Butter - Bosnia and Herzegovina | Statista Market Forecast

Revenue in the Butter market amounts to US$19.13m in 2024. The market is expected to grow annually by 8.09% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$7bn in 2024).
In relation to total population figures, per person revenues of US$5.99 are generated in 2024.
In the Butter market, volume is expected to amount to 1.90m kg by 2029. The Butter market is expected to show a volume growth of 6.2% in 2025.0.
The average volume per person in the Butter market is expected to amount to 0.45kg in 2024.

Definition:

Butter is a dairy product made up of several components, such as milk fat, milk proteins, and water. Butter contains a minimum of 80% fat and is widely used in baking and cooking, and as a flavor enhancer for a variety of dishes.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Salted butter
Unsalted butter
Cultured butter
Light butter
Flavored butter

Margarine
Vegetable oils
Other animal fats (e.g. lard)
Clarified butter (Ghee)
Peanut butter
Out-of-home consumption

The Butter Market within the Oils & Fats sector in Bosnia and Herzegovina is experiencing minimal growth, influenced by factors such as rising production costs, shifting consumer preferences towards healthier alternatives, and limited market innovation.

Customer preferences: Consumers in Bosnia and Herzegovina are increasingly prioritizing health-conscious choices, leading to a decline in traditional butter consumption in favor of plant-based spreads and low-fat alternatives. This shift is particularly pronounced among younger demographics who are influenced by global wellness trends and are more aware of dietary impacts on health. Additionally, the growing interest in sustainable and organic products is prompting consumers to seek out ethically produced options, further reshaping the butter market landscape.

Trends in the market: In Bosnia and Herzegovina, the Butter Market within the Oils & Fats sector is experiencing a notable shift as consumers increasingly opt for plant-based spreads and low-fat alternatives, reflecting a broader trend towards health-conscious eating. This change is particularly evident among younger consumers, who are influenced by global wellness movements and seek products that align with their dietary values. Additionally, the demand for sustainable and organic options is rising, compelling industry stakeholders to innovate and adapt their offerings to meet these evolving consumer preferences, thereby reshaping the competitive landscape.

Local special circumstances: In Bosnia and Herzegovina, the Butter Market within the Oils & Fats sector is shaped by unique local factors, including a rich culinary heritage that traditionally favors dairy products. However, economic transitions and a rising awareness of health issues have led consumers to explore alternatives. The regulatory environment is also evolving, with increased emphasis on food safety and labeling standards, which impacts product offerings. Additionally, the country's diverse ethnic backgrounds influence dietary preferences, driving demand for both traditional and modern, health-oriented spreads.

Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector in Bosnia and Herzegovina is significantly influenced by macroeconomic factors such as national economic stability, consumer income levels, and global dairy price fluctuations. The ongoing economic transition has led to fluctuating purchasing power, impacting consumer preferences towards premium dairy products versus alternatives. Additionally, fiscal policies aimed at supporting local agriculture can enhance domestic production, while international trade agreements may introduce competition from foreign butter producers. Health trends promoting low-fat diets are also reshaping demand, compelling producers to innovate and diversify their product lines to cater to evolving consumer expectations.

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.