Vegan Butter Market by Source (Rice Milk, Oat Milk, Soy Milk, Corn Milk, Almond Milk, Pea Milk, Cashew Milk, Coconut Milk, Hemp Milk, Flax Milk), Flavor (Unflavored, Flavored), Sales Channel (B2B, B2C), Application (Bakery Industry, Confectionery Items, Dairy Industry, Dietary Supplements) & Region - Forecast 2022 - 2032
DUBAI, U.A.E, March 30, 2022 /PRNewswire/ -- The global vegan butter market is set to witness growth at a CAGR of 5.7% and top a valuation of US$ 4.8 Bn by 2032. Plant-based diet is gaining popularity for its huge benefits including the environment, health, and animal welfare.
Vegan Butter Market Size Value in 2022 | US$ 2.7 Bn |
Vegan Butter Market Forecast Value in 2032 | US$ 4.8 Bn |
Vegan Butter Market Global Growth Rate (2022 to 2032) | ~ 5.7% CAGR |
Vegan Butter Market Forecast Period | 2022-2032 |
Collective Value Share: Top 3 Countries (2021A) | 33.6% |
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.
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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.
Key Takeaways from Market Study
- The vegan butter market is anticipated to be worth US$ 2.7 Bn in 2022, expanding at CAGR of 5.7% through 2032.
- Global vegan butter demand is projected to grow year-on-year (Y-o-Y) growth of 5.5% in 2022.
- Demand for vegan butter grew at 5.0% 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.
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"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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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
- Grape
- 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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Key Questions Answered in the Report
- How much worth is the vegan butter industry?
- At what CAGR is the market expected to expand through 2032?
- How was the performance of vegan butter over the past half-decade?
- What will be the market for vegan butter worth in 2032?
- Who are the key players operating in the market?
- Which are the top countries driving the vegan butter market demand?
- What are the key factors affecting the vegan butter market growth?
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