Plant-based Butter Market by Source (Soy, Almonds, Oats, Coconut, Others), Flavor (Flavored and Plain), Distribution Channel (Supermarkets & Hypermarkets, Health Food Stores, Convenience Stores, Online, B2B – Food Service) and Key Region - Forecasted to 2027
According to MarketsandMarkets, the global Plant-based butter market is estimated to be valued at USD 2.0 billion in 2022. It is projected to reach USD 2.5 billion by 2027, with a CAGR of 4.9%, in terms of value between 2022 and 2027. Major drivers of the market include rising awareness regarding social and environmental values, which plant-based butter offers, thereby creating opportunities for labels, such as clean label and organic plant-based.
Plant-based Butter Market Dynamics
Drivers: Trend of using plant-based butter is supported by social media influencers
Drivers for plant-based market include social media influencers who tend to coax consumers to using plant-based ingredients in their home cooked foods. This is followed by them educating consumers about the nutritional content in plant-based butter, besides speaking about the negative effect of animal-based products on animals and the environment in general.
Restraints: Protection and nurturing the bees turns out to be the biggest constraint
Plant-based butter market is restrained by its higher prices when compared to animal-based ones. The market does not have the benefit of economies of scale, which the animal-based butter market has, thereby inflating plant-based butter prices. High product prices also owe themselves to low maturity of the market and the constant efforts on improving supply chain and product innovation.
Opportunities: Leveraging the labels such as organic and plant-based
Plant-based products are increasingly labelled ‘organic’, ‘plant-based’, ‘non-GMO’, amongst other trending labels. This therefore is expected to be an opportunity for plant-based butter as well, wherein labelling the products with such certifications increases their market value and presence.
Challenges: Taste remains a key challenge, wherein plant-based butters are yet to mimic animal-based ones
Adoption of plant-based butter is hindered by its flavour, which is yet to match that of animal-based butter, and thereby which is creating a hurdle to its market acceptance. However, there is an increase in investments in research around flavour. One such development was made by DTU National Food Institute in Denmark, where the researchers were able to develop natural butter flavour from plant-based butter sources.
By source, oats-based plant-based butter is projected to witness the fastest growth rate during the forecast period.
Oats-based plant-based butter is expected to gain fastest traction in B2C sales channel. This is owing to rising popularity of its linked product, oat milk. Further, brands, such as Miyoko have been labelling their plant-based butter products as ‘gluten free’, ‘non-GMO’, ‘soy free’, etc., which further increases the demand of oats-based butters, albeit through such brands.
By flavor, flavor segment is expected to showcase the fastest growth.
Usage of vegan butter has increased in the bakery industry, with an increasing number of health-conscious consumers demanding bakery items prepared using vegan butter. Furthermore, flavored vegan butter has been gaining traction as well, with manufacturers launching their own lines of flavored vegan butter sticks.
North America tends to be a major market for plant-based butter products, accounting to about a third of total global consumption. The region is especially led by the US, wherein the country has consistently showcased double digit growth in the historical period.
Key Market Players:
Key players in this market include Forager Project (US), Goodmylk (US), JEM Organics (US), Milkadamia (US), Nuts For Cheese (Canada), among others.
FAQs:
- Which are the major Plant-based butter segments considered in this study and which of them are projected to have promising growth rates in the future?
- I am interested in the Asia Pacific market for oats and coconut butter segment. Is the customization available for the same? What all information would be included in the same?
- What are some of the drivers fuelling the growth of the Plant-based butter market?
- I am interested in understanding the research methodology on how you arrived at the market size and segmental splits before making a purchase decision. Can you provide me with an explanation on the same?
- What kind of information is provided in the competitive landscape section?
