Overview and Scope
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.
Sizing and Forecast
The plant-based butter market size has grown strongly in recent years. It will grow 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, nvestment and innovation in ingredients..
The plant-based butter market size is expected to see strong growth in the next few years. It will grow to $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.. Major trends in the forecast period include collaborations and partnerships, focus on sustainability and eco-friendly packaging, celebrity endorsements and influencer marketing, retail expansion and accessibility, diverse product offerings..
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Segmentation & Regional Insigh
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The plant-based butter market covered in this report is 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
North America was the largest region in the plant-based butter market in 2023. The regions covered in the plant-based butter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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 less amount 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.
Key Industry Players
Major companies operating in the plant-based butter 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. For instance, in December 2021, Axia Foods, an India-based food and beverage company launched Grenbutter. Grenbutter is the world’s first plant-based butter with protein. Grenbutter is made from a blend of primarily almond, coconut, and rapeseed oils, and is designed to provide a superior-tasting, sustainable option for commercial baking. Grenbutter replicates the taste and texture of dairy butter. It is free from cholesterol, trans fat and vegetable hydrogenated fat.
The plant-based butter market report table of contents includes:
1. Executive Summary
2. Plant-Based Butter Market Characteristics
3. Plant-Based Butter Market Trends And Strategies
4. Plant-Based Butter Market – Macro Economic Scenario
5. Global Plant-Based Butter Market Size and Growth
….
31. Global Plant-Based Butter Market Competitive Benchmarking
32. Global Plant-Based Butter Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Plant-Based Butter Market
34. Plant-Based Butter Market Future Outlook and Potential Analysis
35. Appendix
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