The global Butter Market, valued at USD 54.39 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 2.78% from 2024 to 2032, reaching USD 69.62 billion by the end of the forecast period. This growth is fueled by increasing consumer demand for processed foods, the rising popularity of premium butter products, and the expanding foodservice industry.
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Market Scope and Research Methodology
The comprehensive analysis of the global butter market by Straits Research encompasses historical data from 2020 to 2022, with 2023 as the base year. The forecast period extends from 2024 to 2032, providing insights into market trends, growth drivers, restraints, and opportunities. The research methodology includes primary and secondary data collection, market segmentation, and regional analysis to ensure accuracy and reliability.
The study highlights the impact of shifting consumer preferences, such as the growing demand for plant-based and lactose-free alternatives, while also emphasizing the sustained popularity of traditional butter in various culinary applications. The report also examines the role of innovation in product development and packaging, which is expected to shape the market’s future.
Key Growth Drivers
- Rising Demand for Processed Foods: The global food industry is witnessing a surge in demand for processed and convenience foods, including bakery products, confectionery, desserts, and ready-to-eat meals. Butter, as a key ingredient, plays a vital role in enhancing the flavor and texture of these products.
- Expansion of the Bakery Industry: The increasing consumption of baked goods such as cakes, bread, cookies, and biscuits is driving the demand for butter. Its versatility and unique properties make it indispensable in the production of confectionery and bakery items.
- Premium Butter Products: Consumers in developed economies are increasingly opting for premium butter varieties, such as organic butter, A2 milk-based butter, and additive-free options. This trend is supported by rising disposable incomes and a growing preference for high-quality, natural products.
- Growth in Foodservice and Retail Channels: The foodservice industry, including hotels, restaurants, and cafes, is a significant contributor to butter consumption. Additionally, the rise in home baking during the COVID-19 pandemic has boosted retail sales of packaged butter.
Regional Insights
The Asia-Pacific region dominates the global butter market, accounting for the largest share due to its rapidly growing population and increasing demand for dairy products. Countries like China and India are witnessing a surge in butter consumption, driven by the expansion of food processing industries and the adoption of Western dietary habits.
Europe is the fastest-growing market, with consumers showing a strong preference for premium and artisanal butter products. The region’s well-established foodservice industry and the popularity of baked goods further contribute to market growth.
Segmentation Analysis
- By Form: Spreads, blocks, liquid/oil, and others.
- By Category: Salted, unsalted, spreadable, and non-spreadable.
- By Product Type: Clarified butter, cultured butter, uncultured butter, standard butter, whipped butter, and others.
- By End-Use: Food processing, foodservice, food retail, bakery, dairy and frozen desserts, dressings and spreads, and others.
- By Distribution Channel: Direct and indirect.
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Key Players
- Arla Foods amba (Denmark)
- Dairy Farmers of America, Inc. (the US)
- Fonterra Co-operative Group (New Zealand)
- Organic Valley (US)
- Land O Lakes, Inc. (US)
- Lactalis Group (France)
- Royal FrieslandCampina N.V. (Netherlands)
- Delta Nutritive (India)
FAQs
- What is the current size of the global butter market?
The global butter market was valued at USD 54.39 billion in 2023. - What is the projected market size by 2032?
The market is expected to reach USD 69.62 billion by 2032. - Which region dominates the butter market?
The Asia-Pacific region holds the largest market share, driven by increasing demand for dairy products. - What are the key growth drivers for the butter market?
Rising demand for processed foods, expansion of the bakery industry, and the popularity of premium butter products are key growth drivers. - Who are the major players in the butter market?
Key players include Ornua Co-operative Limited, Arla Foods, Fonterra Co-operative Group, and Land O’Lakes, Inc.
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