The global butter market has grown significantly in the past few years and is forecast to reach a value of US$39bn by the end of 2029.
“In addition to its use for flavouring in various ready-to-eat food and drinks, butter continues to be an essential ingredient for cakes, cookies, wafers and biscuits,” according to a November butter market report from Persistence Market Research.
“Processed food manufacturers, bakery chefs and snack food manufacturers are experimenting with flavour profiles by infusing the inherent flavour of butter into a variety of products.”
Organic butter was projected to gain more traction during 2019-2029 due to the rise in health conscious consumers, the report said.
Leading European diary company Lactalis SA, for example, was offering salted and unsalted organic butter.
Arla Foods also acquired Yeo Valley in 2018, one of the largest organic butter and cheese brands in the UK.
Demand for white or unsalted butter was also growing in the food processing industry due to the demand for buttery flavoured snacks and cookies.
In addition, the butter market in East Asia was growing steadily, driven by demand from an increasingly urbanised population with higher incomes.
“In 2018, China was the largest importer of butter in East Asia,” the report said. “China’s import grew by 16% to 147,500 tonnes in 2018.”