Globalization of food culture, rising consumer demand for versatile and delicious dairy products are the factors anticipated to drive the growth of the global butter block market during the forecast period. The Asia-Pacific region is expected to be the most lucrative by 2032.
WILMINGTON, Del., April 10, 2024 (Globe Newswire) — Allied Market Research recently released a report titled: “butter block market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global butter block market generated $32.4 billion in 2022 and is expected to generate $45.2 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032.
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Key determinants of growth
Rising consumer demand for versatile and delicious dairy products, globalization of food culture are the factors expected to drive the growth of the global butter blocks market during the forecast period 2023-2032. Concerns and consumer shift towards healthier alternatives to high-fat products may hinder market growth. On the contrary, technological advancements in packaging and design and rising popularity of natural and authentic food products are expected to provide rewarding opportunities for expansion of the butter blocks market during the forecast period.
Report scope and details:
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Report scope |
detail |
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Forecast period |
2023-2032 |
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base year |
2022 |
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Market size in 2022 |
$32.4 billion |
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Market size in 2032 |
$45.2 billion |
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CAGR |
3.4% |
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Number of pages in the report |
310 |
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Target segment |
Type, application, distribution channel, and region |
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driver |
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opportunity |
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restraints |
Health concerns regarding the negative effects of butter consumption |
Type: Salted subsegment to flourish significantly by 2032
The salted sub-segment accounted for the largest share of 50.9% in the global butter block market in 2022 and is expected to continue to maintain its dominance in terms of major market share until 2032. The sub-segment dominance is driven by the share of salted butter blocks. It contains health benefits including essential nutrients essential for bone and teeth health, the potential to strengthen the immune system and protect against disease, and a savory flavor that complements dishes. Additionally, salted butter has skin care benefits, nourishing the skin, nails, and hair, making it a versatile ingredient in both the kitchen and beauty routines, contributing to market growth.
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Application: Baking subsegment will become the most dominant during the forecast period
Baking sub-segment accounted for the largest market share of 34.4% in 2022 and is expected to grow at the highest CAGR of 4.0% during the forecast period. This is mainly due to the important role of butter in baking. Butter contributes texture and moisture to baked goods, aids in the fermentation process, and provides stability to cookies and biscuits. Temperature control is very important because different forms of butter are used for different baking techniques. Additionally, butter blocks offer versatility for injecting flavor, inspiring creativity and innovation in baking recipes around the world.
Distribution Channel: Supermarket/hypermarket subsegment to hold major market share by 2032
Supermarket/Hypermarket sub-segments are: largest market share It is expected to reach 37.3% in 2022 and remain the leading market share until 2032. This is mainly due to factors such as competitive pricing, convenience, and quality assurance. These retail giants offer competitive pricing strategies to attract budget-conscious consumers. Additionally, our focus on quality assurance and reputation ensures that our customers can trust the freshness and authenticity of our butter blocks. This combination of affordability and quality favors hypermarkets/supermarkets as the primary distribution channel for butter blocks.
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Region: Asia-Pacific market will be most prominent during the forecast period
The butter block market in Asia Pacific accounted for the largest share of 57.3% in 2022 and is projected to rise at the highest CAGR of 3.7% during the forecast period. The main reason for this growth is that butter blocks are integral to Asian culinary traditions, enhance the flavor of various dishes, and have symbolic importance during rituals and celebrations. Additionally, the rich fat content in butter provides energy and essential nutrients, contributing to its widespread consumption. Furthermore, the cultural traditions and beliefs surrounding butter have further increased its popularity in the Asia-Pacific region, making it a staple of dietary and festival rituals.
Key players in the butter block market:
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dean foods
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Grassland Dairy Products Co., Ltd.
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Nestlé SA
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FONTERRA COOPERATIVE GROUP LIMITED.
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Arla Foods Amba
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Megmilk Snow Brand Co., Ltd.
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Friesland Campina
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Land O'Lakes Co., Ltd.
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lactalis group
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Danone SA, Kerry Group
This report offers an in-depth analysis of key players in the global Butter Blocks market. These players are adopting various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to increase their market share and maintain their dominance in different regions. The report helps to introduce the competitive scenario by highlighting business performance, business segments, product portfolio, and strategic moves of market players.
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