Portland, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Butter Powder Market by Nature (Conventional and Organic), Flavor (Coca, Almond, Peanut, and Others), and Distribution Channel (Supermarket/Hypermarket, Convenience Store, B2B, Specialty Store, and Online Store): Global Opportunity Analysis and Industry Forecast, 2022–2031.” According to the report, the global butter powder industry was valued at $376.7 million in 2022 and is projected to reach $643.8 million by 2032, registering a CAGR of 5.5% from 2023 to 2032.
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Butter powder is obtained from milk fat and dehydrated and ground into a fine powder. It is commonly used as a dairy fat replacement in baking, pastry, and frosting, as well as in other preparations. Additionally, butter powder may be dissolved in water to form butter. Butter powder is simple to use and store, making it ideal for butter manufacturers who wish to add butter benefits to their products.
Prime Determinants of Growth:
The global butter powder market growth is attributed to factors, such as high convenience and prolonged shelf life, a surge in demand from the food industry, and the increase in health and dietary consideration. On the other hand, fluctuation in raw material prices and high competition from alternative products may restrict market growth to some extent. Furthermore, the rise in product innovation and differentiation and the increase in export opportunities are presenting new opportunities in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $376.7 Million |
| Market Size in 2032 | $643.8 Million |
| CAGR | 5.5% |
| No. of Pages in Report | 270 |
| Segments covered | Nature, Flavor, Distribution channel, and Region |
| Drivers | High convenience and prolonged shelf life A surge in demand form food industry The increase in health and dietary consideration |
| Opportunities | Rise in product innovation and differentiation Increase in export opportunities |
| Restraints | Fluctuation in raw material prices High competition from alternative products |
The conventional segment to maintain its leadership status throughout the forecast period-
Based on nature, the conventional segment held the highest market share in 2022, accounting for more than one-third of the global butter powder market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to customer preferences and industry realities; the conventional butter powder market is expanding at an impressive rate. The growth in demand for quick-to-prepare food items is the main motivator. Consumers are looking for options that are simple to use, store, and transport in an era where lifestyles are getting busier. On the other hand, the organic segment would display the fastest CAGR of 5.9% from 2023 to 2032. It offers longer shelf life, portability, versatility, clean and organic qualities, and catering to health-conscious and sustainability-minded consumers.
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The almond segment to maintain its lead position throughout the forecast period-
Based on flavor, the peanut segment held the highest market share in 2022, accounting for nearly one-third of the global butter powder market revenue. The demand for peanut butter powder has increased as a result of the rise in the number of health-conscious people who are concerned about their fat consumption because it is a lower-fat substitute for conventional peanut butter. Additionally, it is a fantastic option for those who wish to enjoy the delectable flavor of peanut butter while controlling their fat intake. However, the almond segment to maintain its lead position in terms of revenue throughout the forecast period. The same segment would showcase the fastest CAGR of 6.6% from 2023 to 2032. The increase in the number of health-conscious people who pay attention to their fat intake has increased the demand for almonds as it is a lower-fat alternative to regular peanut butter.
The supermarket/hypermarket segment to rule the roost by 2032-
Based on distribution channel, the supermarket/hypermarket segment held the highest market share in 2022, accounting for more than one-third of the global butter powder market revenue, and is projected to rule the roost by 2032. In supermarkets, butter powders are present in different flavors such as cocoa, almond, peanut, and cashew along with others. The availability of different brands of butter powder products along with different packaging of products, is driving the growth of the segment significantly. However, the B2B segment would cite the fastest CAGR of 6.7% from 2023 to 2032. The B2B butter powder ecosystem is comprised of multiple players, including manufacturers/suppliers, wholesalers/distributors, retailers, food service providers, food manufacturers, importers, and exporters.
North America to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, contributing to around two-fifths of the global butter powder market revenue, and is expected to maintain its dominance during the forecast period. Consumers are increasingly interested in cooking and baking products available in the market for primary uses in recipes, which is driving them to switch from conventional butter powder to organic products. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 6.5% throughout the forecast period.
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Leading Market Players: -
- PB2 Foods, Inc.
- Garden of Life
- BetterBody Foods
- Nutrient Survival
- Hoosier Hill Farm
- Betty Lou's Inc.
- powbab
- Nutricost.
- Laita
- Z Natural Food, LLC
The report provides a detailed analysis of these key players in the global butter powder market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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