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The global vegan butter market is forecasted to expand at 5% CAGR over the estimated period as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 4,784.7 million in 2033
The B2C sales channel indicates that there is a growing demand for vegan butter made from oats, which is propelling the market ahead. The demand for oat-based vegan butter is rising due to the popularity of oat milk and related products.
Vegan butter sales are rising as clean-label and vegan goods gain popularity. Companies such as Miyoko’s Creamery are working to have their vegan butter products certified so they can market them as “gluten-free,” “soy-free,” and “non-GMO.” Gaining public acceptance and boosting the overall sales of plant-based butter are the goals of labelling.
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Within the bakery industry, vegan butter is being perceptibly used at a large scale now. This evolution in the ingredient choice has been dictated by the surging health-wary consumers, who are seeking bakery items made of vegan butter.
Flavored vegan butter has also been gaining widespread traction, as evident with the increasing number of merchants introducing their line of flavored plant-based butter. Manufacturers require to focus on technological upgrades over the forecast period to:
Enhance manufacturing processes
Sales monitoring
Packaging and design
Product variety for business expansion
Geographically, North America is a large market for vegan butter, representing a significant proportion of global consumption. The United States leads the regional market and the global market.
Growth in Asia Pacific region can be accorded to consumer discernment regarding the health and wellness benefits of vegan goods and heightened demand for a vegan diet among the young generation. India, as per FMI’s latest statistics, is projected to expand at 6.5% from 2023 to 2033.
Top Highlights from the FMI’s Analysis of the Vegan Butter Industry:
The United States vegan butter industry garnered a 22.4% market share in 2022.
Germany’s share in the global vegan butter industry was 6% in 2022.
The United Kingdom is anticipated to expand from 2023 to 2033 with a CAGR of 5.5%.
Japan’s market contributed a value share of 2.9% in 2022.
India’s vegan butter industry is projected to register a prominent CAGR of 6.5% over the forecast period.
China’s vegan butter industry is forecasted to expand at 3.8% CAGR over the estimated period.
Based on source, the oat milk segment acquired a 26.9% market share in 2022.
Based on flavor, the unflavored segment represented 63.5% of the global market in 2022.
Under the category of sales channel, the B2C segment garnered 78.4% of the overall market in 2022.
Innovation Watch: New Developments in the Market
In September 2019, Country Crock® made moves along with the plant-based food movement by introducing Country Crock® Plant Butter, a new dairy-free plant butter, that is similar in taste to dairy butter. The product is made of plant-based oils and enriched with oils like almonds, avocados, and olives. The product is certified by Plant Based Foods Association (PBFA) as kosher, gluten-free, and plant-based, making it appropriate for vegan diets.
In July 2020, Flora, a margarine brand, announced that it is going 100% vegan. Following this announcement, the company introduced the Flora Plant range of 100% vegan butter. The block butter consists of palm, rapeseed, and sunflower oil. The wrapping material of this butter block is 100% biodegradable.
Agave Syrup Market Projected to Hit US$ 1,092.4 Million by 2033 Growth in Baking, Confectionery, and Beverage Domains Insights by FMI
As per Future Market Insights (FMI), the global agave syrup market is currently valued at US$ 571.1 million in 2033 and it is expected to attain a valuation of US$ 1,092.4 million by 2033. Global sales of agave syrups are likely to soar at a healthy CAGR of 6.7% during the forecast period from 2023 to 2033.
The global agave syrup market is expanding due to the growing use of these products in baking, confectionery, and beverage applications. Thus, shifting consumer preferences towards sugar substitutes should increase demand for agave syrup.
Sugar’s harmful effects have led to a continuing desire for sugar substitutes. For more than 14 years, agave has been utilised as an organic sugar substitute. Twenty times more sweetness can be obtained from 100 g of agave than from sugar or honey.
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Agave syrup contains two vitamins, vitamin C and vitamin B, both of which are sugar-free. Agave syrup is commonly used in tequila manufacturing due to its sweetening and flavoring qualities. As a result, increased tequila consumption will eventually boost the demand for agave syrup.
