The global vegan butter market is set to witness growth at a CAGR of 5.7% and top a valuation of US$ 4.8 Bn by 2032. Plant-based diet is gaining popularity for its huge benefits including the environment, health, and animal welfare.
Numerous plant-based products from milk alternatives to plant-based cheese are now available in the market including vegan butter. Vegan butter, sometimes referred to as plant-based butter, is a non-dairy substitute of butter which is generally made by combining water with a plant-derived oil.
The butter can be cultured via fermentation in food labs but only with plant-based sources. The cultures produced during fermentation are from lactobacillus genus only, but developed on vegetables or vegan substrates as opposed to dairy substrates.
The aforementioned cultures can leverage fermentation process to tailor the flavor of different unique cultures for the specific product which all are plant-based dairy alternatives, such as cream cheese, butter, dips, and brie.
The products can contain different additional ingredients as well, such as emulsifiers, salt, natural or artificial flavors, and colorings, to resemble the texture and taste of real butter, but always free of animal-sourced products.
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Key Takeaways from Market Study
- The vegan butter market is anticipated to be worth US$ 2.7 Bn in 2022, expanding at CAGR of 7% through 2032.
- Global vegan butter demand is projected to grow year-on-year (Y-o-Y) growth of 5% in 2022.
- Demand for vegan butter grew at 0% CAGR between 2017 and 2021.
- In terms of product, the oat milk segment is anticipated to witness robust growth over the forecast period.
- Based on flavour, flavored vegan butter sales are projected to witness an uptick during the forecast period.
“Unlike most butters, vegan butters are low in total fat and calories, which can vary depending on each product ingredients, which is also in high demand. Hence, vegan butters are gaining immense popularity for their healthy content, compelling manufacturers to include the product as a food ingredient,” says a Future Market Insights analyst.
Competitive Landscape
Key vegan butter brands are adopting new strategic partnerships to expand their product capacities in food and beverage industry. Some of the core business brands are focusing on developing nutritional and high quality food solutions while being innovative with formulations to attract more customers towards the product.
- On February 2020, Amarlane Foods, an Isreali company, announced to launch dairy alternative butter termed as ‘Butter’s Vegan Twin’. The company is dedicated to plant-based foods development with a minimal number of ingredients and all natural to attract more consumers. The product is ranged under the name of Betterine, which is made from just four ingredients including pure coconut oil, organic soy lecithin, water, and arrowroot powder.
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Vegan Butter market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Vegan Butter Market by Category
By Source:
- Rice Milk
- Oat Milk
- Soy Milk
- Corn Milk
- Almond Milk
- Pea Milk
- Cashew Milk
- Coconut Milk
- Hemp Milk
- Flax Milk
- Others
By Flavor:
- Unflavored
- Flavored
- Cocoa/ Chocolate
- Cinnamon
- Banana
- Coconut
- Grape
- Hazelnut
- Lemon
- Peanut Butter
- Raspberry
- Strawberry
- Vanilla
- Other Flavors
By Sales Channel:
- B2B
- Hotels
- Restaurants
- Cafes
- B2C
- Hypermarkets /Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others Retail Formats
By Application:
- Bakery Industry
- Confectionery Items
- Dairy Industry
- Dietary Supplements
- Household Pantry
- Hotel, Restaurant, Retail Chains
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
The global almond milk market is set to reach US$ 5 Bn. With sales growing at a 8.8% CAGR, pushing the market size to US$ 11.9 Bn by 2032.
Increasing demand for dairy alternatives across the globe due to high prevalence of lactose-intolerance among individuals across the globe is expected to drive sales in the market over the forecast period.
Almond milk has a creamy and nutty texture, contains high amounts of calcium and vitamins and can be used in a wide variety of dishes. Rising awareness of the health benefits of almond milk is making it a preferred choice among health-conscious consumers.
The almond milk market is one of the fastest-growing non-dairy and vegan milk segments. Consumers are seeking high-quality, premium-brand, nutritious dairy products, which is compelling manufacturers to launch innovative and premium-label products. This is expected to augment demand in the market over the forecast period.
“Growing preference for organic and non-GMO food and beverages across the globe, along with increasing sales of dairy alternatives through online channels will drive the market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- Sales of almond milk in China are expected to grow at a CAGR of 8.8% during the forecast period.
- Demand for almond milk in the U.S. market will increase at a 7.7% CAGR over the assessment period.
- Based on end use, demand in the food & beverage sector will continue gaining traction through 2032.
- In terms of distribution channel, the online stores segment will account for a lion’s share of the almond milk market.
- In 2022, the powder sub-segment is projected to account for a dominant share in the market.
Competitive Landscape
Some of the key players operating in the almond milk market include Daiya Foods Inc., Hain Celestial Group, Whitewave Foods, Sunopta Inc., Blue Diamond Growers, Galaxy Nutritional Foods, Inc., Tofutti Brands Inc, Califia Farms LLC, Earth’s Own Food Company Inc., Hiland Dairy Foods, Malk Organics LLC, Pacific Foods of Oregon LLC, etc.
Almond Milk Market by Category
By Type:
- Plain
- Flavoured
By Category:
- Organic
- Conventional
By Packaging Type:
- Carton
- Glass
- Others
By Application:
- Beverages
- Frozen Desserts
- Personal Care
- Others
By Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Online Stores
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
- Global Almond Milk Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Bn) & Volume (MT) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
- Global Almond Milk Market Analysis 2017-2021 and Forecast 2022-2032, By Nature
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis By Nature, 2017-2021
5.3. Current and Future Market Size Value (US$ Bn) & Volume (MT) Analysis and Forecast By Nature, 2022-2032
5.3.1. Organic
5.3.2. Conventional
5.4. Y-o-Y Growth Trend Analysis By Nature, 2017-2021
5.5. Absolute $ Opportunity Analysis By Nature, 2022-2032
TOC Continue…
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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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