Spreading Goodness: The Rise of Vegan Butter in a Health-Conscious World
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.
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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
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.
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.
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Key Players Operating in the Market
Wayfare Food
Chobani LLC
Miyoko’s Creamery
Milkadamia
Prosperity Organic Foods, Inc
Conagra Brands Inc.
Upfield Foods
Premier Organics
Forager Project
wildCREAMERY (Wildbrine®)
Others
Vegan Butter Industry by Category
By Source:
Rice Milk
Oat Milk
Soy Milk
Corn Milk
Almond Milk
Pea Milk
Cashew Milk
Coconut Milk
Hemp Milk
Flax Milk
Others
By Flavor:
Unflavored
Flavored
Cocoa/ Chocolate
Cinnamon
Banana
Coconut
Grape
Hazelnut
Lemon
Peanut Butter
Raspberry
Strawberry
Vanilla
Other Flavors
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