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