Butter Market size is expected to reach USD 61.94 billion by 2028

 Butter Industry Overview

The global butter market size was valued at USD 51.61 billion in 2021 and is projected to grow at 2.6% from 2022 to 2028.

 

The global market growth is significantly driven by the increasing demand for the product. Increasing manufacturing of food products and expansion of the foodservice industry are also expected to boost the market over the forecast period. Increasing consumption of bakery and confectionery products across the world is also expected to facilitate the growth of the product, where the butter is mainly used for tenderness and flavored shortening. Moreover, market growth is also driven by the rising trend of home baking. The home baking trend soared in popularity during the pandemic and is expected to remain strong.

 

Gather more insights about the market drivers, restrains and growth of the Global Butter Market

 

Technological development and advancement like the IoT in the transportation of butter and other milk products to ensure safe handling is propelling the market growth. However, in the U.S., government agencies such as the U.S. Department of Agriculture (USDA) and the Food and Drug Administration (FDA) have introduced multiple federal regulations and guidelines for butter and related product manufacturers. The published federal guidelines and rules ensure the quality of dairy products up to the hygienic standards for consumption. 

 

The rising health concerns and increasing awareness about the benefits of milk products such as butter among consumers across the globe are major driving factors of the market growth over the forecast period. Butter can be included in moderation as a part of a balanced diet and may even be associated with several health benefits. In addition to this, the rising product introduction of low fat, low calories, and low cholesterol butter products in the global market is leading to consumer reach expanding to a wider group. Health-conscious and fitness enthusiast consumers are now able to consume these low fat, low calories butter, which is expected to accelerate the market growth over the forecast period.

 

Furthermore, the growing middle-class population coupled with increasing disposable income and urbanization across the globe are supporting the market growth over the forecast period. The rise in consumer purchasing power is expected to increase spending on bakery and confectionery products. Additionally, the continuous development of innovative products and attractive packaging is likely to increase the demand for dairy products in emerging economies.

 

The market growth is majorly affected by the fluctuating production and prices of raw materials. The fluctuating prices of the raw material are likely to impact the end prices of butter products. For instance, in 2018, drought-affected Europe’s production of milk declined due to limited grass growth, and prices increased. This also affected the production of butter in the European region.

 

Browse through Grand View Research's Consumer F&B Industry Research Reports

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Key Companies Profile

Some of the key players in the global butter market include:

  • Lactalis International
  • Fonterra Co-operative Group
  • Ornua Co-operative Limited
  • Organic Valley
  • Dairy Farmers of America, Inc.
  • Amul Dairy, Anand
  • Meadow Foods Ltd.
  • Arla Foods amba
  • MS Iceland Dairies
  • Muller

 

Order a free sample PDF of Butter Market Intelligence Study, published by Grand View Research. 

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