Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Butter Powder Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global butter powder market continues to exhibit robust growth, with projections indicating an increase from $2.12 billion in 2023 to $2.25 billion in 2024, marking a 6.1% compound annual growth rate (CAGR). This trend is expected to persist, forecasting the market size to surge to $2.86 billion by 2028, supported by a steady CAGR of 6.2%. Key drivers for this growth include the product's extended shelf life, burgeoning demand in the convenience foods sector, and escalating disposable incomes amongst consumers.
Health Consciousness and Demand for Baking Products
A significant factor propelling the demand for butter powder is the growing health consciousness among consumers and the sustained demand for baking and cooking products. The butter powder market is benefiting from the evolving needs of the foodservice industry and consumer preference for vegan and plant-based dietary options. Advancements in production technologies and eco-friendly packaging are supplementing this upward trajectory.
Bakery Products Driving Demand
A notable rise in consumer demand for bakery products is fostering growth in the butter powder market. Butter powder, appreciated for its convenience and the authenticity of flavor it lends to bakery items, is a pivotal component in the industry. Appropriately, the Agriculture and Horticulture Development Board reported a rise in baking occasions, particularly in sweet home baking, signifying a direct impact on the butter powder market.
Product Innovation and Acquisitions
Leading companies within the market are channeling their efforts toward innovation, emphasizing additive-free and clean-label variants catering to the rising consumer preference for natural ingredients. Notably, Epi Ingredients unveiled an additive-free butter powder showcasing commitment to clean-label consumers. In parallel, strategic acquisitions, such as that undertaken by Lakeland Dairies with the acquisition of De Brandt Dairy International NV, are set to reinforce market positions and leverage opportunities in niche segments like premium texturized butter powder.
Geographical Insights
North America solidified its position as the most substantial contributor to the butter powder market in 2023. Nevertheless, the Asia-Pacific region is poised for rapid growth throughout the forecast period, reflecting an emerging market dynamism driven by local consumer patterns and regional economic development.
Product Types and Distribution Channels
The market manifests a variety of butter powder types, from salted to unsalted, across conventional and organic spectrums, catering to a wide range of culinary applications. Distribution channels spanning supermarkets, hypermarkets, and online retail are instrumental in delivering butter powder to diverse sectors, including bakery, confectionery, and snacks, as well as sauces and condiments.
The continued ascendancy of the butter powder market underscores its robust nature and its adaptability to the evolving culinary needs and preferences of consumers worldwide. The market's intrinsic versatility and the industry's focus on innovation and sustainable growth strategies signal a positive outlook for the future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $2.25 Billion |
| Forecasted Market Value (USD) by 2028 | $2.86 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/lwe42a
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