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 plant-based butter sales gaining significant traction. The growing popularity of plant-based 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 plant-based butter, estimating market to grow nearly 7% y-o-y in 2021.
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 plant-based butter manufacturers. Demand for plant-based 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.
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Key Takeaways
- Global plant-based 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 plant-based 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 Analysis
The 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, plant-based 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 plant-based 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 plant-based 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.
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Some of the leading players in the plant-based 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 Plant-based Butter Market
In its new report, Future Market Insights provides detailed analysis of the global plant-based butter market covering historical demand from 2015 – 2019 and forecast data for 2020 to 2030. The study assesses growth projections on the market on the basis of source (oat milk, rice milk, corn milk, soy milk, pea milk, almond milk, coconut milk, cashew milk, flax milk, and hemp milk) and distribution channel (B2B and B2C), across 4 prominent regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.