Plant-based Butter Market

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

Report Code: UC 6056 Nov, 2022, by marketsandmarkets.com

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

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


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Report Code
UC 6056
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