Global Vegan Butter Market - 2023-2030

Global Vegan Butter Market - 2023-2030

Global Vegan Butter Market reached US$ 2.8 billion in 2022 and is expected to reach US$ 4.2 billion by 2030 growing with a CAGR of 5.4% during the forecast period 2023-2030. Increased awareness among people about the health benefits of vegan butter and rising demand for this product are driving the global vegan butter market growth.

The increase in R&D activities and new product launches are driving market expansion. The rise in demand for vegan butter has led to increased product launches by various companies. For instance, in August 2022, WhiteCub, the dairy-free pioneering food brand in India, announced to launch of the first-ever WhiteCub vegan butter product. This new vegan butter is a non-dairy product. It is also loaded with vitamin D and B12.

The emerging health concerns increased health awareness among people. The increased adoption of veganism and the increased popularity of vegan products have increased the scope of penetration of vegan butter due to its health benefits. Also, the increased disposable incomes of the people and rising environmental concerns fuel market growth.

Market Dynamics

Increasing Veganism Drives the Vegan Butter Market Growth.

The increasing vegan population is driving the vegan butter market growth. Consumers are projected to become selective in food habits to prevent severe health issues. The growing health concerns, such as obesity, and diabetes, are encouraging people to shift towards healthy eating habits. The plant-based foods turned out to be healthier options than animal-based products. Likewise, vegan butter is a better butter substitute for dairy ones.

The growing awareness about animal cruelty and its negative impacts on the environment is driving the trend of veganism. According to recent studies from Veganz Nutrition Study 2022, 30% of Americans, seeking plant-based alternatives. Furthermore, growth in per-capita health expenditure, rising demand for the labels like organic, plant-based, & clean labels, an increasing number of working women, and rapid urbanization enable consumers to buy healthy vegan butter.

The Increasing Awareness About Vegan Products Drives the Global Vegan Butter Market Growth.

Plant-based butter is high in monounsaturated fats because they are prepared with plant-based oils such as coconut oils. The American Heart Association states that these fats are healthy and can help in lowering bad cholesterol. The essential minerals and antioxidants are also provided to the body by these products. Depending on the product, vegan butter can be a convenient substitute when cooking, baking and spreading.

Social media influencers support the trend of using plant-based butter. Increasing support from social media influencers attracts consumers to try out vegan spreads. Most of the influencers with huge followings have a greater effect on people. They can help convince their followers to towards a good shift towards a healthy lifestyle by promoting plant-based ingredients in their diets. They also inform them about the adverse effects of animal-based products on animals and the environment with the use of animal-based products.

The High Cost of Vegan Butter Restrains Market Growth.

The major restraining factor for the vegan butter market is the high costs of the product. The various nuts and other ingredients used in the preparation of the vegan butter add costs to the production. Also, the flavour of the vegan butter doesn’t really match up with the dairy-based butter. There are many developments taking place in the R&D sector to match up the dairy-free butter flavour to that of the dairy-based one.

The flavor, product innovation, and supply chain investments are adding costs to the final product, making it expensive. Thus, the high cost of the vegan butter makes low-moderate-income people choose conventional dairy-based butter. In addition, the increasing prevalence of peanut-based butter and soy-based butter allergies is also hindering the market growth. For instance, about 3% of the Western countries suffer from peanut allergy, and about 0.3 % of the general population is intolerant to soy.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global vegan butter market is segmented based on type, distribution channel, end-user, and region.

In the Global Vegan Butter Market, the Peanut Butter Segment Holds the Largest Market Share.

The global vegan butter market has been segmented by type into peanut butter, soy butter, cashew butter, almond butter, hazelnut butter, and others. The peanut segment held the largest vegan butter market share of 28.8% in 2022 in the vegan butter market analysis report. The great nutrient content of the peanut butter is driving the segment’s growth.

The peanut butter is widely used in most breakfast recipes. They enhance the texture and flavor of the food. With the increased health concerns regarding the fat-rich dairy butter, people are shifting towards peanut butter which is a good nutrient source and contains good fat. The increasing veganism also fuels the peanut butter segment growth.

Geographical Analysis

The North America Region Held the Largest Vegan Butter Market Share.

The global vegan butter market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American vegan butter market held the largest market share of 38.6% in 2022 in the vegan butter market analysis. The increased health awareness and growing trend of veganism are driving this region’s vegan butter market.

The Animal Health Foundation estimates that about 6 % of US population is vegan. The prevalence and incidence of obesity have been increasing in the region, adding to the growth of vegan food products. With the increasing veganism among people, vegan products are in high demand. Butter being a vital part of breakfast products, is raising the demand.

Competitive Landscape

The major global players in the market include Amarlane Foods LTD, Earth’s Own Food Company, Jojoba Desert, Miyoko's Creamery, I Can't Believe It's Not Butter, Dr. Oetker, J Sainsbury plc, Califia Farms, LLC, NOW Foods, and Upfield.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

There was a rise in consumer interest towards the plant-based diets during COVID-19. Household demand witnessed a sudden spike owing to increased in-home food consumption among the population during lockdown periods. The pandemic affected the supply chain phases of vegan butter production The sales were restricted due to high costs.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food support and services industry as well. The COVID-19 pandemic is upending life, and the food support and services sector is seeing increased trends like vegan butter. The food support and services businesses are launching innovative programs, including contactless vegan butter, that are straightforward to consume.

Why Purchase the Report?
• To visualize the global vegan butter market segmentation based on type, distribution channel, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of vegan butter market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Vegan Butter Market report would provide approximately 61 tables, 61 figures and 165 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies