The increasing popularity of bakery products and the versatility of salted butter in culinary applications are the factors projected to drive the global salted butter market's growth during the forecast period. The Asia-Pacific region is predicted to witness prominent growth by 2032.
WILMINGTON, Del., April 15, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Salted Butter Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global salted butter market generated $36.9 billion in 2022, and is anticipated to generate $56 billion by 2032, rising at a CAGR of 4.3% from 2023 to 2032.
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Prime Determinants of Growth
The growing popularity of bakery products and the shifting preference of consumers towards convenient cooking options are the factors expected to drive the growth of the global salted butter market in the forecast period from 2023 to 2032. However, the increasing health awareness among people and the growing usage of plant-based alternatives may hamper the market growth in the coming future. On the contrary, the versatility and ability of salted butter to enhance flavors and the expansion of distribution channels beyond retail outlets are expected to offer remunerative opportunities for the expansion of the salted butter market during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $36.9 billion |
Market Size in 2032 | $56 billion |
CAGR | 4.3 % |
No. of Pages in Report | 295 |
Segments Covered | Product, Application, Distribution Channel, and Region |
Drivers | Rising popularity of bakery products |
Shifting consumer preferences towards convenient cooking options | |
Opportunities | Expansion of distribution channels beyond traditional retail outlets |
Versatility in culinary applications | |
Restraints | Growing health awareness and rise of plant-based alternatives |
Product: Blocks Sub-segment to be the Most Dominant During the Forecast Period
The blocks sub-segment accounted for the largest global salted butter market share of 48.2% in 2022 and is expected to grow at the highest CAGR of 4.6% during the forecast period. The dominance of the blocks sub-segment in the global salted butter market is driven by several factors. Block salted butter offers convenience in storage, handling, and portioning, meeting diverse consumer needs for cooking and baking. Its rich flavor profile and natural preservative properties make it a versatile choice favored by both home cooks and professionals, contributing to its widespread popularity and market dominance.
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Application: Commercial Sub-segment to Flourish Immensely During the Forecast Period
The commercial sub-segment accounted for the largest market share of 54.6% in 2022 and is expected to dominate in terms of market share by 2032. This is mainly because salted butter's versatile applications across various industries, including bakeries, restaurants, and food processing units, highlights its widespread popularity. Its pivotal role in enhancing flavor profiles and textures in diverse culinary creations solidifies its position as a fundamental ingredient, driving its pervasive presence and demand in the commercial sector.
Distribution Channel: Offline Sub-segment to Witness Significant Growth by 2032
The offline sub-segment accounted for the largest share of 57.4% in the salted butter market in 2022 and is predicted to continue to maintain its dominance during the forecast period. Traditional distribution channels, such as supermarkets, retail outlets, and confectionary stores play a crucial role in ensuring widespread accessibility and consumer trust. Supermarkets offer convenience and variety, while retail outlets cater to local preferences, ensuring availability even in remote areas. Despite the rise of online platforms, the offline market's stronghold highlights the importance of personal interaction and product visibility in influencing consumer choices, contributing to the global market growth.
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Region: Asia-Pacific Market to Hold Major Share by 2032
The salted butter market in the Asia-Pacific accounted for the largest share of 51.6% in 2022 and is predicted to continue to maintain its dominance in terms of market share during the forecast period. This growth is mainly owing to the region's diverse culinary traditions, ranging from rich curries to delicate pastries, which showcases the versatile use of salted butter in local cuisines. As the consumers in the Asia-Pacific region are increasingly adopting Western cooking styles, the demand for salted butter is expected to increase. This reflects the region's growing influence on global food trends and solidifying its position as a key player in the global salted butter market.
Leading Players in the Salted Butter Market:
- Granarolo
- Crystal Farms
- Mainland
- Land O'Lakes
- Anchor
- Agral Butter
- Kerrygold
- Devondale
- Arla Foods
- Finlandia Cheese
The report provides a detailed analysis of the key players of the global salted butter market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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