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Plant-based Butter Market
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
Report ID:MRFB - 104952 Pages: 200 Jul-2024 Formats*: PDF Category: Food and Beverages Delivery: 24 to 72 HoursThe 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).
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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:
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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:
The plant-based butter market is projected to reach $2.08 billion by 2030, at a CAGR of 10.8% from 2024 to 2030.
The salted butter segment is expected to account for the largest share of the plant-based butter market.
The online retail segment is slated to register the highest CAGR during the forecast period and provide significant opportunities for players operating in this market.
- Increasing Vegan Population
- Growing Awareness for Plant-Based Butter
- Growing Health Concerns Due to the Consumption of Dairy Butter
- High Prices of Plant-based Butter
The major key players operating in the 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).
Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to factors such as 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.
1. Market Definition & Scope
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study
2.5. Limitations of the Study
3. Executive Summary
3.1. Overview
3.2. Segment Analysis
3.2.1. Plant-Based Butter Market Assessment—by Type
3.2.2. Plant-Based Butter Market Assessment—by Source
3.2.3. Plant-Based Butter Market Assessment—by Distribution Channel
3.3. Plant-Based Butter Market: Regional Analysis
3.4. Competitive Landscape & Market Competitors
4. Market Insights
4.1. Overview
4.2. Drivers
4.2.1. Increasing Vegan Population
4.2.2. Growing awareness for plant-based butter
4.2.3. Growing Health Concerns Due to the Consumption of Dairy Butter
4.3. Restraints
4.3.1. High Prices of Plant-Based Butter
4.4. Opportunities
4.4.1. Technological Advancements
4.5. Challenges
4.5.1. Product Formulation and Taste Balancing
4.6. Porter’s Five Forces Analysis
4.6.1. Bargaining Power of Suppliers
4.6.2. Bargaining Power of Buyers
4.6.3. Threat of Substitutes
4.6.4. Threat of New Entrants
4.6.5. Degree of Competition
5. Plant-Based Butter Market Assessment, by Type
5.1. Overview
5.2. Salted Butter
5.3. Unsalted Butter
6. Plant-Based Butter Market Assessment, by Source
6.1. Overview
6.2. Peanut
6.3. Almond
6.4. Cashew
6.5. Soy
6.6. Coconut
6.7. Other Sources
7. Plant-Based Butter Market Assessment, by Distribution Channel
7.1. Overview
7.2. Supermarkets and Hypermarkets
7.3. Online Retail
7.4. Convenience Stores
7.5. Specialty Stores
7.6. Other Distribution Channels
8. Plant-Based Butter Market Assessment, by Geography
8.1. Overview
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. Germany
8.3.2. U.K.
8.3.3. Spain
8.3.4. Italy
8.3.5. France
8.3.6. Netherlands
8.3.7. Belgium
8.3.8. Austria
8.3.9. Poland
8.3.10. Portugal
8.3.11. Rest of Europe (RoE)
8.4. Asia-Pacific
8.4.1. China
8.4.2. Japan
8.4.3. India
8.4.4. Australia
8.4.5. Thailand
8.4.6. South Korea
8.4.7. Rest of Asia-Pacific (RoAPAC)
8.5. Latin America
8.5.1. Brazil
8.5.2. Mexico
8.5.3. Argentina
8.5.4. Rest of Latin America
8.6. Middle East & Africa
9. Competitive Analysis
9.1. Overview
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.4. Competitive Dashboard
9.4.1. Industry Leaders
9.4.2. Market Differentiators
9.4.3. Vanguards
9.4.4. Contemporary Stelwarts
9.5. Market Share Analysis, by the Key Players/Key Market Ranking, 2022
10. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
10.1. Miyoko's Kitchen
10.2. Naturli’ Foods A/S
10.3. Valio Ltd
10.4. Violife
10.5. Olivio Premium Products Corp.
10.6. Epicurean Butter
10.7. Conagra Brands
10.8. Melt Organic
10.9. MONTYS NYC LLC
10.10. Sanitarium Health and Wellbeing Company
10.11. Other Companies
(Note: SWOT Analysis of the top 5 companies will be Provided.)
