Plant-Based Butter Market
Plant-Based Butter Market Size, Share & Trends Analysis Report by Source (Soy, Almonds, Oats, Coconut, and Others(Olive Oil, Cocoa Butter, and Pea Protein)), By Flavour (Flavoured, and Plain), and by Distribution Channel (Supermarkets & Hypermarkets, Health Food Stores, Convenience Stores, Online, and B2B-Food Service) Forecast Period (2024-2031)
Plant-based butter market is anticipated to grow at a CAGR of 6.2% during the forecast period (2024-2031). Consumers are increasingly seeking milk alternatives owing to reasons of lactose intolerance, allergies, and lower calorie and nutrient options. In addition, technological advancements and innovation in product development help improve the taste and feel of plant-based butter, thus becoming more attractive. For instance, in September 2023, Dutch plant-based dairy start-up Willicroft launched a plant-based fermented butter. Willicroft announced that the product is not margarine and tastes, spreads, cooks, and bakes exactly like dairy butter. Using precise fermentation, the company created a product that replicates the flavor of "high-end" dairy butter without the use of artificial flavorings. Furthermore, the rising popularity of veganism and flexitarians wherein consumers worldwide are adopting plant-based diets enhances the consumer base.
Market Dynamics
Packaging Innovations and Environmental Sustainability
The industry uses green operations to introduce plastic-free, recyclable packaging, making the brand sustainable and driving this market forward. The market is affected by positive government policies and regulations in some areas encouraging plant-based diets, which developed a conducive environment to advance the plant-based butter market. For instance, in January 2024, Upfield launched the globe's plastic-free, recyclable tub for its plant butter and spreads, marking the start of its transition to a paper solution. The initiative, in partnership with Footprint, MCC, and Pagès Group, aims to reduce plastic content by 80% by 2030, starting in Austria with the Flora Plant.
Growing Flexitarian Diets and Veganism
Growing health concerns are driving consumers to look for substitutes like plant-based butter. For instance, in November 2023, Bunge launched Beleaf PlantBetter, a plant-based dairy butter alternative. More effective new flavors, and environment-friendly, with equivalent sensory properties and functionality to traditional dairy butter. This new formulation has been specially designed for applications in bakeries, superiority in taste, cost savings, and ease of processing along with compatibility with dairy fat so that aeration, volume, and taste are feasible effectively.
Market Segmentation
- Based on the source, the market is segmented into soy, almonds, oats, coconut, and others.
- Based on the flavor, the market is segmented into flavored, and plain.
- Based on the distribution channel, the market is segmented into supermarkets & hypermarkets, health food stores, convenience stores, online, and B2B-food service.
The Almonds Segment is projected to Hold the Largest Market Share
Since almonds and peanut butter are high in fat, low in carbohydrates, and gluten-free, the industry is being driven by the increasing demand for healthier substitutes. For instance, in March 2023, Gaia introduced hemp-based peanut and almond butter, using the fact that hemp can absorb carbon dioxide. The spread, a plant-based protein with a nutty taste, is free from palm oils, salt, and omega-3 fatty acids, and can be enhanced with food.
- In January 2021, Axia Foods launched the first global almond cheese and butter under its Prochez brand in India. The products are high protein, almond-based, cashew-based, coconut-based, oats-based, dairy-free, and soy-free.
Regional Outlook
The global plant-based butter market is further segmented based on region including North America (the US, and Canada), Europe (Germany, France, the UK, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Product Innovation and Flavor Diversity In the North America Region
Manufacturers in the US are innovating continuously to develop a wide range of flavor and functional benefits. New flavors such as Hot Honey, Miso Ginger, and Chipotle & Sun-Dried Tomato herald a trend toward more specific tastes. These unique offerings raise the appeal of plant-based butter, especially among the younger population. For instance, in February 2023, Kagome introduced a range of plant-based butter alternatives in the US, including sweet flavors Hot Honey, Cinnamon & Brown Sugar, and savory options Miso Ginger and Chipotle & Sun-Dried Tomato. The alternatives are healthier, lower in saturated fat, and have a higher smoke point than dairy butter.
