“Global Butter Blocks Market to reach a market value of USD 41.2 Billion by 2031 growing at a CAGR of 3.3%”
The Global Butter Blocks Market size is expected to reach $41.2 billion by 2031, rising at a market growth of 3.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 2,487.5 Kilo Tonnes, experiencing a growth of 9.8% (2020-2023).
According to the International Trade Association (ITA) data, in 2023, the revenue of the retail industry in Mexico is estimated to be USD 76 billion, according to statistics from the Mexican Retailers’ Association, ANTAD. Share of retail sales in Mexico in 2022 was hyper stores (15%), discount stores (11%), cash and carry (9%), convenience stores (7.5%), pharmacies (8%), supermarkets (6%), food service (4%), and eCommerce (12%). Hence, North America region captured $5,351.5 million revenue in the year 2023. In terms of volume, North America consumed 400.9 kilo tonnes of butter blocks in 2023. Butter is a fundamental component in the gastronomy of North America, comprising a wide array of recipes that progress from sweet treats such as pastries and confections to savory preparations like sautéed vegetables, mashed potatoes, and sauces.
Artisanal butter blocks are prized for their rich, nuanced flavors, which result from factors such as the breed of cows, the quality of the milk, and the traditional methods of butter production. Consumers appreciate the authentic taste and aroma of artisanal butter blocks, which vary depending on regional and seasonal factors. Additionally, Advertising and marketing campaigns can educate consumers about the benefits of butter blocks, including their taste, versatility, and nutritional value. Therefore, increasing adoption of advertising and marketing strategies boosts the growth of the market.
Margarine and butter substitute often have lower prices than butter blocks, making them more appealing to cost-conscious consumers. This price difference can lead some consumers to opt for margarine or substitutes over butter blocks, particularly during economic uncertainty. Many margarine and butter substitute products are formulated to be vegetarian or vegan-friendly, appealing to consumers who follow plant-based diets or have ethical concerns about animal products. Hence, competition from margarine and substitutes can pose challenges for the market.
By application, the market is fragmented into baking, cooking, spreading, and flavoring. The baking segment procured 33% revenue share in the market in 2023. In terms of volume, 1,103.3 kilo tonnes of butter blocks would be utilized for baking. The baking segment drives innovation and creativity in the butter blocks market, inspiring chefs, bakers, and food manufacturers to develop new recipes, flavor combinations, and product offerings.
Based on distribution channel, the market is characterized by online stores, supermarkets & hypermarkets, departmental stores, and convenience stores. In 2023, the online stores segment recorded 23% revenue share in the market. In terms of volume, 936.3 kilo tonnes of Butter blocks would get sold online. Online stores often offer various butter blocks, including niche or specialty varieties that may not be readily available in traditional brick-and-mortar stores. Consumers can explore artisanal, organic, imported, or flavored butter blocks, catering to their preferences and dietary requirements.
On the basis of type, the market is classified into salted, unsalted, and others. The salted segment recorded 49% revenue share in the market in 2023. In terms of volume, it is expected that 1,628.4 kilo tonnes of salted butter blocks would be consumed by the year 2031. Salted butter blocks are a staple ingredient in cooking and baking due to their versatile flavor profile. They add depth and richness to various dishes, including sautéed vegetables, sauces, soups, and baked goods like cookies, cakes, and pastries.
Free Valuable Insights: Global Butter Blocks Market size to reach USD 41.2 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered 58% revenue share in the market in 2023. In terms of volume, 2,113.4 kilo tonnes of butter blocks would be consumed by the year 2031 in Asia Pacific. Demand for butter products has increased in the Asia-Pacific region as a result of urbanization, shifting dietary preferences, and the growth of the middle class, which has led to a greater disposable income. As Western cuisine gains popularity and lifestyles evolve, butter consumption has been on the rise.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 32.2 Billion |
| Market size forecast in 2031 | USD 41.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 3.3% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 339 |
| Number of Tables | 730 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Application, Region |
| Country scope |
|
| Companies Included | Fonterra Co-operative Group Limited, Kerry Group PLC, Royal FrieslandCampina N.V., Lactalis Group, Arla Foods, Inc., Amul (The Gujarat Co-operative Milk Marketing Federation Ltd.), Glanbia PLC, Danone S.A., Land O'Lakes, Inc., and Nestle S.A. |
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $41.2 billion by 2031.
Consumer Preferences for Natural and Artisanal Products are driving the Market in coming years, however, Competition From Margarine and Substitutes restraints the growth of the Market.
Fonterra Co-operative Group Limited, Kerry Group PLC, Royal FrieslandCampina N.V., Lactalis Group, Arla Foods, Inc., Amul (The Gujarat Co-operative Milk Marketing Federation Ltd.), Glanbia PLC, Danone S.A., Land O'Lakes, Inc., and Nestle S.A.
In the year 2023, the market attained a volume of 2,487.5 Kilo Tonnes, experiencing a growth of 9.8% (2020-2023).
The Supermarkets & Hypermarkets segment is leading the Market by Distribution Channel in 2023; thereby, achieving a market value of $14.1 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023; thereby, achieving a market value of $23.8 billion by 2031.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 