Market Research Report
Global Vegan Butter Market - 2021-2028
|Global Vegan Butter Market - 2021-2028|
Published: October 24, 2021
Content info: 180 Pages
Delivery time: 2 business days
The global vegan butter market valued USD XX million in 2020 and is estimated to reach USD XX million by 2028, growing at a CAGR of XX% between 2021 and 2028.
Vegan butter is a plant-based food product derived from sources such as nuts and vegetables and includes plant oils, preservatives, water, flavoring agents and emulsifiers. It is highly nutritional with high healthy fat content and considered as a substitute for dairy butter due to growing demand for plant-based or vegan products.
Increasing health awareness towards balanced diets with health benefits boosts the demand for plant-based butter or vegan butter. With demand for healthy food, search for exotic flavors and combinations, hotels, restaurants and food chains are using vegan butter, which increase the demand for vegan butter.
Nutrient-rich profile of vegan butter is promoting its consumption in culinary applications
Increasing vegan population has been the major driver of vegan butter market. However, the growing interest towards plant-based food and food ingredients among population is the key factor of growth. During the last few years, the demand for plant-based butter is grown considerably from both household and foodservice industries. Earlier, peanut butter was the only alternative to dairy butter. However, years of advancement in technologies and customer preferences about plant-based butter has driven the growth of multiple butter types with different seeds and nuts, which are very rich sources of protein, essential fatty acids, fiber and other nutrients.
Various types of plant-based butter are available in the market, such as peanut butter, almond butter, soy butter, cashew butter, hazelnut butter and pistachio butter. Butter is considered as a healthy form of combining seeds and nuts into human diet, thus increasing the demand for plant-based or vegan butter.
Consumer preference towards plant-based diet is rapidly growing and the demand for vegan butter and other ingredients is witnessing lucrative growth potential. Population prevailing with or on high risk of diseases such as obesity are recommended to follow fat-free diets and they are actively looking for plant-based ingredients that has low content without compromising on other nutritional content. The incidence of obesity is on rise across the globe and adoption of vegan butter by these group will propel market growth in future
Peanut butter is leading the global market
Peanut butter evolved as the largest category in the global vegan butter market by revenue, with an estimated 40% share in 2020. Peanuts are rich in nutrients, holding high value of fiber, protein, vitamins & minerals, which helps lessen epidemiologic conditions such as heart disease, diabetes and cancer. These benefits made peanut a vital category of nuts in human nutrition and thus driving the scope for peanut butter. Peanut butter is also widely used along with several breakfast recipes for enhancing flavor and texture. Due to growing health awareness, people are replacing their traditional and fat-rich dairy butter with vegan peanut butter, which helps decrease cholesterol levels. Peanut butter contains balanced fats, calories and other nutrients that limit cardiovascular diseases like strokes and heart disease.
North America dominates the market of vegan butter
Led by world's largest vegan population and the well-established demand for spreading in the U.S., North America is dominating the global vegan butter market in 2020. Butter has been a vital part of U.S. homes, particularly as a breakfast spreading for bread. The rise of vegan population has increased the penetration of vegan butter in this spectrum. Vegan population in the country reached as much as 10 million in 2020 which is 3000% hike over that in 2005. Also, the prevalence and incidence of obesity has been significantly high in the region, adding to the growth of plant-based food products. These factors are estimated to drive the market at a growth of 6% over the forecast period
Highly fragmented market is witnessing large number of new entrants
The global vegan butter market is fragmented with large number of players - mostly small, privately-held companies. Dr. Oetker, earth's own food company, Jojoba Desert, Miyoko's Creamery, I Can't Believe It's Not Butter, J Sainsbury plc, Califia Farms, LLC, Amarlane Foods LTD., NOW Foods and Upfield are some of the key players operating in the market
In July 2020, Flora brand Upfield launched a 100% vegan block butter in 250g block which is produced from rapeseed, sunflower & palm oil and sold in two flavors, salted and unsalted
In August 2021, Violife launched a butter alternative, under brand name Vioblock. The product gives a "familiar buttery flavor" and contains vitamin B1, B2, B6, B12 and Folic Acid
In February 2020, Amarlane foods an Israel based company, launched a dairy alternative that it acclaims as "Butter's Vegan Twin", which is made from plant-based foods with only a few vital components, and bettering is made from pure coconut oil, organic soy lecithin, water and arrowroot powder.
Plant-based food ingredients are the need of hour during pandemic. Rising interest among consumers is posing positive impact
The shift in consumer interest towards plant-based diets is accelerated by the COVID-19 pandemic and this is evident from various survey results and retail sales data of several leading retail chains. Household demand witnessed a sudden spike owing to increased in-home food consumption of population during lockdown periods. However, the sales were highly restricted to high income population in developing countries owing to high prices over regular butter and low access in convenience stores. Also, butter is considered as a premium product in the field of food ingredients among middle income families. This has lowered the sales of vegan butter during the pandemic
The growth from household sales is largely offset by decline in foodservice sector. Hotels, Restaurants and Cafes (HoReCas) across the globe remained closed or functional with limited operations for most of the year. Out-of-home consumption resumed drastically because of changed consumer preferences.
Understand the current market scenario and viability of global vegan butter over the forecast period
Visualize the composition of the global vegan butter market in terms of type, distribution channel and end-user to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global vegan butter market - Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
The global vegan butter market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages
Vegan Butter Manufacturers
Food Processing Companies
Import and Export Companies
Industry Investors/Investment Bankers
Education & Research Institutes