Global Plant-based Butter Market: Market Outlook
Plant-based butter is the batter made from plant extracts such as almond, soy, coconut, and vegetable oils. Butter is the most used product in cooking by consumers and food manufacturers. Most of the butter products are milk-based having heavy saturated fat and cholesterol which can promote additional fat in the human body. Plant-based butter is comparatively low in saturated fat and tastes like dairy butter and can be used in the cooking, baking, spreading’s. Plant-based butter can be used in the food premixes, soups, sausages, bakery, prepared and packaged food, food service industry, household and others. The plant-based butter is becoming more popular among the consumer as a dairy alternative with additional health benefits. Plant-based butter supports to maintain healthy cholesterol levels, gluten-free, lactose-free, with the goodness plant extracts, which make it a unique and healthy alternative for the consumers.
Global Plant-based Butter Market: Market Dynamics
Dairy-usage among consumers has always persisted due to nutrition and limited options in dairy-alternatives products. But a change in this trend has been observed in recent years as a larger proportion of plant-based products are produced. These products meet the nutritional requirements and there is a diversity in these products in terms of type, color, and the base used for producing these products. Plant-based butter gaining momentum in the food and beverage industry owing to its number of health beneficial ingredients and characteristics. The increasing number of vegan population across the globe is the key driver of the plant-based butter market. The growth in the plant-based sector has largely been driven by the mainstream emergence of the ‘flexitarian’ consumer (individuals who still consume dairy and meat but seek to reduce the levels they consume), as well as increased numbers of vegans and vegetarians, as consumers respond to a combination of environmental, ethical and health concerns. Besides, the significant media coverage of dairy and meat product production on global warming. Animal welfare rights groups spreading awareness of the way animals are treated in the production of products has caused a switch in consumer preferences. These are the factors feeling the growth of the global plant-based butter market.
Global Plant-based Butter Market: Market Segmentation
Based on nature, the global plant-based butter market has been segmented as,
Based on the source, the global plant-based butter market has been segmented as,
Based on Application, the global plant-based butter market has been segmented as,
Based on the distribution channel, the global plant-based butter market has been segmented as,
Based on Regions, the global plant-based butter market has been segmented as,
Global Plant-based Butter Market: Key Players
Several key players are engaged in the business of the global Plant-based butter market are Conagra Brands, Inc., Upfield, Wayfare, I Can't Believe It’s Not Butter, Pure Blends, Ellyndale, Melt Organics, Fora Foods, Miyoko's Creamery, and Others.
Opportunities for the Key Players in the Global Plant-based Butter Market
Europe and North America regions are the leading consumers of the plant-based butter market. The consumers of these regions are highly health-conscious as compared to other regions, also the number of vegan consumers is increasing rapidly. The high disposable incomes and awareness about health beneficial products are driving the demand for the plant-based butter market in these regions. The consumption of plant-based butter in the South Asian and East Asian countries is expected to grow in the upcoming years due to the increasingly health-conscious consumers. However, at present, the consumption of plant-based butter is more in Western European countries. This is a result of a high concentration of health-conscious people in these regions.
COVID 19 Impact on Global Plant-based Butter Market
As the COVID-19 effect is rising on the food and beverages industry, the food product manufacturers are also witnessing the major holdup due to this global pandemic. The agriculture, and fruit and vegetable production heavily affected which has subsequently impacted the production of plant-based food products and ingredients. Moreover, the lockdown in many countries the retail sector under pressure and the consumers are willing to buy only necessary products. Also the reduced consumption of out-of-home food is also considerable factor for the plant-based butter market as this products consumed by foodservice industry. Hence, on the back of these aspects COVID-19 outbreak could slower the growth of plant-based butter market.