Plant-based Butter Alternative Market

Plant-based Butter Alternative Market - Global Industry Analysis 2016 - 2020 and Opportunity Assessment 2021 - 2031

Plant-based Butter Alternative Market Segmented By Source such as Oat, Rice, Soy, Pea, Almond, Coconut, Cashew, Flax, Hemp

Report ID: PMRREP32875

Report Type: Ongoing

Format: PPT*, PDF, EXCEL

Industry: Food and Beverages

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Plant-based Butter Alternative Market Outlook, Market Forecast, and CAGR

Plant-based Butter Alternative is a non-dairy butter that is made by combining water with a plant derived oil. It is also referred to as vegan butter. Vegan butter is regularly added to food items possessing to upgrade nutrition which gets lost during food preparing.

According to the recent Persistence Market Research, the market for plant-based butter alternatives is set to notice steady market growth during 2021-2031. Increasing veganism awareness among individuals across the globe has been impacting the market with significant CAGR growth.

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What is Driving Demand for Plant-based Butter Alternative?

The increased demand for convenience, processed and confectionery food products, has been triggering the global plant-based butter alternative market. The growing awareness for the safety of animals and adverse impact on the environment about the dairy industry is encouraging consumers to opt for vegan products.

Therefore, companies are offering a broad range of plant-based alternatives to dairy butter where consumption of vegan products is developing many opportunities for the market key players in the food and beverages industry.

Further, the industry is seeing significant growth due to the rise in allergy from lactose cases, growing health awareness, changing consumer lifestyles. Consumers are adopting a vegan diet that has been contributing to the growth of the dairy alternatives market. Increasing consumption of ready-to-go meals, convenience food products, growing disposal income of the people is to drive the market.

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Growing Preference for Dairy Products to Augment the Growth of the Plant-based Butter Alternative Industry

The rising demand for alternatives for milk-based butter that is used in fast food items is contributing to the growth of the vegan butter industry. Manufacturers in the sector are focusing on the diversification of product portfolios to enhance existing products’ taste, which is likely to help the market growth in the forecasted period.

Also, the demand is anticipated to further propel the continuous innovation towards butter alternatives and growing demand for plant-based options.

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What is the effect of Covid-19 on the Plant-based Butter Alternative Market?

The covid-19 pandemic has affected severely the market in all the regions. A lot of small-scale operators had to shut their business during the lockdown due to unavailability of recognition, a high level of competition, and disruption in the food delivery chain. Also, a lot of workers fled back to their country in distress due to fear. These were some of the main causes of the fall of the market for plant-based butter alternatives.

Apart from these, many consumers stopped ordering outside foods due to the increased threat of contracting the coronavirus.

The rumors, lack of knowledge, and fear of covid-19 impacted not only the market of plant-based butter alternatives but also the overall food chain market. Since in recent times, the pandemic has been taken control of due to the high speed of vaccination across the globe, things have changed and the market is now open up to certain limits.

US and Canada Plant-based Butter Alternative Outlook

According to the Persistence Market Research, North America is expected to see growth with a significant share in the industry. In North America, the US accounts for a major share of the market owing to the thriving food and beverages industry in the region. According to a report by the Good Food Institute, the sales of plant-based butter in the United States has jumped by 15% between 2017 and 2019.

Moreover, the Cornell University study stated that over 10% of the American population is lactose intolerant, and hence this factor impacting the sales of plant-based butter in the region.

Asia Pacific Demand Outlook for Plant-Based Butter Alternative

According to a report from the government of India, 30% of the population is either vegetarian or vegan, and a substantial percentage is Lacto-vegetarian. Such a trend will influence the sale of plant-based butter in the region.

Moreover, the foodservice industry is also witnessing prominent growth as many restaurants and fast-food chains are using various types of butter in their food items due to the increasing popularity of plant-based butter. The Asia-Pacific region is being expected to witness prominent growth in the forecasted period, owing to increasing disposable incomes and the high population in the region.

Who are the Key Manufacturers and Suppliers of Plant-based Butter Alternative Market?

Plant-based Butter Alternative industry has a number of manufacturers and suppliers, and they are

  • Ceres Organics
  • Daisya Fine Food
  • Kitchen Garden
  • Naturally Organic
  • Dhatu Organics
  • Vegan Way
  • Alpino Health Foods
  • Pintola
  • Carley’s Organic
  • Chobani LLC
  • Milkadamia
  • The Leaviet Corp
  • The J.M. Smuker Co
  • Wildfriend Foods
  • Ekogram-the real food
  • Naturli Foods
  • Premier Organics
  • Califia Farms
  • Lyrical Foods Inc.
  • Prosperity Organic Food Inc.
  • Miyoko’s Creamery
  • Wayfare Food
  • Conagra Brands Inc.
  • Upfield Foods
  • Others.

Key Segments

By Source

  • Oat
  • Rice
  • Soy
  • Pea
  • Almond
  • Coconut
  • Cashew
  • Flax
  • Hemp
  • Others

By End-use

  • Food & Beverage Industry
  • Foodservice Industry
  • Retail/Household
  • Others

By Distribution Channel

  • Business to business
  • Business to consumer
    • Hypermarket/supermarket
    • Convenience stores
    • Specialty stores
    • Online retail

By Region

  • North America
    • US & Canada
  • Latin America
    • Brazil, Mexico, Others
  • Western Europe
    • EU5
    • Nordics
    • Benelux
  • Eastern Europe
  • Asia Pacific
    • Australia and New Zealand (ANZ)
    • Greater China
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Japan
  • Middle East and Africa
    • GCC Countries
    • Other Middle East
    • North Africa
    • South Africa
    • Other Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Plant-based Butter Alternative Market Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.

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