USD 54.07 Billion
Butter Market Size, Share, Growth Analysis, By Product(Cultured Butter, Uncultured Butter and Others), By Distribution Channels(Offline and Online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2304 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
60
|Figures:
77
Butter Market Insights
Global Butter Market size was valued at USD 54.07 Billion in 2022 and is poised to grow from USD 55.58 Billion in 2023 to USD 69.33 Billion by 2031, at a CAGR of 2.80% during the forecast period (2024-2031).
The demand for butter has increased because it is one of the staple commodities utilised in many food products prepared in households around the world. Additionally, it is anticipated that the availability of various flavours of flavoured butter will boost its demand in the market under investigation. One reason that is limiting market growth is the availability of healthy substitutes for butter, such as margarine, as well as government regulations in the manufacture and distribution of butter. Also, the region's main market driver is the growing customer preference for dairy products that can be stored, especially butter, for consumption at home. Compared to the average year-over-year growth during the 2017–2019 period, the global market showed stronger growth of 22.02% in 2021.
Due to the demand and expansion of this industry, the CAGR decreased. Consumers throughout the world are becoming more and more concerned about their health, and they are also becoming more and more aware of the advantages of dairy products like butter. In moderation, butter can be incorporated into a healthy diet and may even have a number of positive health effects. Moreover, the global market's growing low-fat, low-calorie, and low-cholesterol butter product introductions are broadening the consumer base. Since these low-fat, low-calorie butter are now available to health-conscious and fitness-minded consumers, the market's growth is anticipated to pick up speed over the coming years.
US Butter Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cultured Butter
Fastest Growth
Cultured Butter
Growth Rate
2.80% CAGR
Global Butter Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Butter Market Segmental Analysis
Global Butter Market is segmented on the basis of product, distribution channels, and region. By product, the market is segmented into cultured butter, uncultured butter and others. By distribution channels, the market is segmented into offline and online. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Butter Market Analysis by Product
By product, the cultured butter sector accounted for the greatest portion of the global market's revenue in 2021, accounting for almost 60%. It is anticipated that this segment would expand at a CAGR of 2.7%. Over the projected period, the segment's expansion is anticipated to be fueled by the cultured product's rising appeal. The butter flavour is stronger in cultured butter. It has a faint acidity and is creamier. Also, the demand for low-calorie and low-fat milk products to strengthen the immune system has increased due to consumers' growing health concerns, which is fueling market expansion.
Over the projected period, the sector for uncultured butter is anticipated to develop at the fastest rate. Uncultured butter is expected to rise at a CAGR of 2.9% in the worldwide butter market. By churning fresh, pasteurized cream, uncultured butter is produced. As it doesn't affect the flavor of the final product, this uncultured butter, which has a neutral flavor and an unsalted taste, is frequently used in baking.
Butter Market Analysis by Distribution Channels
The offline industry made up the largest portion of the worldwide butter market. More than 80% of the worldwide butter market's revenue came through offline channels in 2021. A bigger segmental share is mostly responsible for consumers' choice for the offline channel when buying consumer items, groceries, and dairy products. Offline channels allow for direct quality and authenticity checking. Customers believe that offline channels are more dependable.
At a CAGR of 3.5%, the market's online segment is predicted to grow at the quickest rate. The e-commerce industry has grown significantly globally, which is accelerating the expansion of this area, thanks to the increasing smartphone penetration rate and better internet connectivity everywhere. Producers of these goods are increasingly selling their items online, either through their own websites or on e-commerce platforms.
Global Butter Market By Product
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Butter Market Regional Insights
By geographic market revenue share for butter, Asia Pacific led the world. In terms of market revenue in 2021, Asia Pacific accounted for over 45% of the global butter market. The increased population, primarily from China and India, is largely to blame for this. About half of the world's population resides in Asia and the Pacific, according to United Nations statistics. The larger market share held by the Asia Pacific region is attributed to its vast consumer base and high consumption of fast food, baked goods, and other processed foods.
