Rising sale of butter is driven majorly by its nutritional value and diverse application across the food industry. Furthermore, rising trend of fast food consumption adds fuel to growth of the global butter market. Hectic life style of consumers is also propelling the demand for processed and convenience foods. Butter is one of the key ingredients in convenience food and hence the growth of convenience food market is directly influencing the growth of butter on the global level, positively. The production and the consumption of butter is high in Europe and is projected to increase at a positive growth rate in various countries of Asia Pacific and North America over the given forecast period.
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The global butter market share is expected to grow at a higher growth rate supported by diverse application of butter for culinary purpose. Rising trend of butter fortification to enhance the nutritional value as well as flavor of the product is propelling the growth of this market. Increasing demand for food ingredients to increase the organoleptic property of the food is also influencing the growth of butter market, positively. Technological strides resulting in improved processing protocols of butter as well as to increase the shelf-life of the product is also adding fuel to the growth of this market.
All these factors will contribute to the estimated CAGR of 4.2% of butter market during 2017-2023.
On the basis of product-type, cultured butter holds a lion’s share in the global market based on fast and high production capacity obtained with the use of culture bacteria. However, based on rising demand for raw and authentic form of butter, the demand for raw cream butter is anticipated to grow at a high rate. Furthermore, based on the processing, processed butter dominates the market owing to high demand from bakery and confectionery food manufacturers.
Additionally, sale of butter through store based channels will hold a significant share in the global market. However, technological strides and consumers highly adopting advanced lifestyle might spur the sale through e-commerce.
The major key players in the butter market are
- Amul (India)
- Arla Foods (Denmark)
- Kraft Foods Inc. (U.S.)
- Land O’Lakes, Inc. (U.S.)
- FrieslandCampina (Netherlands)
- Dean Foods (U.S.)
- Organic Valley (U.S.)
Butter manufacturers across various regions are following the strategy of product innovations to add new and unique flavors to their product to penetrate the global market and to meet the growing demand for the product. Furthermore, key players are investing more in R & D sector to improve their existing products line and to enhance the quality as well as the shelf-life of the butter. In the Europe, the Netherlands dominates butter market and exports the product to various other countries, which include Germany, France, Belgium, China, the U.K. and others.
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The global butter market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe holds a major market share followed by North America. High demand for butter owing increasing disposable income and high fast food consumption from the developed countries of these regions is contributing to the positive growth of the butter market. France, Germany, Belgium, the Netherlands and Russia are the major importers of butter. Developed trading channels and high demand for bakery products are also driving the growth of the market in these countries.
Global Butter Market is Segmented by Processing, Product-Type, Distribution Channel and Region
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