According to a new report from ESOMAR-certified market research and consulting firm Future Market Insights (FMI), the global plant-based butter market surpassed US$ 2.4 Bn in 2020. The market study has tracked demand in more than 20 countries, with a comprehensive section on the effects of the covid-19 pandemic on the industry.
The growing popularity of Vegan Butter has led to specialty brands experimenting with new flavors and sources. A new study by Future Market Insights concurs with positive consumer sentiment on Vegan Butter Sales of vegan foods and beverages have gone up significantly owing to increased health awareness among consumers, especially in terms of effects from the consumption of animal-based products. The broader gains in the plant-based food category have rubbed off on varied categories, with Vegan Butter sales gaining significant traction.
As per the Food Industry Association, around 30% of households are home to vegan, vegetarian, flexitarian, or pescatarian consumers. This trend is creating opportunities for growth for Vegan Butter manufacturers. Demand for Vegan Butter can also be attributed to the growing consumer preference for clean-label, natural foods, which is pushing dairy producers to develop and launch vegan alternatives.
Key Takeaways Global Vegan Butter market to exhibit CAGR exceeding 7.5% through 2030 Soy-milk based butter held nearly 40% share in 2020 Online retail distribution to register relatively faster growth, aided by benefits in terms of consumer engagement US to remain the largest market, pegging North America to surpass US$ 200 Mn in 2020“The Vegan Butter market is a nascent phase and is being increasingly viewed as a high-potential product in the dairy alternative industry, as a healthy alternative to conventional fatty food products, which will aid growth in the market for the foreseeable future,” says a FMI analyst.
Covid-19 Impact AnalysisThe covid-19 pandemic has resulted in substantial changes in the dietary preferences of consumers around the world. Concerns over transmission of the virus through animal based products has aided the adoption of plant-based alternatives.
Also, Vegan Butter can be sourced from oat milk, rice milk, corn milk, soy milk, pea milk, almond milk, coconut milk, cashew milk, flax milk, and hemp milk among others, allowing for a wider flavor range. While demand from the food service sector is likely to drop owing to lockdown restrictions, home consumption with sales through online sales is expected to rise.
The prospects of the Vegan Butter market has widened since early 2020. As per the Good Food Institute, sales of plant-based foods surpassed that of animal based alternatives since the advent of the crisis, and will continue through the forecast period.
Who is Winning?The Vegan Butter market is competitive and characterized by the presence of small and mid-scale players. Leading manufacturers are effectively leveraging demand for natural, clean label products, with the aim of geographic expansion and widening product portfolios for long term growth.
Some of the leading players in the Vegan Butter market include Conagra Brands Inc., Upfield Foods, Miyoko’s Creamery, Wayfare Food, Prosperity Organic Food Inc., Lyrical Foods Inc., Califia Farms, Premier Organics, Naturli Foods, Ekogram-the real food, Wildfriend Foods, The J.M. Smuker Co., The Leaviet Corp., Milkadamia, among others.
More Valuable Insights on Vegan Butter Market
Source
Oat Milk Rice Milk Corn Milk Soy Milk Pea Milk Almond Milk Coconut Milk Cashew Milk Flax Milk Hemp Milk Others
Distribution Channel
B2B Hotels Restaurants Cafes B2C Hypermarket/Supermarket Convenience Stores Specialty Stores Mom and Pop Stores Discount Stores Food & Drink Specialty Stores Independent Small Groceries Online Retail Others
Region
North America (U.S. & Canada) Latin America (Mexico & Rest of LATAM) Europe, Middle East & Africa Asia Pacific (Greater China, South East Asia, Japan, India, South Korea, Australia, New Zealand)
Read More: https://www.futuremarketinsights.com/reports/plant-based-butter-market