Vegan Butter Market Is Developing Rapidly With 5.7% CAGR By 2032 | FMI

The vegan butter market is expected to top US$ 2.7 Bn in 2022 and is projected to grow at a CAGR of 5.7% between 2022 and 2032, surpassing US$ 4.8 Bn by 2032. The global vegan butter demand is projected to grow year-on-year (Y-o-Y) growth of 5.5% in 2022. Plant-based diet is gaining popularity for its huge benefits including the environment, health, and animal welfare.

Numerous plant-based products from milk alternatives to plant-based cheese are now available in the market including vegan butter. Vegan butter, sometimes referred to as plant-based butter, is a non-dairy substitute of butter which is generally made by combining water with a plant-derived oil.

The butter can be cultured via fermentation in food labs but only with plant-based sources. The cultures produced during fermentation are from lactobacillus genus only, but developed on vegetables or vegan substrates as opposed to dairy substrates.

The aforementioned cultures can leverage fermentation process to tailor the flavor of different unique cultures for the specific product which all are plant-based dairy alternatives, such as cream cheese, butter, dips, and brie.

The products can contain different additional ingredients as well, such as emulsifiers, salt, natural or artificial flavors, and colorings, to resemble the texture and taste of real butter, but always free of animal-sourced products.

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Key Takeaways from Market Study

The vegan butter market is anticipated to be worth US$ 2.7 Bn in 2022, expanding at CAGR of 7% through 2032.

Global vegan butter demand is projected to grow year-on-year (Y-o-Y) growth of 5% in 2022.
Demand for vegan butter grew at 0% CAGR between 2017 and 2021.

In terms of product, the oat milk segment is anticipated to witness robust growth over the forecast period.

Based on flavour, flavored vegan butter sales are projected to witness an uptick during the forecast period.

"Unlike most butters, vegan butters are low in total fat and calories, which can vary depending on each product ingredients, which is also in high demand. Hence, vegan butters are gaining immense popularity for their healthy content, compelling manufacturers to include the product as a food ingredient," says a Future Market Insights analyst.

Competitive Landscape

Key vegan butter brands are adopting new strategic partnerships to expand their product capacities in food and beverage industry. Some of the core business brands are focusing on developing nutritional and high quality food solutions while being innovative with formulations to attract more customers towards the product.

On February 2020, Amarlane Foods, an Isreali company, announced to launch dairy alternative butter termed as 'Butter's Vegan Twin'. The company is dedicated to plant-based foods development with a minimal number of ingredients and all natural to attract more consumers. The product is ranged under the name of Betterine, which is made from just four ingredients including pure coconut oil, organic soy lecithin, water, and arrowroot powder.

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Explore More Valuable Insights

Future Market Insights, in its new report, offers an impartial analysis of the global Vegan Butter market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

Vegan Butter Market by Category

By Source:

Rice Milk
Oat Milk
Soy Milk
Corn Milk
Almond Milk
Pea Milk
Cashew Milk
Coconut Milk
Hemp Milk
Flax Milk
Others

By Flavor:

Unflavored
Flavored
Cocoa/ Chocolate
Cinnamon
Banana
Coconut
Hazelnut
Lemon
Peanut Butter
Raspberry
Strawberry
Vanilla
Other Flavors

By Sales Channel:

B2B
Hotels
Restaurants
Cafes
B2C
Hypermarkets /Supermarkets
Convenience Stores
Mom and Pop Stores
Discount Stores
Food & Drink Specialty Stores
Independent Small Groceries
Online Retail
Others Retail Formats

By Application:

Bakery Industry
Confectionery Items
Dairy Industry
Dietary Supplements
Household Pantry
Hotel, Restaurant, Retail Chains
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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Frequently Asked Questions

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.