Butter Market Overview
The butter market is expected to reach USD 28.58 BN by 2032, registering 4.52% CAGR throughout the forecast period (2023-2032). 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.
Canada's butter market is witnessing moderate growth, driven by the increasing demand for high-quality dairy products. Butter is a staple ingredient in Canadian cuisine, used in cooking, baking, and as a spread. The market in Canada is characterized by the presence of key players offering a variety of butter products, including salted, unsalted, and cultured butters, to cater to the diverse preferences of consumers.
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 butter market 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.
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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