plant-based beverage portfolio with the addition of the new, keto-certified and carb-conscious option, which contains less than 1g net carbs, 0g sugar, and 5g MCTs per serving.
It is the first dairy-alternative milk designed specifically for keto consumers.
In June 2022, AAK Foodservice, a Sweden-based food service and retail company, acquired ForA for an undisclosed amount.This acquisition will complement AAK’s plant-based product line, and ForA is an ideal fit for its plant-based expansion strategy with premium plant butter products.
ForA butter is a US-based plant-based butter company.
The countries covered in the plant-based butter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
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