The global butter market is expected to grow at a CAGR of 4.9% over the forecast period (2022-2032), in addition to a valuation of US$28.7 billion by 2032.
Butter Market Overview:
Butter is more widely applicable in the food industry and is used in making sauces or for frying and for various packaged foods or snacks such as waffles and cookies. Consumers are experimenting with different products with different tastes and flavors. Therefore, increasing demand for unique flavor profiles by millennials is predicted to drive the market over the forecast period.
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Butter is used as a staple food in households and incentivizes the manufacturers to launch various butter-based food products, such as low-fat butter, spreadable butter, flavored butter, to attract consumers. This is expected to lead to a larger customer base. Buoyed by the above factors, the demand for butter is predicted to increase at a faster pace over the next decade.
Key points from market research
- Europe is expected to dominate the global market, with a maximum market share of around 25% by 2022
- Rising consumption of snacks and fast food leads to a rise in demand for butter around the world during the period considered (2022-2032)
- By product type, salted butter is expected to make up the maximum market share in the global market value by 2022
- In the case of the end-use segment, food processing and dressing and spreads are expected to gain momentum and show impressive growth over the forecast period (2022-2032)
“Trend of homemade breakfast and lunch is being revived as many customers are trying to save money by opting for home-cooed meals rather than take-away meals, which is expected to drive the growth of the butter market.”
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Competitive landscape
Manufacturers employ various marketing strategies such as new product launches, geographic expansion, mergers and acquisitions, partnerships and collaborations to identify potential buyers’ interest and build a larger customer base. For instance,
Recently, a company called ‘Land O’ Lakes, Inc.‘, a dairy company has introduced two new spreadable butter products, namely LAND O LAKES Light Spreadable Butter with Canola Oil and LAND O LAKES Less Sodium Butter with Canola Oil. This product has less cholesterol than regular butter and 50% less fat and calories.
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Global Butter Market Segments:
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
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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