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LONDON, GREATER LONDON, UNITED KINGDOM, September 24, 2024 /EINPresswire.com/ -- The plant-based butter market has experienced robust growth in recent years, expanding from $2.58 billion in 2023 to $2.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to health and wellness trends, environmental and ethical concerns, shift in dietary preferences, marketing and product positioning, availability and accessibility, investment and innovation in ingredients.
What Is The Estimated Market Size Of The Global Plant-Based Butter Market And Its Annual Growth Rate?
The plant-based butter market is projected to continue its strong growth, reaching $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising health consciousness, environmental sustainability concerns, expansion of vegan and flexitarian diets, retail expansion and market accessibility, investment in marketing and branding, government initiatives and support.
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Growth Driver Of The Plant-Based Butter Market
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 fewer amounts 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.
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Which Market Players Are Steering The Plant-Based Butter Market Growth?
Key players in the market include Conagra Brands Inc., Upfield Holdings B.V., Pure Blends, Nutiva Inc., Jem Organics, Yumbutter, Melt Organic, ForA Foods, Miyoko's Creamery, Prosperity Organic Food Inc., Premier Organics, Naturli Foods Ltd., Daisya Fine Food Ltd., Carley’s Organic, The Forager Project, Goodmylk Ltd., Milkadamia Co., Nuts For Cheese, Axia Foods Inc., WayFare Foods, Earth Balance, Country Crock, Flora Plant Butter, Vitalite, Purely Balanced, Nutcrafter Creamery & Bakery Inc., Treeline Cheese Co.
What Are The Key Trends That Influence Plant-Based Butter Market Size?
Major companies operating in the market are innovating new products, such as plant-based butter with protein, to sustain their position in the market. Plant-based butter with protein is a vegan spread derived from plant sources, enriched with added proteins for a nutritious and sustainable alternative to traditional butter.
How Is The Global Plant-Based Butter Market Segmented?
1) By Nature: Organic, Conventional
2) By Source: Nuts, Avocados, Coconut, Olive Oil, Canola, Palm Fruit, Other Sources
3) By Application: Food And Beverage Industry, Food Service Industry, Households
Geographical Insights: North America Leading The Plant-Based Butter Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Plant-Based Butter Market Definition
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.
Plant-Based Butter Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global plant-based butter market report covering trends, opportunities, strategies, and more
The Plant-Based Butter Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on plant-based butter market size, plant-based butter market drivers and trends and plant-based butter market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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