Newark, NJ, Feb. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global vegan butter market is expected to grow from USD 1.23 billion in 2018 to USD 1.77 billion by 2026, at a CAGR of 4.65% during the forecast period 2019-2026.
Vegan butter is made using plant-based ingredients to create a product which looks and tastes like butter, but is not actually butter. Vegan butter comes in many forms: tubs, sticks, whipped, soy-free, olive oil based, coconut based, and also comes in flavored form such as garlic and herbs.
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Global Vegan Butter Market Key Findings:
- Factors such as rising preference for organic vegan butters, increasing aging population, rising concern over appetences are driving the global vegan butter market.
- The volatility in the raw material prices and erratic supply of raw materials is expected to hinder the market growth.
- The product segment is divided into vegetable butter, nut butter, and others. Nut vegan butter is expiated to grow at highest growth rate, due to increasing demand for vegan butter that is made up from different nuts. Nut butter can be made from almonds, cashews, or other nuts. Nuts also have plenty of nutrients like Vitamins E and B6, folic acid, niacin, magnesium, zinc, copper, and potassium. Therefore, increasing consumer awareness about health benefits of nut vegan butter is boosting its growth during the forecast period.
- On the basis of packaging type, global vegan butter market is segmented into tubs/cups, jars/bottles, and others. Cup/tub segment is anticipated to hold the largest market share over the forecast period. This is mainly because cups or tub packaging are convenient, easy to grab, and travel friendly. In addition to this, many manufacturers offer vegan butter in the tub or cup packaging, further boosting the growth of the market.
- The distribution channel is fragmented into online and offline. Offline distribution channel is growing significantly with the increase in the establishment of specialty stores, supermarkets, hypermarkets, and convenience stores across the world. This is encouraging retailers to sell ready-to-consume packaged vegan butter products. Several new retail chains are expanding their geographical presence. Thus, the growth of organized retailing is expected to fuel the vegan butter market growth during the forecast period.
- The regions analyzed for the global vegan butter market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America holds the largest market share in the global vegan butter market, followed by Europe, and Asia Pacific. The number of U.S. consumers identifying as vegan grew from 1% to 6% between 2014 and 2017, a 600% increase, over the years.
- Factors such as growing vegan population, rising internet and smartphone penetration, and increasing demand for healthy products, and changing consumer lifestyle led the North America region to dominate the global vegan butter market in 2018.
- In the U.S., animal welfare rights groups have gained significant traction and the ways in which animals are treated in the production of products has caused a switch in consumer preferences across the region.
- Europe held a significant market share in the global vegan butter market, owing to rising vegan population in the region.
- In the recent years, the number of vegetarians and vegans have increased – for example, the Vegan Society estimated that the number of vegans in the UK increased by a factor of 2.6 times in the ten years to 2016.
- Key players in the global vegan butter market are Miyoko’s (US), I Can’t Believe It’s Not Butter (US), Conagra Brands, Inc. (US), WayFare Foods (Montana), Fora Foods, Prosperity Organic Foods, Inc. (Idaho), Naturli ‘Foods A / S (Denmark) among others. Companies are focusing on heavy investment in the research and development activities, to gain a competitive advantage in the global vegan butter market. In addition to this, key players have adopted key strategies such as merger and acquisition, geographical expansion, new product development, and innovation in product offering to gain a competitive advantage in the global vegan butter market.
- In February 2019, Fora Foods announced the launch of vegan butter made up from aquafaba - the viscous water in which chickpeas have been cooked in the U.S. It claims to be the first plant-based product that 'tastes and bakes just like butter.
- In December 2019, Miyoko’s Creamery announced the launch of variety of new products, including the world’s first spreadable cultured vegan oat-based butter, available in the two flavors: classic European-style butter churned from organic oat milk and a garlic- and vegan parmesan-infused version.
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About the report:
The global vegan butter market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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