TABLE OF CONTENTS
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.4 REGIONAL SEGMENTATION
1.5 PERIODIZATION CONSIDERED
1.6 CURRENCY CONSIDERED
1.7 VOLUME UNITS CONSIDERED
1.8 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key Data from Secondary Sources
2.1.2 PRIMARY DATA
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 MARKET SIZE ESTIMATION
2.2.1 MARKET SIZE ESTIMATION - METHOD 1
2.2.2 MARKET SIZE ESTIMATION - METHOD 2
2.3 DATA TRIANGULATION
2.4 ASSUMPTIONS FOR THE STUDY
2.5 LIMITATIONS OF THE STUDY
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.2 RESTRAINTS
5.2.3 OPPORTUNITIES
5.2.4 CHALLENGES
6 INDUSTRY TRENDS
6.1 INTRODUCTION
6.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
6.3 TECHNOLOGY ANALYSIS
6.4 PRICING ANALYSIS
6.5 ECOSYSTEM/ MARKET MAP
6.6 TRENDS/ DISRUPTION IMPACTING THE CUSTOMER’S BUSINESS
6.7 PATENT ANALYSIS
6.8 TRADE ANALYSIS
6.9 KEY CONFERENCES AND EVENTS IN 2022-2023
6.10 TARIFF AND REGULATORY LANDSCAPE
6.11 PORTER’S FIVE FORCES ANALYSIS
6.12 KEY STAKEHOLDERS & BUYING CRITERIA
6.13 CASE STUDY ANALYSIS
7 PLANT-BASED BUTTER MARKET, BY SOURCE
7.1 INTRODUCTION
7.2 SOY
7.3 ALMONDS
7.4 OATS
7.5 COCONUT
7.6 OTHER SOURCES
8 PLANT-BASED BUTTER MARKET, BY FLAVOUR
8.1 INTRODUCTION
8.2 FLAVOURED
8.3 PLAIN
9 PLANT-BASED BUTTER MARKET, BY DISTRIBUTION CHANNEL
9.1 INTRODUCTION
9.2 SUPERMARKETS & HYPERMARKETS
9.3 HEALTH FOOD STORES
9.4 CONVENIENCE STORES
9.5 ONLINE
9.6 B2B – FOOD SERVICE
10 PLANT-BASED BUTTER MARKET, BY REGION
10.1 INTRODUCTION
10.2 NORTH AMERICA
10.2.1 US
10.2.2 CANADA
10.2.3 MEXICO
10.3 EUROPE
10.3.1 GERMANY
10.3.2 FRANCE
10.3.3 UK
10.3.4 ITALY
10.3.5 SPAIN
10.3.6 REST OF EUROPE
10.4 ASIA PACIFIC
10.4.1 CHINA
10.4.2 INDIA
10.4.3 JAPAN
10.4.4 AUSTRALIA & NEW ZEALAND
10.4.5 REST OF ASIA PACIFIC
10.5 SOUTH AMERICA
10.5.1 BRAZIL
10.5.2 ARGENTINA
10.5.3 REST OF SOUTH AMERICA
10.6 REST OF THE WORLD
10.6.1 AFRICA
10.6.2 MIDDLE EAST
11 COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 MARKET SHARE ANALYSIS*
11.3 KEY PLAYERS STRATEGIES
11.4 COMPANY REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
11.5 COMPANY EVALUATION QUADRANT
11.5.1 STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE PLAYERS
11.5.4 PARTICIPANTS
11.5.5 COMPETITIVE BENCHMARKING
11.6 PRODUCT FOOTPRINTS
11.7 STARTUP/SME EVALUATION QUADRANT
11.7.1 PROGRESSIVE COMPANIES
11.7.2 STARTING BLOCKS
11.7.3 RESPONSIVE COMPANIES
11.7.4 DYNAMIC COMPANIES
11.8 PRODUCT LAUNCHES, DEALS, AND OTHER DEVELOPMENTS
11.8.1 NEW PRODUCT LAUNCHES
11.8.2 DEALS
11.8.3 OTHER DEVELOPMENTS
11.8.4 PARTNERSHIPS, COLLABORATIONS, AND JOINT VENTURES
*Market share analysis will be provided in percentage (value) at Global level
12 COMPANY PROFILES
12.1 CONAGRA BRANDS, INC.
12.2 GOODMYLK
12.3 JEM ORGANICS
12.4 FORAGER PROJECT
12.5 MILKADAMIA
12.6 BUBBLE SUPERFOODS
12.7 BETTERTHANORGAIC PVT. LTD.
12.8 NUTS FOR CHEESE
12.9 MIYOKO’S KITCHEN
Note: Currently, list of only 9 companies have been provided. However, this section covers 12-15 key company profiles which include business overview, recent financials, product offerings, key strategies, and swot analysis. recent financials can be provided-based on data/information availability in public domain. The list of companies mentioned above can be altered depending upon client’s interest
13 APPENDIX
Note: The TOC prepared above is tentative and may subject to change, based on the research progress
Growth opportunities and latent adjacency in Plant-based Butter Market