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Buttering Up: The Vegan Revolution in Butter


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 has revealed an increase in demand for vegan butter made from oats, which is driving the vegan butter market ahead. The high demand for vegan butter made from oats can be traced to the success of related goods like oat milk.

Sales of vegan butter are being driven by a growing trend towards clean-label and vegan products. Companies like Miyoko’s Creamery are seeking to get their vegan butter products certified and labelled as “non-GMO,” “gluten-free,” and “soy-free.” The goal of labelling is to acquire widespread acceptance and boost sales of plant-based butter generally.

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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 Market:

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.
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 Market 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
By Sales Channel:

B2B
Hotels
Restaurants
Cafes
B2C
Hypermarkets /Supermarkets
Convenience Stores
Mom and Pop Stores
Discount Stores
Food & Drink Specialty Stores
Independent Small Groceries
Online Retail
Others Retail Formats

 

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The global EV Charging Cables Market is anticipated to register a phenomenal growth rate of about 22.2% during the forecast period from 2022 to 2032, with an expected valuation of US$ 1,549.3 Million in 2022 and totaling around US$ 11,541.6 Million by the end of 2032.

There are two types of electric vehicle charging cables: public charging and private charging. The private charging segment is predicted to account for a notable portion of the global EV charging cables market.

Due to the expanding number of private electric vehicles on the road, this segment in particular is expected to dominate the market over the assessment period. The public charging segment is projected to dominate the market over the forecast period, accounting for a boost in the number of commercial charging terminals across regions.

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Key Takeaways

The implementation of electric vehicles is expanding in several countries all over the world with heavy investments in research and development in this sector. Numerous countries including the Netherlands, France, India, and Canada have launched various campaigns in order to encourage the adoption of electric vehicles. Automakers in the automotive sector are given by the state fixed quotas, tax breaks, subsidies, and rebates.
For purchasing purposes, entitlements are conveniently available for customers. Such considerations have caused a spike in the global production and sales of electric vehicles. In order to ensure the smooth functioning of vehicles, the surging inventory of electric vehicles necessitates the establishment of power grids and charging terminals.
The major factor driving growth in the EV charging cables market is the development of these vehicles which has resulted in advancements in electric vehicle charging technology and significant investments by automakers in electric vehicles.
Several organizations develop EV charging cables to make sure quick charging terminals are available for vehicles. Tesla has approximately 1600 supercharging stations available all over the North American region. This propels the development of charging infrastructure, resulting in propelling the global EV charging cable market.
Competitive Landscape

Key EV charging cable providers are rapidly adopting various marketing strategies including new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration in order to increase sales and raise the interest of potential buyers to create a massive customer base and gain a competitive edge in the global EV Charging Cables market.

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Key Companies Profiled

OSRAM Licht AG, Phoenix Contact, DYDEN Corporation, Prysmian S.p.A., TE Connectivity, Leoni AG, Aptiv, Tesla Inc., Huber & Suhner AG, Eland Cables, Coroplast, BRUGG Group, BESEN Group.

 

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Bugging Out: The Incredible Rise of Insect Protein


From 2023 to 2033, the insect protein market is projected to accelerate at a CAGR of 17.7% from its 2023 value of US$ 602.3 million. By 2033, there is going to be US$ 3.1 billion global market.

Demand for insect protein is expected to increase over the course of the estimated period due to growing customer preference for a healthy lifestyle and expanding consumer awareness of the advantages of consuming nutrient-dense foods.

Thriving Applications and High Protein Content in Insects Insect Protein Need is Increasing

Nutritious food products are in more demand as a result of customers' increased concerns about their health worldwide. Consequently, manufacturers in numerous other sectors now have the opportunity to sell these food items.

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Today’s consumers value natural products and are concerned about the ingredients in their food as well as how it is made and where it originates from. Increasing spending on functional food items, an increase in the number of athletes and gym goers, and consumers looking for wholesome and environmentally friendly food options are some of the primary drivers anticipated to spur the insect protein market’s growth throughout the course of the projected year.

High Costs Limit Market Expansion

Because of its practical, eco-friendly, and dietary advantages, insect protein is one of the most inventive and distinctive proteins for animal feed. The primary barriers impeding the growth of the insect protein industry include exorbitant expenses, regulatory constraints, and restricted production capabilities.

The equipment and processes needed to generate insect-based proteins need to be upgraded for mass production because they are currently expensive. Even though many consumers are priced out of this market, few are willing to pay higher rates for the health and environmental benefits of protein derived from insects.

Regional Outlook

A growing demand for human consumption products could lead to rapid growth in Europe.

The European continent provided the majority of the income. In the European insect protein market, consumer acceptance of insect protein is higher for applications in the food and beverage industry, animal nutrition, and personal care.

The recent licencing of insect protein for feed, particularly that for pigs and poultry, is expected to enhance demand in the European market. Because industrialised countries like France, Germany, and the United Kingdom have a strong demand for insect protein, it is projected that the market would expand significantly throughout the projection period.

The majority of the revenue came from North America. Because consumers are becoming more aware of the use of insect-based products and have a larger need for nutrient-dense food products, the market is expected to be significant.

The market for insect protein is expected to expand over the course of the anticipated period due to Mexico and Canada’s significant growth potential for new businesses and product launches.

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Key Takeaways

With a CAGR of 20.6% and an expected market size of US$ 1.1 billion in 2033, the insect protein market in the United States is expected to grow rapidly over the projected period.
With a strong CAGR of 11.9% and an expected market size of US$ 129 million in 2033, the Chinese market is expected to grow throughout the course of the estimated period.
In 2033, it is expected that the Japan market would generate US$ 61.7 million and grow at a 9.5% CAGR.
With a CAGR of 23.6% throughout the projection period, it is anticipated that the United Kingdom market would grow quickly, reaching US$ 300.8 million in 2033.
The insect protein market in South Korea is predicted to expand at a CAGR of 9.8% over the predicted time period and could reach US$ 35.5 million in 2033.
Powder is anticipated to expand at a CAGR of 15.4% over the anticipated time frame in the form category.
The insect type category’s Caterpillars sector could have a CAGR of 21.8% from 2023 to 2033.
Competitive Landscape

With numerous large- and small-scale manufacturers present, the market is competitive and concentrated. The leading market participants include Aspire Food Group Protifarm, EntomoFarms, Chapul Cricket Protein, Jimini’s, Swarm Nutrition GmbH, EnviroFlight LLC, AgriProtein Holdings Ltd. nsect, Hexafly, Innovafeed, and Protix. To meet the demand on a global scale, these major firms are concentrating on increasing their manufacturing capacity.

Recent Development

· Partnership – To Expand Its Insect Protein Industry

Archer Daniels Midland Company and Innova Feed announced a partnership in November 2020. The partnership was formed in order to grow its insect protein business by developing a new facility in Illinois, the U.S., with a target capacity of 60,000 tonnes of insect protein annually.

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Key Segments

Insect Type:

Beetles
Caterpillars
Bees, Wasps, and Ants
Grasshoppers, Locusts, and Crickets
Others
Form:

Whole Insect
Powder
Application:

Food & Beverages
Animal Nutrition
Aquafeed
Pet Food
Poultry Feed
Pharmaceuticals & Cosmetics
Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa (MEA)

 

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