- In November 2023, Danish plant-based food manufacturer Naturli launched vegan butter in the US, including Plant Butter Spread and Plant Butter Block, at H-E-B stores in Texas. The butter has received international recognition, including at the 2023 Superior Taste Awards from the International Taste Institute in Brussels.
Global Plant-Based Butter Market Growth by Region 2024-2031
Asia-Pacific Holds Major Market Share
Consumers are shifting towards plant-based butter due to health concerns over cholesterol, saturated fats, and lactose intolerance; therefore, the market growth is being driven by healthier alternatives. According to the India Brand Equity Foundation (IBEF), in June 2023, consumers are becoming increasingly conscious of how food choices affect health and the environment, and hence the plant-based alternative is gaining popularity. This change is fuelling the growth of the plant-based food industry, which is expected to expand at a compound annual growth rate of 11.32% from 2022 to 2027. Furthermore, numerous SMEs and FMCGs have already entered India's plant-based food sector, offering plant-based alternatives.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the plant-based butter market include Bunge Global SA, Miyoko's Kitchen, Oatly AB, Flora Food Group, Kite Hill, and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
Recent Developments
- In August 2023, ELAVI introduced vegan and keto-friendly cashew butter jars, it featured low-glycemic sweeteners, fruit, dates, and five grams of plant protein.
- In February 2023, OCHO Candy introduced a new plant-based caramel line featuring European-style cultured vegan butter from Miyoko's Creamery, featuring Classic, Cinnamon, Coffee, and Chocolate flavors in a dark chocolate shell.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global plant-based butter market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Industry Trends
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Bunge Global SA
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Flora Food Group
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Conagra, Inc
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Plant-Based Butter Market by Source
4.1.1. Soy
4.1.2. Almonds
4.1.3. Oats
4.1.4. Coconut
4.1.5. Others
4.2. Global Plant-Based Butter Market by Flavour
4.2.1. Flavoured
4.2.2. Plain
4.3. Global Plant-Based Butter Market by Distribution Channel
4.3.1. Supermarkets & Hypermarkets
4.3.2. Health Food Stores
4.3.3. Convenience Stores
4.3.4. Online
4.3.5. B2B-Food Service
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Califia Farms
6.2. Elavi
6.3. Forager Project LLC
6.4. Green Valley
6.5. Kagome USA
6.6. Kite Hill
6.7. Lurpak
6.8. Milkadamia
6.9. Naturli’ Foods A/S
6.10. Nutiva Inc.
6.11. Miyoko's Kitchen
6.12. Plant Perks
6.13. Pure Wesson
6.14. Wonderfol bv
6.15. WayFare
1. Global Plant-Based Butter Market Research And Analysis By Source, 2023-2031 ($ Million)
2. Global Soy Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Almonds Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Oats Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
5. Global Coconut Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
6. Global Other Sourced Plant-Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Plant-Based Butter Market Research And Analysis By Flavour, 2023-2031 ($ Million)
8. Global Flavoured Plant-Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Plain Plant-Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Plant-Based Butter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
11. Global Plant-Based Butter Via Supermarkets & Hypermarkets Market Research And Analysis By Region, 2023-2031 ($ Million)
12. Global Plant-Based Butter Via Health Food Stores Market Research And Analysis By Region, 2023-2031 ($ Million)
13. Global Plant-Based Butter Via Convenience Stores Market Research And Analysis By Region, 2023-2031 ($ Million)
14. Global Plant-Based Butter Via Online Market Research And Analysis By Region, 2023-2031 ($ Million)