The butter market in Europe is expanding at the highest rate in the world. The worldwide butter market is expected to see a CAGR of 2.9% in the European area during the forecast period. Butter consumption habits among consumers are evolving, which is fueling the market's expansion. Butter consumption is regaining momentum in the European market as consumers switch back to it from margarine and other alternatives. The market for butter is expanding as people in this area become more aware of the health advantages of eating butter.
Global Butter Market By Region
- Largest
- Fastest
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Butter Market Dynamics
Butter Market Drivers
Innovations in Branding and Product Portfolio to Bring New Revenue Opportunities for Players
- The butter market has seen a surge in innovative packaging options such as resealable pouches, convenient butter sticks, and butter in tubes. These packaging innovations have helped to increase the convenience and accessibility of butter to consumers.
- Governments around the world are promoting the consumption of dairy products such as butter by providing subsidies to farmers and offering incentives to consumers to buy locally produced butter. This has helped to drive demand for butter in many countries.
Butter Market Restraints
Competition from Margarine and Other Substitutes might Hinder Market Growth
- Margarine and other butter substitutes are becoming increasingly popular due to their lower cost and perceived health benefits. This has led to increased competition in the market, which could potentially limit the growth of the butter market.
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Butter Market Competitive Landscape
In addition to regional producers, the global market is dominated by a number of well-known companies, including Lactalis International, Fonterra Co-operative Group, Ornua Co-operative Ltd, and Organic Valley. In order to grow their businesses, a variety of manufacturers and suppliers concentrate on the logistical development and improvement of the distribution channel. To boost sales and market share, major businesses are also emphasising brand development, product innovation, and launches.
Butter Market Top Player’s Company Profiles
- Royal FrieslandCampina - Netherlands
- Dairy Farmers of America - United States
- Ornua Co-operative Limited - Ireland
- Amul - India
- Land O'Lakes - United States
- Megmilk Snow Brand - Japan
- Murray Goulburn - Australia
- DMK Group - Germany
- Saputo - Canada
- Agropur Cooperative - Canada
- Glanbia plc - Ireland
- Bel Group - France
- Westland Milk Products - New Zealand
- Lácteos Brasil - Brazil
- Saputo Dairy Australia - Australia
- Milkiland - Ukraine
- Sodiaal - France
- Hochwald Foods - Germany
- Strauss Group - Israel
Butter Market Recent Developments
- In October 2022, the natural nut butter business EATNOW from Singapore announced its plans to expand to Malaysia and China in 2023. The business intends to start selling black sesame seed spread on online marketplaces by 2023 in addition to its regular almond and cashew nut butter.
- In June 2022, Fresh butter was introduced to the market by the reputed FMCG company Cavin's brand. CavinKare is based in Chennai. The company now sells table butter and frying butter as its two available forms of butter.
- In April 2022, the organic carbon zero-certified butter, which has been independently certified by Toit Envirocare to decrease and offset carbon emissions, was introduced by the New Zealand Dairy Cooperative and Anchor Fonterra.
Butter Key Market Trends
- The butter market has seen an increased focus on product innovation, including the introduction of flavored butters, spreadable butter, and butter blends. Manufacturers are also investing in packaging innovations to make butter more convenient and accessible to consumers.
Butter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global butter market is expected to continue growing in the coming years due to a combination of factors such as increasing consumer demand, expanding distribution channels, and product innovation. The market is also being driven by the popularity of natural and organic food products, rising demand for plant-based butter alternatives, and the trend towards sustainable and ethical production practices. There are also potential restraints that could limit the growth of the butter market, including health concerns, competition from butter substitutes, price volatility, availability of raw materials, and environmental concerns. The global butter market is a dynamic and evolving industry that is subject to a range of trends, challenges, and opportunities. As such, careful analysis and strategic planning will be necessary for manufacturers looking to capitalize on the growth potential of this market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 54.07 Billion |
| Market size value in 2031 | USD 69.33 Billion |
| Growth Rate | 2.80% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Butter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Butter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Butter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Butter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Butter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Butter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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