The vegan butter market is set to grow at a 5% CAGR, reaching US$ 4,784.7 million by 2033. The surge is fueled by rising demand for oat-based vegan butter due to increased popularity of oat milk. Sales are on the rise, driven by the demand for clean-label and certified vegan products, with companies like Miyoko’s Creamery aiming for gluten-free, soy-free, and non-GMO certifications to enhance sales and consumer acceptance.
The global vegan butter market is according to FMI’s analysis, projected to grow at a 5% CAGR over the expected timeframe. It is anticipated that the industry would grow to a market value of US$ 4,784.7 million by 2033.
According to the B2C sales channel, the market is developing as demand for vegan butter made from oats rises. The growing popularity of oat milk and similar products has increased demand for oat-based vegan butter.
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Vegan butter sales are expanding as there is a greater desire for clean-label, vegan products. Miyoko’s Creamery is aiming to gain certification for their vegan butter products so that they can be labelled as “gluten-free,” “soy-free,” and “non-GMO.” Labelling aims to enhance overall sales of plant-based butter and acquire public acceptance.
Within the bakery industry, vegan butter is being perceptibly used at a large scale now. This evolution in the ingredient choice has been dictated by the surging health-wary consumers, who are seeking bakery items made of vegan butter.
Flavored vegan butter has also been gaining widespread traction, as evident with the increasing number of merchants introducing their line of flavored plant-based butter. Manufacturers require to focus on technological upgrades over the forecast period to:
- Enhance manufacturing processes
- Sales monitoring
- Packaging and design
- Product variety for business expansion
Geographically, North America is a large market for vegan butter, representing a significant proportion of global consumption. The United States leads the regional market and the global market.
Growth in Asia Pacific region can be accorded to consumer discernment regarding the health and wellness benefits of vegan goods and heightened demand for a vegan diet among the young generation. India, as per FMI’s latest statistics, is projected to expand at 6.5% from 2023 to 2033.
Top Highlights from the FMI’s Analysis of the Vegan Butter Industry:
- The United States vegan butter industry garnered a 22.4% market share in 2022.
- Germany’s share in the global vegan butter industry was 6% in 2022.
- The United Kingdom is anticipated to expand from 2023 to 2033 with a CAGR of 5.5%.
- Japan’s market contributed a value share of 2.9% in 2022.
- India’s vegan butter industry is projected to register a prominent CAGR of 6.5% over the forecast period.
- China’s vegan butter industry is forecasted to expand at 3.8% CAGR over the estimated period.
- Based on source, the oat milk segment acquired a 26.9% market share in 2022.
- Based on flavor, the unflavored segment represented 63.5% of the global market in 2022.
- Under the category of sales channel, the B2C segment garnered 78.4% of the overall market in 2022.
Innovation Watch: New Developments in the Market
- In September 2019, Country Crock® made moves along with the plant-based food movement by introducing Country Crock® Plant Butter, a new dairy-free plant butter, that is similar in taste to dairy butter. The product is made of plant-based oils and enriched with oils like almonds, avocados, and olives. The product is certified by Plant Based Foods Association (PBFA) as kosher, gluten-free, and plant-based, making it appropriate for vegan diets.
- In July 2020, Flora, a margarine brand, announced that it is going 100% vegan. Following this announcement, the company introduced the Flora Plant range of 100% vegan butter. The block butter consists of palm, rapeseed, and sunflower oil. The wrapping material of this butter block is 100% biodegradable.
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Key Players Operating in the Market
- Wayfare Food
- Chobani LLC
- Miyoko’s Creamery
- Milkadamia
- Prosperity Organic Foods, Inc
- Conagra Brands Inc.
- Upfield Foods
- Premier Organics
- Forager Project
- wildCREAMERY (Wildbrine®)
- Others
Vegan Butter Industry by Category
By Source:
- Rice Milk
- Oat Milk
- Soy Milk
- Corn Milk
- Almond Milk
- Pea Milk
- Cashew Milk
- Coconut Milk
- Hemp Milk
- Flax Milk
- Others
By Flavor:
- Unflavored
- Flavored
- Cocoa/ Chocolate
- Cinnamon
- Banana
- Coconut
- Grape
- Hazelnut
- Lemon
- Peanut Butter
- Raspberry
- Strawberry
- Vanilla
- Other Flavors
By Sales Channel:
- B2B
- Hotels
- Restaurants
- Cafes
- B2C
- Hypermarkets /Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others Retail Formats
By Application:
- Bakery Industry
- Confectionery Items
- Dairy Industry
- Dietary Supplements
- Household Pantry
- Hotel, Restaurant, and Retail Chains
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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