11. Appendix
11.1. Questionnaire
11.2. Available Customization
List of Tables
Table 1 Global Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 2 Global Salted Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 3 Global Unsalted Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 4 Global Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 5 Global Peanut-based Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 6 Global Almond-based Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 7 Global Cashew-based Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 8 Global Soy-based Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 9 Global Coconut-based Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 10 Global Other Sources-based Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 11 Global Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 12 Global Plant-based Butter Market for Supermarkets and Hypermarkets, by Country/Region, 2021–2030 (USD Million)
Table 13 Global Plant-based Butter Market for Online Retail, by Country/Region, 2021–2030 (USD Million)
Table 14 Global Plant-based Butter Market for Convenience Stores, by Country/Region, 2021–2030 (USD Million)
Table 15 Global Plant-based Butter Market for Specialty Stores, by Country/Region, 2021–2030 (USD Million)
Table 16 Global Plant-based Butter Market for Other Distribution Channels, by Country/Region, 2021–2030 (USD Million)
Table 17 Global Plant-based Butter Market, by Country/Region, 2021–2030 (USD Million)
Table 18 North America: Plant-based Butter Market, by Country, 2021–2030 (USD Million)
Table 19 North America: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 20 North America: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 21 North America: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 22 U.S.: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 23 U.S.: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 24 U.S.: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 25 Canada: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 26 Canada: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 27 Canada: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 28 Europe: Plant-based Butter Market, by Country, 2021–2030 (USD Million)
Table 29 Europe: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 30 Europe: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 31 Europe: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 32 Germany: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 33 Germany: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 34 Germany: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 35 U.K.: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 36 U.K.: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 37 U.K.: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 38 Spain: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 39 Spain: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 40 Spain: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 41 Italy: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 42 Italy: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 43 Italy: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 44 France: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 45 France: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 46 France: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 47 Netherlands: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 48 Netherlands: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 49 Netherlands: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 50 Belgium: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 51 Belgium: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 52 Belgium: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 53 Austria: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 54 Austria: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 55 Austria: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 56 Poland: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 57 Poland: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 58 Poland: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 59 Portugal: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 60 Portugal: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 61 Portugal: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 62 Rest of Europe: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 63 Rest of Europe: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 64 Rest of Europe: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 65 Asia-Pacific: Plant-based Butter Market, by Country, 2021–2030 (USD Million)
Table 66 Asia-Pacific: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 67 Asia-Pacific: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 68 Asia-Pacific: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 69 China: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 70 China: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 71 China: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 72 Japan: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 73 Japan: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 74 Japan: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 75 India: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 76 India: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 77 India: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 78 Australia: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 79 Australia: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 80 Australia: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 81 Thailand: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 82 Thailand: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 83 Thailand: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 84 South Korea: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 85 South Korea: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 86 South Korea: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 87 Rest of Asia-Pacific: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 88 Rest of Asia-Pacific: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 89 Rest of Asia-Pacific: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 90 Latin America: Plant-based Butter Market, by Country, 2021–2030 (USD Million)
Table 91 Latin America: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 92 Latin America: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 93 Latin America: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 94 Brazil: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 95 Brazil: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 96 Brazil: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 97 Mexico: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 98 Mexico: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 99 Mexico: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 100 Argentina: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 101 Argentina: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 102 Argentina: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 103 Rest of Asia-Pacific: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 104 Rest of Asia-Pacific: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 105 Rest of Asia-Pacific: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 106 Middle East & Africa: Plant-based Butter Market, by Type, 2021–2030 (USD Million)
Table 107 Middle East & Africa: Plant-based Butter Market, by Source, 2021–2030 (USD Million)
Table 108 Middle East & Africa: Plant-based Butter Market, by Distribution Channel, 2021–2030 (USD Million)
Table 109 Number of Developments by Major Players During 2020–2024
List of Figures
Figure 1 Market Ecosystem
Figure 2 Research Process
Figure 3 Key Secondary Sources
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdown of Primary Interviews (Supply-Side & Demand-Side)
Figure 7 Market Size Estimation
Figure 8 The Salted Butter Segment to Dominate the Plant-based Butter Market
Figure 9 The Peanut Segment to Dominate the Plant-based Butter Market
Figure 10 The Online Retail Segment to Register the Fastest Growth in the Plant-based Butter Market
Figure 11 Asia-Pacific Dominates the Plant-based Butter Market
Figure 12 Factors Affecting Market Growth
Figure 13 Global Plant-based Butter Market, by Type, 2024 Vs. 2030 (USD Million)
Figure 14 Global Plant-based Butter Market, by Source, 2024 Vs. 2030 (USD Million)
Figure 15 Global Plant-based Butter Market, by Distribution Channel, 2024 Vs. 2030 (USD Million)
Figure 16 North America: Plant-based Butter Market Snapshot (2024)
Figure 17 Europe: Plant-based Butter Market Snapshot (2024)
Figure 18 Asia-Pacific: Plant-based Butter Market Snapshot (2024)
Figure 19 Latin America: Plant-based Butter Market Snapshot (2024)
Figure 20 Middle East & Africa: Plant-based Butter Market Snapshot (2024)
Figure 21 Key Growth Strategies Adopted by Leading Players, 2020–2024
Figure 22 Global Plant-based Butter Market: Competitive Benchmarking, by Source
Figure 23 Conagra Brands: Financial Overview (2022)
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