- A rising trend of butter fortification to enhance the nutritional value as well as flavor of the product is propelling market growth.
- Consumption of unprocessed butter will be growing at a higher rate during the forecast period due to rising awareness about demerits of processed food.
- 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 butter.
The Global Butter Market is expected to grow at a higher growth rate supported by diverse applications of butter for culinary purposes. A rising trend of butter fortification to enhance the nutritional value as well as flavor of the product is propelling market growth.
The Global Butter Market is projected to reach $5.91 billion by 2024 and grow at a significant CAGR of 3.1% during the forecast period, 2019-2024. Increasing demand for food ingredients to increase the organoleptic property of food is also influencing growth of the Butter Industry positively.
Rising sales of butter are driven mainly by its nutritional value and diverse application across the food industry. Furthermore, a rising trend of fast food consumption adds fuel to growth of the global butter market. Consumers’ hectic lifestyle is also propelling 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 positive growth of butter on the global level.
Consumption of unprocessed butter will be growing at a higher rate during the forecast period due to rising awareness about demerits of processed food consumption.
Top exporters of butter include New Zealand, the Netherlands, Ireland, Belgium, and Germany
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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.).
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 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 butter. In the Europe, the Netherlands dominates the butter market and exports the product to various other countries, which include Germany, France, Belgium, China, the U.K. and others.
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 due to increasing disposable income and high fast food consumption in developed countries of these regions is contributing to 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 growth of the market in these countries.