Vegan Butter Market Size was valued at USD 2.5 billion in 2022. The Vegan Butter market industry is projected to grow from USD2.62075 Billion in 2023 to USD 3.82217 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 4.83% during the forecast period (2023 - 2032). The increased vegan movement is growing in popularity. Consumers are starting to know more about the benefits of this kind of butter, which are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Consumers throughout the globe have come to be very well conscious with the assistance of specific authorities' initiatives in the shape of attention campaigns and publicity involving the awful consequences of overconsumption of meat. Different health illnesses, such as excessive cholesterol, blood sugar, obesity, and excessive blood pressure, thereby main to cardiac arrest, are all brought on due to immoderate meat consumption. According to the Sudden Cardiac Arrest Foundation, there were more than 356,000 out-of-hospital cardiac arrests (OHCA) in 2020 in the U.S., almost 90% of which were fatal. This cautiousness is compelling customers to change to vegan, appreciably healthful, and equally nutritious products. This factor drives the market CAGR.
Additionally, Increased spending on functional and Healthy foods that help boost the immune system, as well as an increased orientation toward clean label and vegan products, lead to burgeoning sales of plant-based snacks, spreads, dips, creamers, sauces, cheese, and other food and beverages are factors leading to the growth of the vegan butter market.Organic, Vegan, bio-based, Canned/Ready-to-Eat (RTE), clean label, and sustainable are identified as the top-selling proportions owing to increasing health, ingredient, and environmental consciousness, amid prevailing health emergency factors causing a steep rise in the Vegan Butter market revenue.
The Vegan Butter market segmentation, based on type, includes vegetable butter, nut butter. The vegetable butter segment dominated the market;Vegetable butter is a foodstuff with a distinctively creamy texture made from fat and pureed vegetables. This vegan butter is ideal for people sensitive to lactose or casein because it is made entirely of veggies and includes no dairy components.
A culinary paste formed of nuts is called nut butter. Other components, including salt, sweeteners, and flavors, are frequently added. Nut butter, including almond and peanut butter, can be utilized. Almonds, cashews, and peanuts are the most popular nuts used to manufacture this food. These culinary items are frequently consumed alone or with bread or crackers. Vegetable butter is more commonly utilized as it can be consumed by those who may be allergic to certain ingredients used to prepare vegan butter.
Based on Packaging Type, the Vegan Butter market segmentation includes tubs/cups, jars/bottles. The tubs/cups butter segment dominated the market due to the convenience and ease of use of this packaging type. Tubs and cups are easy to store.
The Vegan Butter market segmentation, based on distribution channels, includes store-based and Non- store based. The store-based distribution channel category generated the most income.Since the advent of technology and the internet has taken over so many aspects of our lives, the internet can also be used to order and purchase grocery items. This mode of distribution offers convenience and discounts as well. Store-based hold the largest segment in the vegan butter market in terms of channels of distribution. The online medium is growing steadily and is estimated to be the largest segment in the forecast period.
Figure1: Vegan Butter Market, by Distribution channel, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American vegan butter market area will dominate this market. Due to many geographical variables, including demography, living standards, industrialization, economic activity, etc., the US accounts for roughly half of the overall income created in this RegionRegion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: VEGAN BUTTER MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Vegan Butter market accounts for the second-largest market share due to rising demand for organic goods and rising consumer health consciousness. Further, the German Vegan Butter market held the largest market share, and the UK Vegan Butter market was the fastest-growing market in the European Region.
The Asia-Pacific Vegan Butter Marketis expected to grow at the fastest CAGR from 2023 to 2032. This is due toconsumer awareness of vegan goods' health and wellness advantages and the rising demand for vegan cuisine from the young population. Moreover, China’s Vegan Butter market held the largest market share, and the Indian Vegan Butter market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the vegan butter market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The vegan butter industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Vegan Butter industry to benefit clients and increase the market sector. In recent years, the Vegan Butter industry has offered some of the most significant advantages to medicine. Major players in the Vegan Butter market, including Vegusto, Miyoko's Kitchen, Follow Your Heart, Earth Balance Foods, and others, are attempting to increase market demand by investing in research and development operations.
