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The Anhydrous Milk Fat (Butter Oil) Market size is projected to increase by USD 1.57 billion and the market size is estimated to grow at a CAGR of 7.51% between 2023 and 2028.
The report includes a comprehensive outlook on the Anhydrous Milk Fat (Butter Oil) Market, offering forecasts for the industry segmented by Distribution Channel (offline and online), Product (conventional and organic), and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Rising consumer demand for premium and specialty products is the key factor driving market growth. The increase in the demand for these products is mostly driven by consumers' perceptions of these products' higher flavor and nutritional value, which raises consumption rates. Companies such as Fonterra, for example, have benefited from this trend by manufacturing superior butter oil that satisfies consumers' needs for outstanding flavor and nutritious content. Fonterra also aims to provide premium dairy ingredients to meet the growing demand for high-quality dairy products. Such companies represent the way the market in focus has responded to consumers' increasing demand for premium butter oil, which is expected to fuel the expansion of the global anhydrous milk fat (butter oil) market during the forecast period.
The Anhydrous Milk Fat (Butter Oil) Market shows an Accelerated CAGR during the forecast period.
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Increasing demand for clean label and natural products is the primary trend shaping market growth. The market is trending towards clean labels and natural goods, which is in line with consumers' increasing desire for nutritious and transparent components. In response, manufacturers are emphasizing the natural provenance and purity of their products. Moreover, to reassure customers of the inherent purity of their anhydrous milk fat (butter oil), they also publicly declare their commitment to strict quality and safety regulations.
Consequently, there is an upsurge in the demand for anhydrous milk fat (butter oil) products that satisfy consumer desires for authenticity and transparency by following the clean label trend. Such factors are expected to drive the growth of the global anhydrous milk fat (butter oil) market during the forecast period.
The price volatility of dairy products is a challenge that affects market growth. Numerous factors, such as changes in demand for dairy products, weather patterns, and worldwide supply swings, contribute to this unpredictability. For instance, unfavorable weather conditions such as droughts can affect milk production, which lowers the amount of raw materials available for the manufacture of anhydrous milk fat (butter oil).
Furthermore, abrupt price changes may result from variations in the demand for dairy products, which may be influenced by variables such as shifting customer tastes or the state of the economy. It may be difficult for market players like Fonterra, to plan their production, price, and supply chain logistics because of these outside variables which in turn will impede the growth of the global anhydrous milk fat (butter oil) market during the forecast period.
The conventional segment of anhydrous milk fat, or butter oil, is growing at a significant rate and has become the most prevalent product in the global anhydrous milk fat (butter oil) market. The growing need for natural and dairy-based products in the food and beverage industry serves as a significant driver for the growth of the market. Furthermore, as companies persist in investing in diversifying their product offerings and streamlining their manufacturing processes, the conventional anhydrous milk fat sector is expected to maintain steady demand and expand as a leading product type and hence drive the growth of the market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. Several factors, including the demand for instant product availability, individualized customer care, and the inclination of certain consumers towards in-person purchasing, are driving this inclination towards offline distribution channels.
The offline segment was valued at USD 1.72 billion in 2018.
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Furthermore, due to close proximity, some consumers have a higher propensity to purchase from convenience stores as compared with hypermarkets, supermarkets, or other e-commerce platforms. The ease of availability of products in platforms and the easy accessibility to outlets with a broad merchandise mix is estimated to drive the growth of the offline segment, thereby driving the growth of the market during the forecast period.
APAC is estimated to contribute 49% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In the APAC region, the growth is driven by factors such as the increased demand for processed foods, the growing desire of consumers for dairy products, and the expanding food and beverage industry. Furthermore, strong regional presence from businesses like Fonterra and Groupe Lactalis supports the regional market growth. Anhydrous milk fat is in high demand since it is a necessary component of the developing confectionary and baking industries in countries like China and India. Thus, such factors will drive the growth of the anhydrous milk fat (butter oil) market in APAC during the forecast period.
In 2020, the COVID-19 pandemic had a negative impact on the APAC anhydrous milk fat (butter oil) market. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. The APAC region's rising demand for butter oil products was fueled by factors such as rising consumer awareness of the health benefits of dairy fats, butter oil's use in baking and confections, and more. These trends are expected to continue and drive the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The anhydrous milk fat (butter oil) market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The anhydrous milk fat (butter oil) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Anhydrous Milk Fat (Butter Oil) Market Scope |
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Report Coverage |
Details |
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Page number |
149 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.51% |
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Market Growth 2024-2028 |
USD 1.57 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.35 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 49% |
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Key countries |
US, India, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Asha Ram and Sons Pvt. Ltd., Corlasa, DagangHalal.com, Dairy Farmers of America Inc., Eximcan Canada, Fonterra Cooperative Group Ltd., Food and Biotech Engineers India Pvt Ltd., Foodcom SA, Geris, Groupe Lactalis, Inner Mongolia Yili Industrial Group Co. Ltd., Interfood Corp., NUMIDIA BV, POLMLEK GROUP CENTRAL, Royal FrieslandCampina NV, Savencia SA, SG Foods, Synlait Ltd., Uelzena Group, and UGA Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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