Butter is referred to the cream obtained by the churning of milk. Industrial grade butter is obtained by separating butterfat from buttermilk by the method of centrifugation. Butter has diverse application across the food industry and is considered as a key ingredient for culinary purpose majorly in bakery and confectionery industries. Additionally, it is is a good source of vitamins, minerals, and protein. Butter is available in various forms and type. Various regions follow their own traditional method for its production and hence the processing method differs across the countries. Moreover, developing economy and increasing demand for cross region cuisines is driving the market demand for butter across the countries.
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.
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.
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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.) and
- Organic Valley (U.S.)
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.
Consumption of unprocessed butter will be growing at a higher rate during the forecast period owing to rising awareness about demerits of processed food consumption
Top exporters of butter include New Zealand, the Netherlands, Ireland, Belgium, and Germany
Butter has been segmented on the basis of processing, which comprises processed and unprocessed. Processed butter is found to hold a major share owning to high industrial application majorly in bakery and confectionery industries.
Butter has been segmented on the basis of product-type, which includes cultured butter, uncultured butter, raw cream butter, salted butter, others. Among these segments, cultured butter segment dominates the global market based on high production capacity obtained (by adding culture) in shorter duration of time.
Butter has been segmented on the basis of distribution channel, which comprises store based (supermarkets/hypermarkets, specialty retailers, convenience stores, others), and non-store based (e-commerce). Sale through store based channels dominates the market due to convenient one-stop shopping experience of the consumers’.
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The global butter market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Europe accounts for the major market share followed by North America. High consumption of convenience food in the countries of these regions is influencing the high production volume of butter. Owing to changing food consumption pattern, butter market is projected to generate high revenue during the given forecast period.
Furthermore, rising demand for fast foods such as pizza, burger,s and others will support the sale of butter across the regions during the assessment period. The major importers of butter include France, Germany, Belgium, the Netherlands and Russia.
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