Butter Blocks Market to Reach $45.2 Billion Globally by 2032 at 3.4% CAGR: Allied Market Research
The globalization of food cultures, rising consumer demand for versatile & delicious dairy products, and are the factors projected to drive the global butter blocks market’s growth during the forecast period. The Asia-Pacific region is expected to be most lucrative by 2032.
Wilmington, Delaware, April 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, *“**Butter Blocks Market** Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2023-2032.”* According to the report, the global butter blocks market generated $32.4 billion in 2022, and is anticipated to generate $45.2 billion by 2032, rising at a CAGR of 3.4% from 2023 to 2032.
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*Prime Determinants of Growth*
The growing consumer demand for versatile and delicious dairy products, globalization of food cultures, and the globalization of food cultures are the factors expected to drive the growth of the global butter blocks market in the forecast period from 2023 to 2032. However, the growing health concerns and the consumer shift towards healthier alternatives to high-fat products may hamper market growth. On the contrary, technological advancements in packaging & design and the growing popularity of natural & authentic food products are expected to offer remunerative opportunities for the expansion of the butter blocks market during the forecast period.
*Report Coverage & Details:*
*Report Coverage* *Details*
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022 $32.4 billion
Market Size in 2032 $45.2 billion
CAGR 3.4%
No. of Pages in Report 310
Segments covered Type, Application, Distribution Channel, and Region
Drivers · Increasing consumer demand for versatile and delicious dairy products
· Globalization of food cultures
· Versatility of butter blocks in culinary applications
Opportunities · Advancements in packaging technology and design
· Growing popularity of natural and authentic food products
Restraints Health concerns regarding the negative impact of butter consumption
*Type: Salted Sub-segment to Flourish Immensely by 2032*
The salted sub-segment accounted for the largest global butter blocks market share of 50.9% in 2022 and is expected to continue to maintain its dominance in terms of major market share by 2032. The dominance of the sub-segment is driven by salted butter block’s health benefits, including essential nutrients crucial for bone and dental health, its potential to enhance the immune system and protect against diseases, and its savory flavor that elevates dishes. Additionally, salted butter offers skincare benefits, nourishing the skin, nails, and hair, making it a versatile ingredient in both kitchens and beauty routines, thus contributing to its market growth.
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*Application: Baking Sub-segment to be the Most Dominant During the Forecast Period*
The baking sub-segment accounted for the largest market share of 34.4% in 2022 and is expected to grow at the highest CAGR of 4.0% during the forecast period. This is mainly owing to the butter’s essential role in baking. Butter contributes to the texture and moisture of baked goods, aids in the leavening process, and provides stability to cookies and biscuits. Temperature control is crucial, with different forms of butter used for various baking techniques. Additionally, butter blocks offer versatility for flavor infusion, inspiring creativity and innovation in baking recipes worldwide.
*Distribution Channel: Supermarkets/ Hypermarkets Sub-segment to Hold Major Market Share by 2032*
The supermarkets/hypermarkets sub-segment accounted for the *largest market share* of 37.3% in 2022 and is expected to continue to hold major share by 2032. This is majorly because of factors, such as competitive pricing, convenience, and quality assurance. These retail giants offer competitive pricing strategies, attracting budget-conscious consumers. Moreover, their emphasis on quality assurance and reputation ensures customers trust the freshness and authenticity of the butter blocks. This combination of affordability and quality contributes to the preference for hypermarkets/supermarkets as the primary distribution channel for butter blocks.
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*Region: Asia-Pacific Market to be Most Prominent During the Forecast Period*
The butter blocks market in the Asia-Pacific region accounted for the largest share of 57.3% in 2022 and is predicted to rise at the highest CAGR of 3.7% during the forecast period. This growth is mainly because the butter blocks are integral to Asian culinary traditions, enhancing the taste of various dishes and holding symbolic significance in rituals and celebrations. Besides, butter’s rich fat content provides energy and essential nutrients, contributing to its widespread consumption. Moreover, cultural traditions and beliefs surrounding butter further drive its popularity in the Asia-Pacific region, making it a staple in diets and festivities.
*Leading Players in the Butter Blocks Market:*
· Dean Foods
· Grassland Dairy Products, Inc.
· Nestle S.A.
· Fonterra Co-operative Group Limited
· Arla Foods amba
· Megmilk Snow Brand Co., Ltd.
· FrieslandCampina
· land o'lakes, inc.
· Lactalis Group
· Danone S.A, Kerry Group
The report provides a detailed analysis of the key players of the global butter blocks market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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