Butter - Jamaica | Statista Market Forecast

Revenue in the Butter market amounts to US$10.32m in 2024. The market is expected to grow annually by 9.40% (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$3.65 are generated in 2024.
In the Butter market, volume is expected to amount to 886.40k kg by 2029. The Butter market is expected to show a volume growth of 4.4% in 2025.0.
The average volume per person in the Butter market is expected to amount to 0.25kg 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 Jamaica is witnessing minimal growth, influenced by factors such as fluctuating consumer preferences, competition from margarine, and economic constraints affecting purchasing power among households.

Customer preferences: In Jamaica, there is a noticeable shift towards healthier eating habits, with consumers increasingly favoring plant-based alternatives over traditional butter. This trend is influenced by a growing awareness of health issues linked to saturated fats, prompting individuals to explore margarine and other substitutes enriched with omega-3 fatty acids. Additionally, younger demographics are embracing convenience, seeking quick and versatile cooking options. Cultural influences, including a rise in veganism and vegetarianism, are further driving this transition, reshaping the landscape of the butter market within the Oils & Fats sector.

Trends in the market: In Jamaica, the Oils & Fats market is experiencing a pronounced shift as consumers gravitate towards healthier alternatives, particularly in the butter segment. This trend is characterized by an increasing preference for plant-based spreads and margarines, driven by heightened awareness of the health risks associated with saturated fats. The younger generation is prioritizing convenience, actively seeking versatile cooking solutions that align with their fast-paced lifestyles. Furthermore, the rise of veganism and vegetarianism is reshaping consumer choices, compelling industry stakeholders to innovate and diversify their product offerings to cater to this evolving demand.

Local special circumstances: In Jamaica, the Butter Market within the Oils & Fats sector is uniquely influenced by the island's rich agricultural traditions and cultural emphasis on local foods. The prevalence of coconut and other tropical oils presents a competitive landscape, encouraging innovation in plant-based spreads. Additionally, the growing awareness of health issues linked to traditional butter consumption is amplified by local health campaigns. Moreover, regulatory support for healthier food options, alongside a vibrant culinary scene that embraces diverse dietary preferences, is driving substantial shifts in consumer behavior and product offerings.

Underlying macroeconomic factors: The Butter Market within Jamaica's Oils & Fats sector is significantly shaped by macroeconomic factors such as agricultural productivity, import tariffs, and consumer purchasing power. Global trends, including the rising demand for health-conscious options, influence local production and import dynamics. Jamaica's economic health, characterized by fluctuating GDP growth and inflation rates, directly affects consumer spending habits and the affordability of butter alternatives. Furthermore, fiscal policies that promote local agriculture and food production bolster the market, while international trade agreements can alter pricing and availability, impacting overall consumption patterns in the region.

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.