The global butter market is set to witness growth at a CAGR of 4.9% over the forecast period (2022-2032), topping a valuation of US$ 28.7 Bn by 2032.
Butter has a wider applicability in food industry and is used in making sauces or for frying and to the different packaged food items or snacks such as wafers and cookies. Consumers are experimenting different products with varied tastes and flavours. Hence, increasing demand for unique taste profiles by millennials is predicted to boost the market over the forecast period.
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Demand for unique taste profiles and textures by millennials is expected to create opportunities for manufacturers of butter. Besides, the demand for butter is growing in the foodservice industry due to the increasing consumption of fast food in developing economies owing to the fast-paced lifestyles and higher expenditure over out-of-home food consumption.
Butter is used as a staple food item in households encouraging the manufacturers to launch various butter-based food items such as low-fat butter, spreadable butter, flavoured butter, to woo consumers. This is expected to create a larger customer base. Backed by the above-mentioned factors, demand for butter is predicted to increase at a higher rate in the coming decade.
Key Takeaways from Market Study
Europe is expected to dominate the global market, accounting for the maximum market value share of about 25% by 2022
Rising consumption of snacks and fast food items is increasing the demand for butter across the globe during the assessment period (2022-2032)
By product type, salted butter is expected to account for the maximum market value share of the global market by 2022
In case of end use segment, food processing and dressing and spreads are expected to gain momentum and show an impressive growth over the forecast period (2022-2032)
Indirect channel is expected to account for a higher market value share than direct channel by 2032 end
“Trend of homemade breakfast and lunch is being revived as numerous customers are striving to save money by opting for home-cooked meals instead of picking up meals on-the-go, which is anticipated to drive the butter market growth.”, says a Future Market Insights analyst.
Competitive Landscape
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,
Recently, a company named ‘Land O’ Lakes, Inc.’, a dairy products manufacturing company has introduced two new spreadable butter products namely, LAND O LAKES Light Spreadable Butter with Canola Oil and LAND O LAKES Less Sodium Butter with Canola Oil. This product has less cholesterol than regular butter and 50% less fat and calories.
Global Butter Market by Category
By Product Type:
Cultured Butter
Uncultured Butter
Salted Butter
Whipped Butter
Others
By Processing:
Processed Butter
Unprocessed Butter
By Usage:
Spreadable
Non-spreadable
By End Use:
Food Processing
Bakery
Dairy and Frozen Desserts
Dressings and Spreads
Others
By Distribution Channel:
Direct
Indirect
Hypermarkets/Supermarkets
Convenience Store
Specialty Stores
Independent Retailers
Online Retailers
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
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Key Questions Answered in the Report
What is the market scenario of butter market?
At what rate is the global butter market expected to grow?
How are market players reacting to the new developments in the butter market?
How much share does the top 10 companies in the butter market hold?
Which are the major countries driving demand for butter?
Information Source: https://www.futuremarketinsights.com/reports/butter-market