Butter - G20 | Statista Market Forecast

Revenue in the Butter market amounts to US$34.31bn in 2024. The market is expected to grow annually by 6.51% (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$6.90 are generated in 2024.
In the Butter market, volume is expected to amount to 4.02bn kg by 2029. The Butter market is expected to show a volume growth of 3.5% in 2025.0.
The average volume per person in the Butter market is expected to amount to 0.68kg 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 the G20 has exhibited minimal growth, influenced by factors such as changing consumer preferences, health considerations regarding saturated fats, and the rise of plant-based alternatives impacting demand.

Customer preferences: Shifts in consumer preferences within the Butter Market of the Oils & Fats sector in the G20 reflect a growing inclination towards health-conscious and sustainable choices. Younger demographics are increasingly favoring plant-based spreads, driven by environmental concerns and dietary restrictions. Additionally, cultural influences are shaping the demand for organic and artisanal butter products, as consumers seek authenticity and quality. The rise of culinary exploration, particularly among millennials, has also contributed to a renewed interest in specialty butter, prompting brands to innovate with flavor profiles and sourcing transparency.

Trends in the market: In the G20, the Butter Market within the Oils & Fats sector is experiencing significant shifts as consumers increasingly prioritize health and sustainability in their food choices. The demand for plant-based spreads is rising, particularly among younger consumers who are motivated by environmental concerns and dietary preferences. Concurrently, there is a notable interest in organic and artisanal butter products, driven by a desire for authenticity and high-quality ingredients. This culinary exploration, especially among millennials, is prompting brands to innovate with unique flavor profiles and enhanced sourcing transparency, signaling a transformative phase for industry stakeholders.

Local special circumstances: In France, the Butter Market within the Oils & Fats sector is shaped by a deep-rooted culinary tradition that values high-quality dairy products. The country's rich history of artisanal butter making fosters a strong demand for local, organic options, with consumers seeking authenticity and regional specialties. Regulatory frameworks promoting sustainable farming practices further enhance this trend. In contrast, in Argentina, the market is influenced by a strong meat-centric culture, where butter is often viewed as a complementary ingredient, leading to different consumer preferences and product offerings.

Underlying macroeconomic factors: The Butter Market within the Oils & Fats sector is significantly influenced by overarching macroeconomic factors such as global dairy price fluctuations, national economic stability, and consumer purchasing power. In France, a robust economy and high disposable incomes support a preference for premium, locally-sourced butter, driving demand for artisanal and organic products. Conversely, Argentina's market is shaped by economic volatility, inflation, and a focus on meat production, which can limit consumer spending on dairy. Furthermore, fiscal policies promoting sustainable agriculture in France contrast with Argentina's market dynamics, affecting investment in butter production and innovation.

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.