FMI in its recent study of the — Plant-Based Butter Market states that the market is set to surpass US$ 2.4 Bn within the forecast period rising at a value CAGR of over 7%. Surge in demand for plant-based butter is due to growing consumer awareness about ethics of producing animal-based foods & beverages, and the impact of animal husbandry on the environment.
"Variations in the global demographic of vegans, vegetarians, flexitarians, lactose intolerants are strongly adopting plant-based butter products increasingly backed by concerns from animal rights activists and green revolution initiatives," says FMI analyst.
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Plant-Based Butter Market - Important Highlights
The market is mainly dominated by North America as FMI projects that the region will contribute more than 35℅ to the global market share with a valuation of approximately US$ 200 Mn.
Germany is an active market in the production of plant-based butter products and a lucrative market segregated by around 1.3 Mn vegans and around 8 Mn vegetarians.
The affordability of soy raw materials is driving demand in the source segment of soy milk along with almond milk which is a highly preferred flavour.
FMI expects online sales channels to be a key driver in the distribution channels segment which are cheaper and with stronger user-interaction.
Plant-Based Butter Market - Drivers
Increase in vegan and vegetarian population at the global level is being enhanced by variants of plant-based dairy products and flavouring. Its versatility in reaching a greater demographic are driving factors in the market.
Health risks such as obesity, heart diseases and the consequences of high-fat content in dairy products like changes in red blood cells and immune cells have started an alarming rise in demand for organic, plant-based butter products that are low in fat levels.
Plant-Based Butter Market - Restraints
Plant-Based Butter products are expensive from its production stage till the pricing in retails. Thus, many adopt conventional butter as part of their diet.
The industry is mainly dependent on production of vegetables and nuts. The erratic produce and pricing in these markets due to multiple environmental factors affect the plant-based butter industry.
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COVID-19 Impact on Plant-Based Butter Market
Due to COVID-19, the U.S witnessed sales of plant-based products overtaking animal-based alternatives in meat and dairy sectors while restrictions in the food chain sector led to an increase in home cooking, further, opening opportunities for plant-based butter sales.
Likewise, the pandemic has created space for growth and development in the market globally. FMI study reports that while health becomes a priority, the demand for healthy vegan diets will also spark demand.
Some of the key companies functioning in the global market include Conagra Brands Inc., Upfield Foods, Miyoko's Creamery, Wayfare Food, Prosperity Organic Food Inc., Lyrical Foods Inc., Califia Farms, and more.
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About the Study
The study offers readers a comprehensive assessment of the plant-based butter market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on key regions (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific), Source (Oat Milk, Rice Milk, Corn Milk, Soy Milk, Pea Milk, Almond Milk, Coconut Milk, Cashew Milk, Flax Milk, Hemp Milk and Others) Distribution Channel (B2B and B2C which are further segmented).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89003389