Key regions: Canada, Japan, United Kingdom, South Korea, United States
The Butter Market within the Oils & Fats sector in The Food market in India is experiencing subdued growth, influenced by shifting consumer preferences, rising health concerns, and competition from alternative spreads that challenge traditional butter consumption.
Customer preferences: In India, consumers are shifting towards health-conscious diets, prompting a decline in traditional butter consumption. This trend is particularly evident among younger, urban demographics who prioritize plant-based alternatives and spreads perceived as healthier. Additionally, the rise of veganism and lactose intolerance awareness is steering preferences away from dairy products. Furthermore, increasing interest in clean-label and organic foods is influencing purchasing decisions, as consumers seek transparency and quality in their dietary choices, reshaping the butter market landscape.
Trends in the market: In India, the Butter Market within the Oils & Fats sector is experiencing a notable shift towards plant-based alternatives, driven by health-conscious consumers, particularly in urban areas. The increasing awareness of lactose intolerance and the rise in veganism are pushing consumers away from traditional dairy products. Additionally, there is a growing demand for clean-label and organic options, as consumers prioritize transparency and quality. This trend is reshaping purchasing behaviors, compelling industry stakeholders to innovate and diversify product offerings to align with evolving consumer preferences, ultimately impacting market dynamics and competition.
Local special circumstances: In India, the Butter Market within the Oils & Fats sector is significantly influenced by regional culinary traditions that prioritize the use of ghee and other local fats, which impact consumer preferences. The country's diverse cultural landscape fosters varying attitudes towards dairy and plant-based alternatives, with some communities deeply rooted in traditional dairy consumption. Regulatory initiatives promoting health and nutrition are also reshaping the landscape, encouraging the adoption of fortified and organic butter options, thus driving innovation and competition among industry players.
Underlying macroeconomic factors: The Butter Market within India’s Oils & Fats sector is shaped by macroeconomic factors such as agricultural productivity, consumer income levels, and changing dietary patterns. Economic growth, alongside rising disposable incomes, has led to increased demand for butter and dairy products, as consumers seek quality and variety. Fluctuating prices of raw materials, influenced by global commodity trends, also affect production costs. Moreover, government initiatives promoting dairy farming and self-sufficiency enhance local production capabilities, while health campaigns focusing on nutrition are pushing consumers towards healthier butter options, thereby impacting market dynamics significantly.
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.
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