The global butter market is set to witness growth at a CAGR of 4.9% over the forecast period (2022-2032), topping a valuation of US$ 28.7 Bn by 2032.
Butter has a wider applicability in food industry and is used in making sauces or for frying and to the different packaged food items or snacks such as wafers and cookies. Consumers are experimenting different products with varied tastes and flavours. Hence, increasing demand for unique taste profiles by millennials is predicted to boost the market over the forecast period.
Demand for unique taste profiles and textures by millennials is expected to create opportunities for manufacturers of butter. Besides, the demand for butter is growing in the foodservice industry due to the increasing consumption of fast food in developing economies owing to the fast-paced lifestyles and higher expenditure over out-of-home food consumption.
Butter is used as a staple food item in households encouraging the manufacturers to launch various butter-based food items such as low-fat butter, spreadable butter, flavoured butter, to woo consumers. This is expected to create a larger customer base. Backed by the above-mentioned factors, demand for butter is predicted to increase at a higher rate in the coming decade.
Trend of homemade breakfast and lunch is being revived as numerous customers are striving to save money by opting for home-cooked meals instead of picking up meals on-the-go, which is anticipated to drive the butter market growth.”, says a Future Market Insights analyst.
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base.
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