15. Global Plant-Based Butter Via B2B-Food Service Market Research And Analysis By Region, 2023-2031 ($ Million)
16. Global Plant-Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
17. North American Plant-Based Butter Market Research And Analysis By Country, 2023-2031 ($ Million)
18. North American Plant-Based Butter Market Research And Analysis By Source, 2023-2031 ($ Million)
19. North American Plant-Based Butter Market Research And Analysis By Flavour, 2023-2031 ($ Million)
20. North American Plant-Based Butter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
21. European Plant-Based Butter Market Research And Analysis By Country, 2023-2031 ($ Million)
22. European Plant-Based Butter Market Research And Analysis By Source, 2023-2031 ($ Million)
23. European Plant-Based Butter Market Research And Analysis By Flavour, 2023-2031 ($ Million)
24. European Plant-Based Butter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
25. Asia-Pacific Plant-Based Butter Market Research And Analysis By Country, 2023-2031 ($ Million)
26. Asia-Pacific Plant-Based Butter Market Research And Analysis By Source, 2023-2031 ($ Million)
27. Asia-Pacific Plant-Based Butter Market Research And Analysis By Flavour, 2023-2031 ($ Million)
28. Asia-Pacific Plant-Based Butter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
29. Rest Of The World Plant-Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
30. Rest Of The World Plant-Based Butter Market Research And Analysis By Source, 2023-2031 ($ Million)
31. Rest Of The World Plant-Based Butter Market Research And Analysis By Flavour, 2023-2031 ($ Million)
32. Rest Of The World Plant-Based Butter Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
1. Global Plant-Based Butter Market Share By Source, 2023 Vs 2031 (%)
2. Global Soy Based Butter Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Almonds Based Butter Market Share By Region, 2023 Vs 2031 (%)
4. Global Oats Based Butter Market Share By Region, 2023 Vs 2031 (%)
5. Global Coconut Based Butter Market Share By Region, 2023 Vs 2031 (%)
6. Global Other Sourced Plant-Based Butter Market Share By Region, 2023 Vs 2031 (%)
7. Global Plant-Based Butter Market Share Analysis By Flavour, 2023 Vs 2031 (%)
8. Global Flavoured Plant-Based Butter Market Share By Region, 2023 Vs 2031 (%)
9. Global Plain Plant-Based Butter Market Share By Region, 2023 Vs 2031 (%)
10. Global Plant-Based Butter Market Share Analysis By Distribution Channel, 2023 Vs 2031 (%)
11. Global Plant-Based Butter Via Supermarkets & Hypermarkets Market Share By Region, 2023 Vs 2031 (%)
12. Global Plant-Based Butter Via Health Food Stores Market Share By Region, 2023 Vs 2031 (%)
13. Global Plant-Based Butter Via Convenience Stores Market Share By Region, 2023 Vs 2031 (%)
14. Global Plant-Based Butter Via Online Market Share By Region, 2023 Vs 2031 (%)
15. Global Plant-Based Butter Via B2B-Food Service Market Share By Region, 2023 Vs 2031 (%)
16. Global Plant-Based Butter Market Share By Region, 2023 Vs 2031 (%)
17. US Plant-Based Butter Market Size, 2023-2031 ($ Million)
18. Canada Plant-Based Butter Market Size, 2023-2031 ($ Million)
19. UK Plant-Based Butter Market Size, 2023-2031 ($ Million)
20. France Plant-Based Butter Market Size, 2023-2031 ($ Million)
21. Germany Plant-Based Butter Market Size, 2023-2031 ($ Million)
22. Italy Plant-Based Butter Market Size, 2023-2031 ($ Million)
23. Spain Plant-Based Butter Market Size, 2023-2031 ($ Million)
24. Rest Of Europe Plant-Based Butter Market Size, 2023-2031 ($ Million)
25. India Plant-Based Butter Market Size, 2023-2031 ($ Million)
26. China Plant-Based Butter Market Size, 2023-2031 ($ Million)
27. Japan Plant-Based Butter Market Size, 2023-2031 ($ Million)
28. South Korea Plant-Based Butter Market Size, 2023-2031 ($ Million)
29. Rest Of Asia-Pacific Plant-Based Butter Market Size, 2023-2031 ($ Million)
30. Latin America Plant-Based Butter Market Size, 2023-2031 ($ Million)
31. Middle East And Africa Plant-Based Butter Market Size, 2023-2031 ($ Million)
