As per the report published by Market Research Future (MRFR), the global vegan butter market is expected to garner a notable CAGR over the review period of 2018-2023.
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 Industry expansion that is anticipated to spur the growth curve of the market.
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. Due to the one-stop shopping experience and widespread availability of vegan butter in hypermarkets and supermarkets the store-based segment is expected to experience a rapid growth. The existence of powerful market players and the penetration of e-commerce in the food and beverage retail sector are factors likely to influence the non-store-based segment expansion.
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.
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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.
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