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.
By distribution channel, the global Vegan Butter market has been segmented into store-based, non-store-based. The store-based segment is further bifurcated into supermarkets & hypermarkets, convenience stores, and others. The store-based segment is projected to account for the larger market share due to the widespread availability of butters in supermarkets and hypermarkets. Moreover, there is a higher preference towards store-based channel among consumer as it provides a one-stop shopping experience. However, the non-store-based segment is projected to grow with the fastest CAGR due to the increasing penetration of e-commerce in food & beverage retail sector and regional presence of market players.
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Market Scenario and Key Restraints:
However, the nut butter segment is projected to grow with the highest CAGR during the forecast period owing to a hike in the number of peanut allergies and increasing awareness regarding the health benefits offered by various nuts such as almonds, cashews, macadamia, and others. The segment is expected to maintain its dominance throughout the forecast period and grow with the fastest growth rate. The segments dominance and fastest growth can be attributed to the convenience offered by tubs/cups during the consumption and application of butter.
The global Vegan Butter market has been segregated, by packaging type, into tubs/cups, jars/bottles, and others. The tubs/cups segment is projected to gain the major share, in terms of revenue, of the global Vegan Butter market. Based on type, the global Vegan Butter market has been segmented into vegetable butter, nut butter, and others. The vegetable butter segment is projected to garner the highest revenue share in the global Vegan Butter market due to high sales of various vegetable butters such as peanut butter, cocoa butter, and shea butter among others.
Some of the key players in the global Vegan Butter market are Miyoko’s (US), I Can’t Believe It’s Not Butter (US), Conagra Brands, Inc. (US), WayFare Foods (Montana), Prosperity Organic Foods, Inc. (Idaho), Naturli ‘Foods A / S (Denmark).
The Global Vegan Butter Market has been segmented on the basis of type, packaging type, distribution channel, and region.
The global Vegan Butter market has been divided, by type, into vegetable butter, nut butter, and others.
Based on packaging type, the global Vegan Butter market has been segregated into tubs/cups, jars/bottles, and others.
By distribution channel, the global Vegan Butter market has also been segregated into store-based, non-store-based. The store-based segment is further bifurcated into supermarkets & hypermarkets, convenience stores, and others.
The global Vegan Butter market has been segmented by region, into North America, Europe, Asia-Pacific, and rest of the world.
North America is expected to lead the global Vegan Butter market due to the rising trend of veganism in the region. In addition, the presence of several prominent market players in the region is also fueling the regional market growth.
Europe Vegan Butter market is projected to be the fastest-growing during the forecast period due to the surging consumption of natural & organic plant-based food in the region. Moreover, the region is witnessing a rise in the number of new product launches regarding vegan products.