Robert Atkins formed Atkins Nutritionals, Inc. to promote the Atkins diet's low-carbohydrate packaged meals. It is now a subsidiary of Simply Good Foods Company. Low-carbohydrate bars, shake, and snacks are available from the company. Atkins Nutritionals, Inc. was formed in 1989 as Complementary Formulations. In 1998, the company was renamed Atkins Nutritionals. It was created to enhance the Atkins diet. After reading a research paper in the Journal of the American Medical Association, Atkins created the plan. Alfred W. Pennington published the paper "Weight Reduction" in 1958. Atkins used the study's findings to help him overcome his obesity. In May 2019, A partnership agreement between Atkins and CHEF'D was signed. Our collaboration sought to create a low-carb meal solution for consumers concerned about their health and lifestyle.
Brunswick Corporation, formerly known as the Brunswick-Balke-Collender Company, is an American firm founded in 1845 that has been inventing, manufacturing, and distributing a wide range of products. Brunswick now employs over 13,000 people in 24 countries. Among the various boating brands Brunswick owns are Sea Ray, Boston Whaler, Bayliner, Mercury Marine, Attwood, Lund, Crestliner, Mastervolt, MotorGuide, Harris Pontoons, Freedom Boat Club, Princecraft, Heyday, Lowe, Uttern, Quicksilver, CZone. In June 2019, A partnership agreement was inked between BRUNSWICK Company and VIR Zoom to launch a product called VIR Zoom solution. This collaboration, if correctly executed, was expected to transform Life Fitness' se3 explore bikes into a virtual reality experience.
WhiteCub is India’s pioneering Vegan Foods Brand. While we started our journey with vegan Icecreams, by now, we have developed over15 different types of products, eg-Butters, Curds, Dips,
ButterMylks, etc. WhiteCub, the dairy-free pioneering food brand in India, announced to launch of the first-ever WhiteCub vegan butter product, which is not only created with complete plant-based resources and without a single drop of any dairy product, the product is also rich in vitamin D and B12.
Axia Foods First Startup with novel Cleantech Food Innovation Satisfies Consumer Cravings for Clean, labeled Holistic Plant-Based Diets at Regular Meal Prices and provides 40-70% of overall nutrition across Every Stage of Life sustainably. To improve nutritional quality & availability of nutrients, Axia has developed a unique process, formulation, and design & that significantly elevates the nutritional value of plant-based ingredients such as seeds, nuts, pulses, grains & cereals, etc., sustainably. With Axia's Sustainable Technology, We have launched the World's first-ever High protein almond cheese protein bars, cultured almond butter & high-protein probiotic plant-based yogurts. In December 2021, Pune-Based Axia Foods launched the ‘World’s First’ plant-based butter with protein.
Vegan Butter Industry Developments
Aug 2022: WhiteCub, the dairy-free pioneering food brand in India, announced to launch of the first-ever WhiteCub vegan butter product, which is not only created with complete plant-based resources and without a single drop of any dairy product, but the product is also rich in vitamin D and B12.
December 2021: Pune-Based Axia Foods launched the ‘World’s First’ plant-based butter with protein
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.5 billion |
| Market Size 2023 | USD 2.62075 billion |
| Market Size 2032 | USD 3.8221 billion |
| Compound Annual Growth Rate (CAGR) | 4.83% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Packaging Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Vegusto, Miyoko's Kitchen, Follow Your Heart, Earth Balance Foods |
| Key Market Opportunities | The vegan movement is growing in popularity |
| Key Market Dynamics | Consumers are starting to know more about the benefits of this kind of butter. |
Vegan Butter Market Highlights:
Frequently Asked Questions (FAQ) :
The Vegan Butter market size was valued at USD 2.5Billion in 2022.
The market is projected to grow at a CAGR of 4.83%during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market are Vegusto, Miyoko's Kitchen, Follow Your Heart and Earth Balance Foods.
The Vegetable Butter Vegan Butter category dominated the market in 2022.
The store-based channel had the largest share of the market.
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