Butter Market Overview
The butter market is expected to reach USD 28.58 BN by 2032, registering 4.52% CAGR throughout the forecast period (2023-2032). The market demonstrates lucrative opportunities for industry players in developed and developing regions due to the increasing demand for organic products. Besides, the growing numbers of health-conscious populaces impact market growth.
The butter market is growing rapidly, witnessing a massive demand across the globe. Market growth is attributed to widely spreading awareness about the health benefits of butter and buttermilk. Besides, growing uses of butter in applications such as bakery confectionery and dairy frozen desserts boost the market growth. Moreover, advances in manufacturing (churning) technologies escalate market growth on the global front.
Also, the rising popularity of functional and energy drinks hugely substantiates the market demand. Moreover, rising consumer preference for dairy protein products accelerates the market growth. Increasing innovative product launches such as flavored butter, low-calorie low-fat butter, etc., boost the growth of the market.
Additionally, wide applications of butter, ranging from bakery to functional foods, increase the market size. Conversely, factors such as the rising veganism and preference for plant-based protein products and prevalence of lactose intolerance are estimated to hamper the growth of the market.
Global Butter Market - Competitive Landscape
Highly competitive, the butter market appears fragmented with the presence of many well-established players. Industry players focus on strengthening their global footprints by expanding their presence and launching innovative products. Mergers acquisitions, brand reinforcement, and innovation remain key trends for these players to gain a larger competitive share. They strive to develop cost-competitive manufacturing techniques to reduce the overall product cost, minimize downtime, and increase shelf life.
Manufacturers try to enhance their products with innovations that help maintain and/or reduce heart disease, cholesterol, and hypertension. These players emphasize more on delivering unique products with differentiation, making products with improved shelf-life.
Major Players:
The butter key market players include Arla Foods Amba (Denmark), Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF/Amul) (India), Land O'Lakes, Inc. (US), Royal FrieslandCampina N.V. (Netherlands), Lactalis Group (France), Ornua Co-operative Limited (Ireland), Dairy Farmers of America, Inc. (the US), Delta Nutritives (India), Organic Valley (US), and Fonterra Co-operative Group (New Zealand), among others.
Global Butter Market - Segment
The report is segmented into five dynamics.
By Product Type : Standard Butter, Clarified Butter, Whipped Butter, and others.
By Category : Salted and Unsalted.
By Form : Spreads, Liquid/Oil, Blocks, and others.
By End-Use : Food Processing (Bakery Confectionery, Dairy Frozen Desserts, Sauces, Dressings, Spreads, others), Foodservice, Food Retail, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Butter Market - Geographical Analysis
The Asia Pacific region dominates the global butter market. The region gained around 49.80% share of the overall market in 2018. The region has been experiencing substantial developments over the past few years. The largest market share attributes to the high-level production and popularity of butter in the region. Besides, the rapid urbanization and shift in consumption patterns boost market growth.
India is the largest butter market, contributing to the growth of the regional market. Moreover, the growing chocolate industry in markets in Australia, New Zealand, China, and India drives the growth of the regional market. The APAC Butter market is estimated to retain its dominance over the global market throughout the forecast period
Europe stands second in the global butter market. The market is driven by the increasing consumption of butter in bakery products and changing consumer preferences. Moreover, the presence of industry players in the region positively impacts the growth of the market. Besides, growing butter applications for food dressing purposes fosters the growth of the regional market hugely.
Additionally, the expanding hospitality (HoReCa) industry and rising awareness among consumers about health benefits propel the market players. The European butter market is projected to generate a substantial revenue pocket during the review period.
The North America butter market is growing promisingly, mainly due to the rapidly increasing hotels/restaurants/cafes (HoReCa) industry. Moreover, the market is driven by the high consumption of butter in functional beverages and the popularity of energy drinks. Furthermore, changing consumption patterns substantiate market growth, influencing the production volume.
Simultaneously, the presence of a large number of production bases, many well-established players, and consumers positively impacts regional market growth. The North American Butter market in the region is projected to register a significant CAGR during the assessment period.
Industry/Innovation/Related News:
July 01, 2020 ----- Minneapolis-based the Syndicate Fund rebranded to Bread Butter Ventures. While many investors say sheltering has broadened their funding in companies located outside major hubs, this firm is increasingly backing startups in America.
Considering the growth of the Twin Cities' startup ecosystem, the firm has rebranded and invested USD 10 MN in assets under management in three of Minneapolis's biggest strengths, such as agriculture and food, health care, and enterprise software. Also, the Agtech interest spans the entire spectrum from farming to restaurants and grocery stores. The firm is also interested in the supply chain and logistics around food, a mix of software, hardware, and biosciences.
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