A recent study has found that between 2015 and 2019, dairy volumes slumped by around 300 million gallons, while consumption of plant-based alternatives saw a rise of around 50 million gallons. As per the Food Industry Association, around 30% of households are home to vegan, vegetarian, flexitarian, or pescatarian consumers, and this is leading to increased variety in retail.
The steadily increasing popularity of plant-based butter has led to brands experimenting with new flavours and sources. Plant-based butter is produced around the world from oat milk, rice milk, corn milk, soy milk, pea milk, almond milk, coconut milk, cashew milk, flax milk, and hemp milk among others, meaning that plant-based options offer a far wider range of flavours and brands than dairy can provide.
A new study by an ESOMAR-certified market research and consulting firm estimates the market to grow nearly 7% y-o-y in 2021. Online retail is set to see the biggest growth, and while demand from the food service sector is likely to fall due to lockdown, home consumption through online sales is expected to continue its growth.
“The plant-based butter market is a nascent phase and is being increasingly viewed as a high-potential product in the dairy alternative industry, as a healthy alternative to conventional fatty food products, which will aid growth in the market for the foreseeable future,” said a market analyst.
Key players
Conagra Brands Inc., Upfield Foods, Miyoko’s Creamery, Wayfare Food, Prosperity Organic Food Inc., Lyrical Foods Inc., Califia Farms, Premier Organics, Naturli Foods, Ekogram-the real food, Wildfriend Foods, The J.M. Smuker Co., The Leaviet Corp., Milkadamia, among others.
