Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats sector in BRICS has shown subdued growth, influenced by factors such as fluctuating dairy prices, changing consumer preferences towards healthier alternatives, and economic challenges impacting purchasing power.
Customer preferences: Consumers in the BRICS nations are increasingly gravitating towards plant-based and dairy-free alternatives, driven by health consciousness, environmental concerns, and ethical considerations. This shift is particularly pronounced among younger demographics, who are more inclined to explore options like vegan butter and spreads. Additionally, cultural influences are shaping preferences; for instance, traditional recipes are being adapted to include healthier fats, reflecting a blend of nostalgia and modern dietary trends. Convenience also plays a role, with busy lifestyles prompting a preference for ready-to-use, health-oriented butter substitutes in cooking and baking.
Trends in the market: In the BRICS nations, the Butter Market within the Oils & Fats sector is experiencing a significant shift towards plant-based and dairy-free alternatives. This trend is fueled by a growing health-consciousness and increasing awareness of environmental issues among consumers, especially younger demographics. Traditional recipes are evolving, incorporating healthier fat substitutes that cater to modern dietary preferences. Simultaneously, the demand for convenient, ready-to-use solutions is on the rise, reflecting busy lifestyles and a desire for healthier cooking options. These trends present substantial opportunities for industry stakeholders to innovate and adapt their product offerings to align with changing consumer behaviors and preferences.
Local special circumstances: In Brazil, the Butter Market within the Oils & Fats sector is shaped by a rich culinary tradition that emphasizes the use of dairy, yet an increasing number of consumers are gravitating towards plant-based alternatives due to rising health concerns and lactose intolerance. In India, the market is influenced by cultural preferences for ghee and traditional cooking methods, which are increasingly blending with modern dietary trends. Regulatory support for healthier food options is also promoting innovation, driving local producers to explore diverse ingredients that cater to regional tastes and nutritional needs.
Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector is significantly influenced by macroeconomic factors such as consumer income levels, import/export policies, and health trends. In Brazil, economic stability and rising disposable incomes are boosting demand for premium dairy products, while health-conscious consumers are shifting towards plant-based alternatives, impacting traditional butter sales. In India, the interplay of cultural preferences for ghee and government initiatives promoting food safety and nutrition is driving local production. Global fluctuations in dairy prices and trade agreements also affect market dynamics, influencing local pricing and availability, ultimately shaping consumer choices in both countries.
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)