In the past few years, there has been a significant increase in worldwide demand for clean-label foods. This is due to increasing consumer awareness about the health benefits of products containing natural ingredients.
Growing demand for clean-label products is prompting companies to use items such as agave syrups in their products. This in turn will boost the target market during the assessment period.
Agave syrup has a caramel flavor and can be used in beverages with a strong flavor. It may also enhance the flavor of fish, pork, and poultry meals.
Rising usage of agave syrup as an ideal alternative to sugar and honey across thriving bakery and confectionery sectors will create lucrative growth prospects for the market.
Key Takeaways from the Agave Syrup Report:
The global agave syrup industryis expected to reach a valuation of US$ 1,092.4 million by 2033.
Global demand for agave syrup is likely to soar at 7% CAGRover the forecast period.
Based on product type, light agave syrup segment is estimated to reach a valuation of US$ 1 million by 2033.
By application, beverages segment is expected to hold a market share of 3% during the projection period.
The United States agave syrup market is projected to reach a valuation of US$ 95.2 million by 2033.
Agave syrup sales in China are likely to rise at 6% CAGR through 2033.
India agave syrup industry is poised to expand at around 0% CAGR during the assessment period.
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“As health-conscious consumers actively seek out natural and alternative sweeteners demand for agave syrups is set to rise at a robust pace through 2033. While some concerns exist regarding its fructose content, agave syrup’s versatility, and perceived lower glycemic index have made it a popular choice across a wide range of products. This continued demand has contributed to its steady growth and sustained market presence, indicating its relevance in meeting the needs of health-conscious individuals.” says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Malt Products Corporation, Groovy Food Company Ltd, The IIDEA Company, Swanson Health Products Inc., Madhava Natural Sweeteners, Loving Earth Pty Ltd, Domino Foods Inc., SunOpta Inc., Vita Foods Products, Inc., Nature’s Agave, Inc., Global Goods Inc., NOW Health Group, Inc., The Colibree Company, Inc., The American Beverage Marketers, The Simple Syrup Co., and Natura BioFoods are key agave syrup and its product manufacturers listed in the report.
These key companies are committed to expanding their portfolios by introducing new products. They are also showing interest in employing strategies such as partnerships, mergers, acquisitions, etc. to gain profits. For instance,
Recently, Global Organics Ltd. unveiled Organic Wild Salmiana Agave Syrup to meet rising end user demand.
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Agave Syrup Market by Category
By Product Type :
Light
Dark
By Function :
Emulsifier
Sweetener
Flavor Enhancer
By Application :
Bakery
Beverages
Confectionery
Others (Marinades, Salads)
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The global salicylic acid market is expected to be valued at US$ 417.8 million in 2022 and US$ 814.2 million by 2032, with a CAGR of 6.9% from 2022 to 2032.
As more individuals become aware of all the advantages that salicylic acid offers, sales of the chemical are rising.
Demand for salicylic acid is anticipated to rise as more people apply ointments containing derivatives of salicylic acid, such as methyl and chlorine salicylate. The growth of the salicylic acid market is anticipated to be driven by an increase in the demand for packaged foods and beverages through 2032.
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Salicylic acid sales have expanded in the food and beverage industries, where it helps prevent fermentation and rotting of packaged food goods.
Demand for cosmetics containing salicylic acid is anticipated to rise as the number of persons with acne, warts, blackheads, and whiteheads increases.
Additionally, it is anticipated that the salicylic acid market size would increase over the course of the projection period due to recent advancements in personal care products.
A crucial component used in the production of aspirin is salicylic acid. Due to its exceptional pain-relieving abilities and accessibility, aspirin is one of the pharmaceutical drugs that are most frequently given worldwide.
Key Takeaways from Market Study
The global salicylic acid market is expected to expand at CAGRs of 6.9% and over forecasted period.
The European salicylic acid market currently holds one fourth market share globally. U.K., Germany are key countries contributing to growth of European market.
The market is being improved by the premiumization and re-invention of skin care products and hair care products.
Asia Pacific region is set to witness utmost growth, owing to increase productions as well as consumption in countries such as China, India, and Japan.
