Butter Key Market Players, Revenue, Growth Ratio, and Forecast 2032
Butter Market Overview
The butter market is expected to reach
USD 28.58 BN by 2032, registering 3.95% CAGR throughout the forecast period
(2024-2032). 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 industry.
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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