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.
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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Some of the key players profiled in the global 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.)
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.
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