The vegan butter market size is expected to top USD 2,870 million in 2023. The market is projected to register a CAGR of 5% between 2023 and 2033, surpassing USD 4,784.7 million by 2033.
| Attribute | Details |
|---|---|
| Vegan Butter Industry Size Value in 2022 | USD 2,759.70 million |
| Vegan Butter Market Size Value in 2023 | USD 2,870 million |
| Vegan Butter Market Forecast Value in 2033 | USD 4,784.7 million |
| Vegan Butter Market Global Growth Rate (2023 to 2033) | 5% CAGR |
| Vegan Butter Industry Global Growth Rate (2018 to 2022) | 2.3% CAGR |
| Collective Value Share: Top 3 Countries (2022) | More than 33.6% |
Traditional butter alternatives have come a long way with the low grade containing partially hydrogenated oils over the past decade. Even though the demand for artificial flavors and colors surged with dairy-based products, health-attentive people today are encouraging the industry players to reshape the face of the food & beverage industry.
An increasing preference for a healthy outlook with vegan alternatives like vegan butter, cheese, and spreads is projected to boost the market going forward.
Vegan Butter Industry is Moving Forward on the Back of:
Manufacturers Must Consider Following Roadblocks to their Growth:
Manufacturers are to be seen Following these Key Trends:
Manufacturers are Leveraging the Trending Labels like ‘Plant-based’ and ‘Organic’
Plant-based products are labeled as ‘plant-based’, ‘organic’, ‘non-GMO’, etc. This is creating a significant opportunity for vegan butter manufacturers. Labeling the products with these certifications elevates the product’s market value and presence.
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Vegan butter demand grew at 2.3% CAGR between 2018 and 2022, as per Future Market Insights (FMI). The growing trend of veganism is pushing the need for vegan alternatives, such as vegan or plant-based butter, in the dairy industry.
The preference for vegan butter is increasing as only plant-based alternative sources and high-quality ingredients offer better quality. As per the study, vegan butter is carving out a niche segment steadily in the plant-based industry. In turn, it is projected to show significant growth opportunities in the upcoming period.
Based on application, the bakery segment is projected to reflect a favorable growth outlook in terms of revenue in the vegan butter market.
Going forward, the vegan butter industry is expected to register a CAGR of 5% in the forthcoming years. By the end of 2033, the market is estimated to account for USD 4,784.7 million.
Vegan Butter Sales to Witness an Uptick in the United States as Consumption of Cashew Milk Rises
| Region | The United States |
|---|---|
| Market Share % 2022 | 22.4% |
The creamy, smooth, and mildly tart vegan butter, sourced from cashew milk, is gaining immense popularity as a go-to vegan butter across the United States. Brands such as Forager Project are making their buttery spread to expand their customer base.
The base of the spread consists of whole cashews, sunflower oil, coconut oil, and sunflower lecithin acts as a thickener in the solution. The product needs to soften at room temperature before becoming spreadable but can be used on toasted sourdough.
On the back of these factors, the United States vegan butter market is projected to witness positive growth over the forecast period.
Almond-Based Vegan Butter Demand to Propel in India
| Country | India |
|---|---|
| Market CAGR % (2023 to 2033) | 6.5% |
India is witnessing an upsurge in the demand for vegan ingredients in the food and beverage industry. On account of this, sales of vegan butter are increasing as well. Growth is driven by product innovation by leading brands. For instance,
Unsalted Vegan Butter to Set a New Trend in Australia, Boosting the Sales
| Region | Australia |
|---|---|
| Market Share % 2022 | 2% |
As per FMI, Australia is considered to have one of the leading dairy industries, and the trend is likely to continue with innovative plant-based butter solutions such as unsalted vegan butter. The brand Milkadamia, the maker of macadamia nut creamer and milk, has released coconut oil and macadamia buttery spreads with both salted and unsalted versions.
The vegan butter spreads have a mild, not at all nutty, and buttery flavor as only macadamia oil is used. Hence, with an increasing preference for unsalted butter in the country, the market is projected to witness steady growth over the forecast period.
Principal Consultant
Oat Milk Sourced Vegan Butter Production is Gaining Traction within B2C Sales Channel
| Segment | Oat Milk |
|---|---|
| Market Share (2022) | 26.9% |
Growing vegan food trends with new alternatives are being followed in the vegan butter market. Leading brands such as Miyoko is crafting plant-based butter with the finest cultured oat milk and a hint of sea salt.
The cultured and flavored product meets a convenient and classic spreadable form. It also happens to be a gluten-free, lactose-free, soy-free, palm oil-free, non-Gmo, kosher, and allergen-friendly product.
The certified organic oat milk sourced and soy-free product is good for people with certain food allergies and is available online. Hence, the availability of these products across online platforms is projected to fuel the demand in the market.
Growing Trend for Veganism in Bakery Industry to Push Flavored Vegan Butter Sales
Usage of butter is extensive in the bakery industry, and with the increasing number of health-conscious people, consumption of vegan butter is increasing. From baking a batch of cookies to spreading them on a craggy English muffin, vegan butter is gaining immense traction due to its super melting power, flavor, and texture.
The trend of flavored vegan butter has transformed the bakery industry. Also, vegan butter manufacturers are coming up with innovative and flavored products such as:
Key vegan butter manufacturers are looking for strengthening their market presence with joint ventures, partnerships, mergers, and acquisitions. They are also investing in research for innovative product lines. Top vegan butter brands are focusing on upgraded and modified products to gain a competitive edge. For instance:
Key Players Operating in the Market
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| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 2,870 million |
| Market Forecast Value in 2033 | USD 4,784.7 million |
| Global Growth Rate | 5% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | MT for Volume and USD million/ billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East and Africa (MEA) |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Argentina, Chile, Peru, Germany, France, Italy, Spain, the United Kingdom, Netherlands, Belgium, Nordic, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, North Africa, and others |
| Key Market Segments Covered | Source, Flavor, Sales Channel, Application, and Regions |
| Key Companies Profiled | Wayfare Food; Chobani LLC; Miyoko's Creamery; Milkadamia; Prosperity Organic Foods, Inc; Conagra Brands Inc.; Upfield Foods; Premier Organics; Forager Project; wildCREAMERY (Wildbrine®); Others |
| Pricing | Available upon Request |
The vegan butter industry is projected to reach a valuation of USD 4,784.7 million by 2033.
Wayfare Food and Chobani LLC are the top players in the vegan butter industry.
The United States is projected to hold a sizeable market share over the forecast period.
The vegan butter industry is projected to expand at a CAGR of 5%.
The market in 2023 is valued at USD 2,870 million.
The CAGR from 2023 to 2033 will be 5%.
From 2018 to 2022, the market expanded at a 2.3% CAGR.
India is anticipated to expand at a 6.5% CAGR through 2033.
Wayfare Food, Chobani LLC, and Mikadamia are the prominent market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 5.1. Rice Milk 5.2. Oat Milk 5.3. Soy Milk 5.4. Corn Milk 5.5. Almond Milk 5.6. Pea Milk 5.7. Cashew Milk 5.8. Coconut Milk 5.9. Hemp Milk 5.10. Flax Milk 5.11. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Flavor 6.1. Unflavored 6.2. Flavored 6.2.1. Cocoa/ Chocolate 6.2.2. Cinnamon 6.2.3. Banana 6.2.4. Coconut 6.2.5. Grape 6.2.6. Hazelnut 6.2.7. Lemon 6.2.8. Peanut Butter 6.2.9. Raspberry 6.2.10. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 7.1. B2B 7.1.1. Hotels 7.1.2. Restaurants 7.1.3. Cafes 7.2. B2C 7.2.1. Hypermarkets /Supermarkets 7.2.2. Convenience Stores 7.2.3. Mom and Pop Stores 7.2.4. Discount Stores 7.2.5. Food & Drink Specialty Stores 7.2.6. Independent Small Groceries 7.2.7. Online Retail 7.2.8. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 8.1. Bakery Industry 8.2. Confectionery Items 8.3. Dairy Industry 8.4. Dietary Supplements 8.5. Household Pantry 8.6. Hotel, Restaurant, and Retail Chains 8.7. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Wayfare Food 17.2. Chobani LLC 17.3. Miyoko's Creamery 17.4. Milkadamia 17.5. Prosperity Organic Foods, Inc 17.6. Conagra Brands Inc. 17.7. Upfield Foods 17.8. Premier Organics 17.9. Forager Project 17.10. Wildbrine 18. Assumptions & Acronyms Used 19. Research Methodology
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Vegan Butter Market
