The global vegan butter market is expected to grow at a CAGR of 4.65% during the forecast period from 2019-2026

As per the report published by Fior Markets,The global vegan butter market is expected to grow from USD 1.23 billion in 2018 to USD 1.77 by 2026, at a CAGR of 4.65% during the forecast period 2019-2026. North America holds the largest market share in the global vegan butter market, followed by Europe, and the Asia Pacific. The number of U.S. consumers identifying as vegan grew from 1% to 6% between 2014 and 2017, a 600% increase, over the years.

"Vegan Butter Market by Product (Vegetable Butter, Nut Butter, And Others), Packaging Type, Distribution channel, Regions", and Global Forecast 2019-2026.

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Key players in the global vegan butter market are Miyoko's (US), I Can't Believe It's Not Butter (US), Conagra Brands, Inc. (US), WayFare Foods (Montana), Prosperity Organic Foods, Inc. (Idaho), Naturli 'Foods A / S (Denmark) among others. Companies are focusing on new product development and are heavily investing in the research and development activities, to gain a competitive advantage in the global vegan butter market.

The product segment is divided intovegetable butter, nut butter, and others. The nut butter segment is expectedto at highest CAGR of 6.23% in the global vegan butter market over the forecast period due to rising demand for nut vegan butter produced from various nuts such as almonds, cashews, or other nuts. Vegan diet followers and adopters of a healthy diet are the primary consumers of vegan butter that have propelled the market growth. The packaging type segment is classified into tubs/cups, jars/bottles, and others. Tubs/cups is likely to hold a dominance in the global vegan butter market over the forecast period. Easy to handle, convenience, and travel-friendly factors of the vegan butter are fuelling the growth of this segment in the upcoming years.

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In addition to this, manufacturers are focusing more on development of attractive packaging to grab the consumer's attention which is further anticipated to drive the growth of tub and cup segment in the coming years.The distribution channelis fragmented into online and offline. The offline segment held the largest share in 2018, contributing to more than three-fourth of the global vegan butter market. This is attributed to the increase in adoption of supermarket and hypermarket in both the mature and emerging markets. However, the online distribution channel is expected to grow at the highest CAGR of 7.23% in the global vegan butter market, owing to increasing internet and smartphone penetration across the globe.

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