Plant-based Butter Market: Expanding Vegan and Health-conscious Consumer Base Spurs Growth in the Global Plant-based Butter Industry

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 rapidly rising as consumers seek healthier and more environmentally friendly alternatives to traditional 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 expanding as consumers become more cognizant 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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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