Plant-based Butter Alternative is a non-dairy butter that is made by combining water with a plant derived oil. It is also referred to as vegan butter. Vegan butter is regularly added to food items possessing to upgrade nutrition which gets lost during food preparing.
According to the recent Persistence Market Research, the market for plant-based butter alternatives is set to notice steady market growth during 2021-2031. Increasing veganism awareness among individuals across the globe has been impacting the market with significant CAGR growth.
What is Driving Demand for Plant-based Butter Alternative?
The increased demand for convenience, processed and confectionery food products, has been triggering the global plant-based butter alternative market. The growing awareness for the safety of animals and adverse impact on the environment about the dairy industry is encouraging consumers to opt for vegan products.
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Therefore, companies are offering a broad range of plant-based alternatives to dairy butter where consumption of vegan products is developing many opportunities for the market key players in the food and beverages industry.
Further, the industry is seeing significant growth due to the rise in allergy from lactose cases, growing health awareness, changing consumer lifestyles. Consumers are adopting a vegan diet that has been contributing to the growth of the dairy alternatives market. Increasing consumption of ready-to-go meals, convenience food products, growing disposal income of the people is to drive the market.
Growing Preference for Dairy Products to Augment the Growth of the Plant-based Butter Alternative Industry
The rising demand for alternatives for milk-based butter that is used in fast food items is contributing to the growth of the vegan butter industry. Manufacturers in the sector are focusing on the diversification of product portfolios to enhance existing products’ taste, which is likely to help the market growth in the forecasted period.
Also, the demand is anticipated to further propel the continuous innovation towards butter alternatives and growing demand for plant-based options.
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What is the effect of Covid-19 on the Plant-based Butter Alternative Market?
The covid-19 pandemic has affected severely the market in all the regions. A lot of small-scale operators had to shut their business during the lockdown due to unavailability of recognition, a high level of competition, and disruption in the food delivery chain. Also, a lot of workers fled back to their country in distress due to fear. These were some of the main causes of the fall of the market for plant-based butter alternatives.
Apart from these, many consumers stopped ordering outside foods due to the increased threat of contracting the coronavirus.
The rumors, lack of knowledge, and fear of covid-19 impacted not only the market of plant-based butter alternatives but also the overall food chain market. Since in recent times, the pandemic has been taken control of due to the high speed of vaccination across the globe, things have changed and the market is now open up to certain limits.
US and Canada Plant-based Butter Alternative Outlook
According to the Persistence Market Research, North America is expected to see growth with a significant share in the industry. In North America, the US accounts for a major share of the market owing to the thriving food and beverages industry in the region. According to a report by the Good Food Institute, the sales of plant-based butter in the United States has jumped by 15% between 2017 and 2019.
Moreover, the Cornell University study stated that over 10% of the American population is lactose intolerant, and hence this factor impacting the sales of plant-based butter in the region.
Asia Pacific Demand Outlook for Plant-Based Butter Alternative
According to a report from the government of India, 30% of the population is either vegetarian or vegan, and a substantial percentage is Lacto-vegetarian. Such a trend will influence the sale of plant-based butter in the region.
Moreover, the foodservice industry is also witnessing prominent growth as many restaurants and fast-food chains are using various types of butter in their food items due to the increasing popularity of plant-based butter. The Asia-Pacific region is being expected to witness prominent growth in the forecasted period, owing to increasing disposable incomes and the high population in the region.
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