Vegan Butter Market Developments Factors, Revenue Generation Model and Business Segment Overview To 2023
Vegan butters are the spreads made from various plant-based sources such as vegetables and nuts. These spreads are highly nutritional with high good fat content and are used as a substitute to dairy butter by the surging vegan population. Vegan butters are witnessing an increasing shelf space in various retail stores across the globe due to the increasing consumption of vegan butter in both food retail and food service sector. Several hotels and restaurants are consuming plant-based butters to cater the rising demand for vegan menu.
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butter is derived from cow’s milk. But, vegan butter, commonly labeled as margarine are made from plant sources. They contain high fat content and similar nutritional value as to butter obtained from cow’s milk. This makes it popular among the vegan population. The growing number of vegan population due to shift in food consumption pattern is prompting the rate of adoption of vegan butter. Another significant cause boosting the use of vegan butter is the growing concern of people towards animals. MRFR identified these factors to cast a positive impact on the global vegan butter market expansion that is anticipated to spur the growth curve of the market.
MRFR enlisted some of the prominent companies operating in the vegan butter market. They are Naturli ‘Foods A / S (Denmark), Conagra Brands, Inc. (US), WayFare Foods (Montana), Miyoko’s (US), I Can’t Believe It’s Not Butter (US), Prosperity Organic Foods, Inc. (Idaho), and I Can’t Believe It’s Not Butter (US) among others.
The segmental study of the global Vegan Butter Market provides indispensable insights into the market that helps in the identification of several growth windows. The vegan butter market study has been segmented into distribution channel, packaging type, and type.
On the basis of distribution channel, the global vegan butter market is segmented into store based and non-store based. The store-based segment is further bifurcated into convenience stores, supermarkets & hypermarkets, and others.
On the basis of packaging type, the global vegan butter market has been segmented into jars/bottles, tubs/cups, and others. The tubs/cups segment is expected to grow with a considerable CAGR over the review period and maintain its dominance throughout owing to the increase in number of vegan butter consumers and its numerous applications.
On the basis of type, the global vegan butter market has been segmented into nut butter, vegetable butter, and others. The vegetable butter segment is expected to generate the highest revenue and proliferate at a rapid rate due to high number of sales of different vegetable butter like peanut butter, coca butter, shea butter, and others. The nut butter segment, owing to the increase in awareness of health benefits of various nuts like almond, macadamia, cashews, and others, is likely to register the highest CAGR over the evaluation period.
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The demographic insights of the vegan butter market offer a proper understanding of the dynamic influencing the regional market growth. On the basis of region, the market has been segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW).
The surge in number of vegans is triggering an increase in sales of plant-based products in North America. This is likely to foster the vegan butter market growth in the region. MRFR forecast vegan butter market to grow with a significant CAGR over the forecast period. Similarly, the growing concerns regarding animals is increasing the adoption of vegan butter among the European population. This is predicted to spur the European vegan butter market in the coming years.