Plant-based Butter Market by Type (Salted, Unsalted); Source (Peanut, Almond, Cashew, Soy, Coconut); Distribution Channel (Supermarkets and Hypermarkets, Online Retail, Convenience Stores, Specialty Stores); and Geography - Global Forecast to 2030

The Plant-based Butter Market is slated to register a CAGR of 10.8% from 2024 to 2030 to reach $2.08 billion by 2030. Plant-based butter has gained popularity due to the growing population shift towards vegan or plant-based products, looking for alternatives to conventional products. The growth of the plant-based butter market is mainly attributed to the increasing vegan population, rising awareness about plant-based butter, and growing health concerns due to the consumption of dairy butter. Furthermore, technological advancements in the processing of plant-based butter is expected to create market growth opportunities. However, high prices of plant-based butter is expected to hinder the growth of this market to some extent.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments by leading market participants in the industry. Some of the key players operating in the global plant-based butter market are Miyoko's Kitchen (U.S.), Naturli’ Foods A/S (Denmark), Valio Ltd (Finland), Violife (U.S.), Olivio Premium Products Corp. (U.S.), Epicurean Butter (U.S.), Conagra Brands (U.S.), Melt Organic (U.S.), MONTYS NYC LLC (U.S.), and Sanitarium Health and Wellbeing Company (Australia).

Click here to: Get Free Sample Pages of this Report

Increasing Vegan Population

In recent years, there has been a growing trend towards vegetarianism and veganism across the globe due to increasing awareness about health, concern for the environment, and compassion for animals. A 2018 Oxford University study –the most comprehensive analysis of the damage farming does to the planet – found that avoiding meat and dairy is the single biggest way to reduce the impact on the planet. It suggested that animal farming provides just 18% of calories but up to 83% of the earth’s farmland. Some of the detailed statistics on the vegetarian and vegan population across the globe are as follows:

• According to Plant Protein’s sources, 6% of U.S. consumers were vegan in 2021, a six-times increase compared to 1% in 2014.

• According to the European Vegetarian Union, around 10% of people in Europe were vegetarians, and 3% were vegan in 2021.
• According to the study by Veganz, a German vegan supermarket (August 2021), the number of vegans in Germany has doubled since 2016 to 2.6 million people in 2021.
• In 2021, 2% and 5% of the population in Australia were vegan and vegetarian, respectively (Source: Food Frontier).
• According to the Korean Vegetarian Union, about 1.5 million people in South Korea followed some plant-based diet and 500,000 vegan diets in 2020, an increase from 0.15 million vegetarians in 2008.

Plant-based food has started to capture some serious attention from these consumers. In Europe, in 2020, 40% of millennials were identified as vegan, and Baby Boomers & Generation X accounted for 21% each, with only 2% of seniors labeling themselves vegan (Source: The Vegan Society). The vegetarian population focuses on consuming products containing ingredients or components derived from plant sources. Hence, plant-based products have started to capture the attention of these vegetarian or vegan consumers. According to the Academy of Nutrition and Dietetics, appropriately planned vegetarian diets are healthful and nutritionally adequate as they reduce the risk of certain health conditions, including ischemic heart disease, type 2 diabetes, hypertension, certain types of cancer, and obesity. These diets are appropriate for all life cycle stages, including pregnancy, lactation, infancy, childhood, adolescence, older adulthood, and athletes. Thus, the increasing number of vegan and vegetarian populations is strongly driving the growth of the global plant-based butter market.

Key Findings in the Plant-based Butter Market Study:

In 2024, the Salted Butter Segment to Dominate the Plant-based Butter Market

Based on type, the global plant-based butter market is segmented into salted butter and unsalted butter. In 2024, the salted butter segment is expected to account for the larger share of the global plant-based butter market. The large market share of this segment is attributed to the beneficial properties of salted butter, including flavor enhancement and natural preservatives. Also, the low risk of nutrient degradation and spoilage, high shelf life, and economical as compared to unsalted butter further support the growth of this segment.

In 2024, the Peanut Segment to Dominate the Plant-based Butter Market

Based on source, the global plant-based butter market is segmented into peanut, almond, cashew, soy, coconut, and other sources. In 2024, the peanut segment is expected to account for the largest share of the global plant-based butter market. The large market share of this segment is attributed to its easy and high availability, low cost, high consumer acceptance, and high nutritional content.

The Online Retail Segment is Slated to Register the Highest CAGR During the Forecast Period

Based on distribution channel, the global plant-based butter market is segmented into supermarkets and hypermarkets, online retail, convenience stores, specialty stores, and other distribution channels. The online retail segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the wide variety of options available at discounted rates compared to traditional retail stores and the convenience provided by online channels, such as doorstep delivery.

Aia-Pacific: The Dominating Regional Market

The plant-based butter market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the plant-based butter market. The large market share of this region is attributed to the growing awareness of the consumption of a healthy diet, increasing urbanization and growing income level, rising indulgence of the large population base in the region in sports & recreational activities, and growing vegan population. However, the Asia-Pacific region is also slated to register the highest CAGR during the forecast period.

Scope of the Report:

Plant-based Butter Market Assessment, by Type

• Salted Butter
• Unsalted Butter

Plant-based Butter Market Assessment, by Source

• Peanut
• Almond
• Cashew
• Soy
• Coconut
• Others

Plant-based Butter Market Assessment, by Distribution Channel

• Supermarkets and Hypermarkets
• Online Retail
• Convenience Stores
• Specialty Stores
• Other Distribution Channels

Plant-based Butter Market Assessment, by Geography

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • U.K.
  • Spain
  • Italy
  • France
  • Netherlands 
  • Belgium
  • Austria 
  • Poland
  • Portugal
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Thailand
  • South Korea
  • Rest of Asia-Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America (RoLATAM)
• Middle East & Africa

Key Questions Answered in the Report: