The growing popularity of plant-based butter has led to specialty brands experimenting with new flavors and sources. A new study by Future Market Insights concurs with positive consumer sentiment on plant-based butter, estimating the market to grow nearly 7.6% y-o-y in 2031.
The market for plant-based butter is fast rising as buyers seek healthier and more environmentally friendly alternatives to regular dairy butter. Because of advancements in plant-based component technology, these butters have the same rich flavour and creamy texture as animal-derived fats. The market for plant-based products is growing as buyers become more mindful of environmental and health concerns.
Sales of vegan food and beverages have increased as consumer awareness of the harmful health effects of animal-derived goods has expanded. The sector’s overall expansion has resulted in a significant increase in sales of plant-based butter.
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Key Takeaways Global plant-based butter market to exhibit CAGR exceeding 7.5% through 2030 Soy-milk based butter held nearly 40% share in 2020 Online retail distribution to register relatively faster growth, aided by benefits in terms of consumer engagement US to remain the largest market, pegging North America to surpass US$ 200 Mn in 2020“The plant-based butter market is a nascent phase and is being increasingly viewed as a high-potential product in the dairy alternative industry, as a healthy alternative to conventional fatty food products, which will aid growth in the market for the foreseeable future,” says a FMI analyst.
Covid-19 Impact Analysis The covid-19 pandemic has resulted in substantial changes in the dietary preferences of consumers around the world. Concerns over transmission of the virus through animal based products has aided the adoption of plant-based alternatives.
Also, plant-based butter can be sourced from oat milk, rice milk, corn milk, soy milk, pea milk, almond milk, coconut milk, cashew milk, flax milk, and hemp milk among others, allowing for a wider flavor range. While demand from the food service sector is likely to drop owing to lockdown restrictions, home consumption with sales through online sales is expected to rise.
The prospects of the plant-based butter market has widened since early 2020. As per the Good Food Institute, sales of plant-based foods surpassed that of animal based alternatives since the advent of the crisis, and will continue through the forecast period.
Who is Winning?The plant-based butter market is competitive and characterized by the presence of small and mid-scale players. Leading manufacturers are effectively leveraging demand for natural, clean label products, with the aim of geographic expansion and widening product portfolios for long term growth.
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Some of the leading players in the plant-based butter market include Conagra Brands Inc., Upfield Foods, Miyoko’s Creamery, Wayfare Food, Prosperity Organic Food Inc., Lyrical Foods Inc., Califia Farms, Premier Organics, Naturli Foods, Ekogram-the real food, Wildfriend Foods, The J.M. Smuker Co., The Leaviet Corp., Milkadamia, among others.
More Valuable Insights on Plant-based Butter Market
Source
Oat Milk Rice Milk Corn Milk Soy Milk Pea Milk Almond Milk Coconut Milk Cashew Milk Flax Milk Hemp Milk Others
Distribution Channel
B2B Hotels Restaurants Cafes B2C Hypermarket/Supermarket Convenience Stores Specialty Stores Mom and Pop Stores Discount Stores Food & Drink Specialty Stores Independent Small Groceries Online Retail Others
Region
North America (U.S. & Canada) Latin America (Mexico & Rest of LATAM) Europe, Middle East & Africa Asia Pacific (Greater China, South East Asia, Japan, India, South Korea, Australia, New Zealand)
Frequently Asked Questions
- How will the plant-based butter market expand through 2030?
- Which is the largest plant-based butter market?
- How is COVID-19 impacting the plant-based butter growth projections?
- Which are some of the prominent market players?
Key Segments
Source
- Oat Milk
- Rice Milk
- Corn Milk
- Soy Milk
- Pea Milk
- Almond Milk
- Coconut Milk
- Cashew Milk
- Flax Milk
- Hemp Milk
- Others
Distribution Channel
- B2B
- Hotels
- Restaurants
- Cafes
- B2C
- Hypermarket/Supermarket
- Convenience Stores
- Specialty Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others
Region
- North America (U.S. & Canada)
- Latin America (Mexico & Rest of LATAM)
- Europe, Middle East & Africa
- Asia Pacific (Greater China, South East Asia, Japan, India, South Korea, Australia, New Zealand)
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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