Pharma Grade salicylic acid holds dominant market share of the total Salicylic Acid market in 2022
North America top revenue generating region, which holds more than 28% of market share in 2022 and anticipated to grow by 6.1% in future.
“Salicylic acid based cleansing lotions, bathing bars, serum, peeling solutions, creams, toners are a few forms influencing the sales of salicylic acid during the forecast period.” – Future Market Insights Analyst.
Competitive Landscape
Key manufacturers of salicylic acid are majorly focusing on research & development to enhance the variety, quality, and innovation in their product specification.
Some of the key companies producing are JM Loveridge Limited, Alfa Aesar, Siddharth Carbochem Products Ltd, Alta Laboratories Ltd, Novacap and Sigma Aldrich etc.
Recent Developments in the Salicylic Acid Market:
In May 2019, the skincare brand The Ordinary released an innovative face mask, Salicylic Acid 2 percent Masque, for EUR 9.90. Salicylic acid is a key ingredient in the product, as are charcoal and clays, which aid in deep cleansing of the skin.
The Salicylic Acid 2 percent Solution, named after the most sought-after acne-fighting ingredient, has made a comeback this month on deciem.com and in Ordinary stores.
Sweet Chef has created pimple patches that contain decongesting salicylic acid, resurfacing carrot, and brightening ginger to treat inflamed skin while minimizing post-acne hyperpigmentation.
The Untapped Potential of Salicylic Acid: Beyond Acne Treatment and Food Preservation :
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Salicylic acid market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Salicylic Acid Market by Category
By Form:
Liquid
Powder
By End Use Application:
Pharmaceutical
Skin Care
Hair Care
Food Preservatives & Others
Others (Dye Industry etc.)
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle east and Africa
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Taste the Tradition: Halal Food Market's Journey to Culinary Prominence
The halal food market size is anticipated to surpass US$ 1,291,429.8 million in 2023 and is likely to attain a valuation of US$ 3,229,805.32 million by 2033. The halal food market share is projected to thrive at a CAGR of 9.6% from 2023 to 2033.
The market for halal food is expected to grow from US$ 1.2 trillion in 2023 to US$ 3.2 trillion by 2033. Due to its perceived safety, ethical sourcing, and healthful qualities, halal-certified cosmetics and personal care products are breaking down barriers between cultures and drawing in non-Muslim consumers, growing the business beyond its typical clientele.
Halal cosmetics and personal hygiene products aid in bridging cultural divides. Consumers who are not Muslims are becoming more conscious of the ethical and visual standards pertaining to halal goods. Due to non-Muslim consumers’ desire for halal products because of their perceived safety, ethical sourcing, and nutritious component profiles, the market is growing beyond its normal consumer base.
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The demand for natural and organic products around the world and the halal beauty market are closely tied. Many halal personal care businesses place a premium on using unadulterated, natural goods as opposed to synthetic ones. This is consistent with customers’ growing choice for beauty and grooming products that are health-conscious. Given the parallels between halal and natural/organic goods, a market segment that caters to consumers who are health-conscious is growing.
Leading companies in halal beauty place the highest importance on research and development (R&D). They invest a lot of resources into developing revolutionary product formulations that adhere to halal rules and suit the unique needs of a variety of clients. This commitment to R&D results in a continual supply of new, improved halal personal care and cosmetic products, keeping the market dynamic and responsive to altering customer trends.
Key Takeaways from the Halal Food Market Report
The global market size stood at US$ 1,098,216.6 million in 2018.
The market expanded at a CAGR of 3.1% from 2018 to 2022.
In 2022, the global market size stood at US$ 1,241,759.4 million.
In 2022, the conventional segment gained 87.9% of the global halal food market shares.
In 2022, the meat, poultry, and seafood segment captured 56.4% of the halal food market shares.
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Halal Food Market Segmentation
By Nature:
Organic
Conventional
By Product Type:
Meat, Poultry, and Seafood
Dairy Products
Fruits, Nuts and Vegetables
Fats, Oils and Waxes
Grains and Cereals
Beverages
Others
By Application:
Food & Beverages
Nutraceuticals & Dietary Supplements
Infant Formula
Animal Feed Industry
Others
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