Plant-Based Butter Global Market Report 2024

The plant-based butter market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period can be credited to various factors, including trends in health and wellness, concerns related to the environment and ethics, changes in dietary preferences, effective marketing and product positioning, increased availability and accessibility of products, and substantial investment and innovation in ingredients.

The plant-based butter market size is expected to see strong growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be linked to increasing health consciousness, concerns about environmental sustainability, the expanding adoption of vegan and flexitarian diets, the growth of retail outlets and market accessibility, heightened investment in marketing and branding, and supportive government initiatives. Noteworthy trends expected in the forecast period encompass collaborations and partnerships, a strong emphasis on sustainability and eco-friendly packaging, the use of celebrity endorsements and influencer marketing, continued retail expansion and improved accessibility, and a diverse range of product offerings.

The growth of the plant-based butter market is expected to be propelled by the increasing awareness of health and wellness. Plant-based butter is recognized for its benefits in weight management, providing essential building blocks for healthy muscles and tissues. With higher fiber content and fewer calories and fats compared to traditional dairy butter, it aligns with health-conscious consumer preferences. For example, a 2021 India Times poll revealed a significant shift in Indians' attitudes toward health and wellness due to the COVID-19 pandemic, with 70% expressing a commitment to prioritize food and lifestyle adjustments in 2021 for both physical and emotional well-being. Consequently, the rising awareness of health and wellness is a key driver for the growth of the plant-based butter market.

The growing demand in the food and beverage industry is anticipated to contribute to the expansion of the plant-based butter market. The food and beverage sector encompasses various operations related to the production, processing, packaging, distribution, and retailing of food and drink items. Plant-based butter serves as a vegan or dairy-free alternative in cooking, baking, and the creation of dairy-free beverages, such as plant-based coffee creamers. Notably, USDA Rural Development reported $467.20 billion in food and beverage (F&B) sales in 2021, emphasizing the substantial scale of this industry. Additionally, a report from Kirin Holdings Company Limited revealed a global consumption of about 185.60 million kiloliters of beer in 2021, indicating a 4.0% increase from the previous year. Thus, the growing demand in the food and beverage industry is a significant factor driving the plant-based butter market.

Major companies in the plant-based butter market are maintaining their market position through innovative product offerings such as Beleaf PlantBetter. This plant-based butter, designed for bakery applications, was launched by Bunge, a US-based agribusiness and food company, in November 2023. Beleaf PlantBetter offers a superior taste with the distinctive aroma, taste, and texture of traditional butter. Comprising primarily coconut, cocoa butter, rapeseed, and lecithins, it seamlessly integrates into production processes, delivering the desired level of aeration, volume, and taste in various products.

Companies in the plant-based butter market are introducing products such as plant-based butter with protein to enhance their market presence. Grenbutter, launched by Axia Foods, an India-based food and beverage company in December 2021, stands out as the world's first plant-based butter with added protein. Made from a blend of primarily almond, coconut, and rapeseed oils, Grenbutter provides a sustainable and nutritious alternative to traditional butter, replicating its taste and texture while being free from cholesterol, trans fat, and vegetable hydrogenated fat.

In June 2022, AAK Foodservice, a Sweden-based food service and retail company, acquired ForA for an undisclosed amount. This acquisition, aligning with AAK's plant-based expansion strategy, complements its product line with premium plant butter products. ForA, a US-based plant-based butter company, is expected to contribute to AAK's growth in the plant-based sector.

Major companies operating in the plant-based butter market report are Conagra Brands Inc., Upfield Holdings B.V., Pure Blends, Nutiva Inc., Jem Organics, Yumbutter, Melt Organic, ForA Foods, Miyoko's Creamery, Prosperity Organic Food Inc., Premier Organics, Naturli Foods Ltd., Daisya Fine Food Ltd., Carley’s Organic, The Forager Project, Goodmylk Ltd., Milkadamia Co., Nuts For Cheese, Axia Foods Inc., WayFare Foods, Earth Balance, Country Crock, Flora Plant Butter, Vitalite, Purely Balanced, Nutcrafter Creamery & Bakery Inc., Treeline Cheese Co.

North America was the largest region in the plant-based butter market in 2023. The regions covered in the plant-based butter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plant-based butter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of plant-based butter are organic and conventional. Organic butter is a spreadable product made from organic creams, containing the same amount of saturated fat as regular butter but being hormone and antibiotic-free, with 80% less sugar. Common sources include nuts, avocados, coconut, olive oil, canola, palm fruit, and others. Applications for plant-based butter extend to the food and beverage industry, the food service sector, and households.

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The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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