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.
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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
