FMI in its recent study of the Plant-Based Butter Market states that the market is set to surpass US$ 2.4 Bn within the forecast period rising at a value CAGR of over 7%. Surge in demand for plant-based butter is due to growing consumer awareness about ethics of producing animal-based foods & beverages, and the impact of animal husbandry on the environment.
“Variations in the global demographic of vegans, vegetarians, flexitarians, lactose intolerants are strongly adopting plant-based butter products increasingly backed by concerns from animal rights activists and green revolution initiatives,” says FMI analyst.
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Plant-Based Butter Market – Important Highlights
- The market is mainly dominated by North America as FMIprojects that the region will contribute more than 35℅ to the global market share with a valuation of approximately US$ 200 Mn.
- Germany is an active market in the production of plant-based butter products and a lucrative market segregated by around 1.3 Mn vegans and around 8 Mn vegetarians.
- The affordability of soy raw materials is driving demand in the source segment of soy milk along with almond milk which is a highly preferred flavour.
- FMI expects online sales channels to be a key driver in the distribution channels segment which are cheaper and with stronger user-interaction.
Plant-Based Butter Market – Drivers
- Increase in vegan and vegetarian population at the global level is being enhanced by variants of plant-based dairy products and flavouring. Its versatility in reaching a greater demographic are driving factors in the market.
- Health risks such as obesity, heart diseases and the consequences of high-fat content in dairy products like changes in red blood cells and immune cells have started an alarming rise in demand for organic, plant-based butter products that are low in fat levels.
Plant-Based Butter Market – Restraints
- Plant-Based Butter products are expensive from its production stage till the pricing in retails. Thus, many adopt conventional butter as part of their diet.
- The industry is mainly dependent on production of vegetables and nuts. The erratic produce and pricing in these markets due to multiple environmental factors affect the plant-based butter industry.
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COVID-19 Impact on Plant-Based Butter Market
Due to COVID-19, the U.S witnessed sales of plant-based products overtaking animal-based alternatives in meat and dairy sectors while restrictions in the food chain sector led to an increase in home cooking, further, opening opportunities for plant-based butter sales.
Likewise, the pandemic has created space for growth and development in the market globally. FMI study reports that while health becomes a priority, the demand for healthy vegan diets will also spark demand.
