Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market in the Oils & Fats sector within The Food market in Asia is experiencing subdued growth due to factors such as fluctuating dairy prices, changing consumer preferences towards plant-based alternatives, and economic challenges impacting purchasing power.
Customer preferences: Consumers in Asia are increasingly gravitating towards healthier and more sustainable food options, leading to a decline in traditional butter consumption. This shift is fueled by a growing awareness of health issues related to saturated fats, prompting many to explore plant-based spreads and alternatives. Additionally, younger demographics, influenced by social media and a desire for innovative flavors, are opting for artisanal and specialty butter products, reflecting a blend of tradition and modern culinary trends. This evolving landscape highlights the need for brands to adapt to changing tastes and health-conscious choices.
Trends in the market: In Asia, the Butter Market within the Oils & Fats sector is experiencing a significant transformation as consumers prioritize health and sustainability. The decline in traditional butter consumption is driven by rising concerns over saturated fat intake, prompting a surge in demand for plant-based spreads and butter alternatives. Concurrently, younger consumers are increasingly drawn to artisanal and specialty butter products, embracing innovative flavors and unique sourcing stories. This dual trend underscores the necessity for industry stakeholders to innovate and adapt their product offerings, aligning with health-conscious choices and the evolving preferences of a more diverse consumer base.
Local special circumstances: In Japan, the Butter Market within the Oils & Fats sector is influenced by a strong cultural preference for traditional ingredients, with consumers gravitating towards locally sourced dairy products. The rise of health consciousness, particularly among urban populations, has sparked interest in low-fat and functional butter options fortified with vitamins. Additionally, regulatory measures promoting sustainable farming practices are steering the market towards organic and ethically produced butter, enhancing its appeal to environmentally aware consumers. This unique blend of tradition, health, and sustainability shapes the dynamics of the Japanese butter market.
Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector in Japan is shaped by macroeconomic factors such as fluctuating dairy prices, consumer spending patterns, and national economic stability. Economic growth in Japan has led to increased disposable incomes, allowing consumers to invest in premium, locally sourced butter products. Additionally, global trends towards health and wellness are influencing local preferences, prompting a shift towards functional and low-fat options. Fiscal policies promoting sustainable agriculture and eco-friendly practices further enhance the market’s appeal, as environmentally conscious consumers seek ethically produced dairy. These dynamics collectively influence the performance and growth of the butter market in Japan.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
