In 2023, the butter powder market has been evaluated to reach a global market value of US$ 2.4 billion. With a growth rate at a CAGR of 6.3% during the forecast period, this market is estimated to appreciate almost twice its market value globally in 2033. As per FMI, the butter powder market is approximated to touch a market value of US$ 4.4 billion by 2033.
The flourishing of the butter powder market can be chalked to various factors that boost its growth. The growing appreciation of clean-label products and whole foods has molded the food industry such that ingredients utilized are highly selective, making butter powder a high-demand product.
With an increasing demand for nutritional food alternatives among the youth, food brands must introduce a flavored selection. This necessitates using butter powder to replace its parent product, butter, as it has a better shelf life and is convenient. However, the taste and texture of butter cannot be provided by butter powder, thereby limiting its applications to those foods that merely utilize it for flavoring and additives.
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The butter powder market has massive potential to grow in the plant-based alternatives shelves. The majority consumer base of butter powder lies among the youth—the millennials and the gen-z population, due to which there has been an exponential rise in the awareness of veganism and vegan alternatives as a response to climate change. Vegan butter powder is an avenue yet to be explored in depth by the butter powder market, which will result in its progression to the estimated market value in 2033.
Consumer perception and acceptability of a product are integral to its success in the market. Due to its unconventional nature compared to butter, powdered butter may face consumer perplexity and resistance to replacing original butter and other similar alternatives.
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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