Vegan Butter Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Vegan Butter Market is Segmented By Type (Peanut Butter, Soy Butter, Cashew Butter, Almond Butter, Hazelnut Butter, Others), By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-Commerce, Others), By End-User (Household, Food Processing, Foodservice Industry), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Market Overview

Global Vegan Butter Market reached USD 2.8 billion in 2022 and is expected to reach USD 4.2 billion by 2031 growing with a CAGR of 5.4% during the forecast period 2024-2031. The increasing vegan population and growing need for vegan products like butter is driving the global vegan butter market growth.

There is an increased health awareness among people worldwide. Consumers started spending more on functional and healthy foods to improve their health. The increased orientation toward clean labels and vegan products leads to the growth of the vegan butter market. The vegan butter is similar to normal butter in texture and taste and is highly nutritional, driving the market growth.

The key players in the market are innovating and introducing new varieties to attract the consumers. Most of the existing top brands are launching vegan butter and other vegan products to their product line to increase their company expansion in the vegan sector. For instance, in December 2021, Axia Foods, a Pune-based company, launched the world’s first plant-based butter with protein.

Market Scope

Market Dynamics 

Increasing Vegan Population Drives the Vegan Butter Market Growth.

The growing adoption of veganism and the rapid increase in the vegan population drives the vegan butter market growth. The increased awareness among people about the various benefits of a vegan diet has increased the vegan population worldwide. The World Animal Foundation estimates that there are approximately 88 million vegans in the world. 

The rise in awareness related to animal cruelty and its adverse environmental effect is expected to drive the vegan population, thereby increasing the global vegan butter market. The availability of healthful, and equally nutritious vegan products alternative to animal-based is increasing the market expansion. The increasing risk of diseases such as obesity and diabetes is increasing the consumer shift to a vegan diet, thus driving the vegan butter market.

Increasing Health Awareness Drives the Vegan Butter Market Growth

People worldwide are becoming health conscious and are shifting their preferences towards healthy food habits. The dairy butter is high in calories and fat, leading to several health issues, including obesity, hypertension, heart disease and cancer. People are looking for non-dairy butter as a healthier option, raising the market expansion. Normal butter typically has about 35% of saturated fat, whereas plant-based butter contains just 15%.

There are higher amounts of monounsaturated fats in plant-based butter, which is good for heart health. Thus this vegan butter forms a best better substitute for regular butter. aThe The American Heart Association stated that these monounsaturated fats are healthy. They can help in lowering bad cholesterol and also provide the body with minerals and antioxidants. Increased awareness among people about the health benefits of vegan butter is driving market growth.

The High Prices of Vegan Butter Restrain the Market Growth.

Most of the dairy-free butter are made with nuts and nuts. Various nut & seed-based butter, such as peanut butter, soy butter, and coconut oil-based butter, is much costlier than animal-based butter. The raw materials such as nuts and other vegetables used in the manufacturing of the vegan butter are expensive. The price fluctuations in the raw materials of vegan spreads and the shortage in production and availability hinder the vegan butter market. 

The low penetration of vegan butter in the market and continuous efforts to enhance the supply chain, and increased product innovation have led to product price increases. The high price reduces the sales of nuts and seed butter because the low and moderate-income class people avoid buying them and go for convenient products like animal butter restraining the market growth. In addition, allergies related to soy-based and peanut-based butter also hinder the market.

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Segment Analysis 

The global vegan butter market is segmented based on type, distribution channel, end-user, and region.

In the Vegan butter Market, the Peanut Butter Segment Holds the Largest Market Share. 

The global vegan butter market has been segmented by type into peanut butter, soy butter, cashew butter, almond butter, hazelnut butter, and others. The peanut segment held the largest vegan butter market share of 28.8% in 2022 in the vegan butter market analysis report. The rich nutrient content of the peanut butter is driving the segment’s growth.

The peanut butter is a good source of various nutrients. They contain fibres, proteins, and good fats. Various minerals such as phosphorous, zinc, and magnesium and vitamins like Vit B3 and Vit B6 are also available in them. The balanced fats, calories and other nutrients in the peanut butter help in controlling cardiovascular diseases. They are used widely in many breakfast recipes due to their rich flavour and texture. All these factors drive the target segment’s expansion.

Geographical Penetration

North America Held the Largest Share of the Global Vegan Butter Market.

The global vegan butter market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American vegan butter market held the largest market share of 38.6% in 2022 in the vegan butter market analysis. The increasing vegan trend in this region is driving the largest share of the region’s vegan butter market.

The rise of the vegan population has increased the penetration of vegan butter in this region. According to Animal Health Foundation, about 6 % of US population is vegan. The increasing vegan standards, rising urbanization, increased disposable income, and growing health concerns about animal-based products are driving this region’s vegan butter market.

Major Key Players

The major global players in the market include Amarlane Foods LTD, Earth’s Own Food Company, Jojoba Desert, Miyoko's Creamery, I Can't Believe It's Not Butter, Dr. Oetker, J Sainsbury plc, Califia Farms, LLC, NOW Foods, and Upfield. 

COVID-19 Impact Analysis

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

The COVID 19 pandemic majorly affected the vegan butter market and its supply chain across the world. The government lockdown regulations have decreased the demand from the food service sectors and increased the prices of products. The disruption in the import and export of the raw materials, and less availability of workers made it a difficult market. On the other hand, the increased shift in consumers for plant-based diets is accelerated by the pandemic.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food support and services industries as well. The COVID-19 pandemic is upending life, and the food support and services sector is seeing increased trends like vegan butter. The food businesses are launching innovative programs, including vegan butter, that are straightforward to utilize.

By Type

• Peanut Butter
• Soy Butter
• Cashew Butter
• Almond Butter
• Hazelnut Butter
• Others

By Distribution Channel

• Supermarkets & Hypermarkets
• Specialty Stores
• E-Commerce
• Others

By End-User

• Household
• Food Processing
• Foodservice Industry

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In June 2023, Naturli, a Danish vegan foods brand, announced the release of plant-based butter in US retails.
• In June 2023, Arla Foods announced the launch of plant-based variant of its butter brand Lurpak.
• In August 2022, WhiteCub, the dairy-free pioneering food brand in India, announced to launch of the first-ever WhiteCub vegan butter product.
• In June 2022, AAK Foodservice acquired ForA, a US-based plant-based butter company, to expand its plant-based product line. 

Why Purchase the Report?

• To visualize the global vegan butter market segmentation based on type, distribution channel, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of vegan butter market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Vegan Butter Market report would provide approximately 61 tables, 61 figures and 165 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies