Asia-Pacific Plant-based Butter Market Outlook, 2028

Asia-Pacific is home to a wide range of dietary traditions, including vegetarianism and veganism, influenced by cultural, religious, and ethical beliefs. Plant-based butter caters to these diverse dietary preferences. Many Asian cuisines have traditionally used plant-based fats such as coconut oil, ghee (clarified butter), and palm oil in cooking. Plant-based butter alternatives often incorporate these familiar ingredients. Urbanization in many Asia-Pacific countries has led to changing lifestyles and dietary preferences. Plant-based butter is often more readily available in urban centers. In some countries, plant-based butter is used during traditional festivals and holidays to accommodate individuals with dietary restrictions while preserving cultural traditions. Cities in the Asia-Pacific region, such as Tokyo, Seoul, and Melbourne, have seen a surge in plant-based cafes and eateries, further promoting the use of plant-based butter in culinary creations. Street food vendors in many Asian cities have embraced plant-based butter for preparing popular snacks and street food items, offering convenient and affordable plant-based options to consumers. Some countries in Asia-Pacific have heritage foods that traditionally use dairy butter. The introduction of plant-based butter allows these foods to be enjoyed by individuals with dietary restrictions or ethical concerns. In India, Ayurvedic cooking principles emphasize balance and natural ingredients. Plant-based butter made from ingredients like ghee substitutes aligns with Ayurvedic dietary practices. Plant-based butter is used to create dairy-free versions of traditional Asian desserts like coconut-based sweets, mango sticky rice, and vegan pastries, catering to the region's sweet tooth. Popular tourist destinations in the region, such as Bali and Phuket, have become hubs for vegan food tourism, attracting visitors who seek plant-based dining experiences, including plant-based butter in various dishes. Some regions in Asia-Pacific have a long history of producing nut and seed butters, such as tahini, peanut butter, and almond butter. These traditional ingredients can be incorporated into plant-based butter formulations. According to the research report, "Asia-Pacific Plant-based Butter Market Outlook, 2028," published by Bonafide Research, the Plant-based Butter market is anticipated to grow during the forecast period. Growing awareness of health and wellness is driving consumers in the Asia-Pacific region to seek healthier dietary choices. Plant-based butter is perceived as a healthier alternative to traditional dairy butter due to its lower saturated fat content and cholesterol-free nature. Lactose intolerance is relatively common in Asia-Pacific populations. Plant-based butter, being dairy-free, provides a suitable option for individuals with lactose intolerance who still wants to enjoy buttery flavors and textures. Restaurants, cafes, and foodservice establishments are increasingly incorporating plant-based butter into their menus to cater to the growing demand from vegan and health-conscious diners. Younger consumers in the Asia-Pacific region are often early adopters of plant-based diets and products, driving the growth of the plant-based butter market through their preferences and purchasing power. The availability of recognized plant-based food certifications, such as vegan and vegetarian labels, helps consumers identify and trust plant-based butter products. The growth of plant-based meal delivery services in the region is introducing consumers to convenient plant-based meal options that often feature plant-based butter. Plant-based butter is a key ingredient in the creation of dairy-free desserts, such as vegan cakes, cookies, and ice creams, catering to the region's love for sweet treats. Convenience foods like plant-based spreads, sandwich fillings, and microwaveable meals are increasingly incorporating plant-based butter, making it easy for busy consumers to adopt plant-based options. Plant-based butter alternatives suitable for infants and children are gaining popularity, as parents seek dairy-free options for their families. As aging populations grow in the Asia-Pacific region, plant-based butter is marketed as a suitable option for seniors looking for nutritious and easy-to-digest foods.

China's large population, combined with rapid urbanization, has created a significant consumer base with diverse dietary preferences, including an increasing interest in plant-based options. Growing health and wellness awareness among Chinese consumers has driven the demand for healthier and plant-based alternatives. Plant-based butter is perceived as a healthier option due to its lower saturated fat content. The adoption of vegan and vegetarian diets has been on the rise in China, particularly among urban millennials and health-conscious individuals. Plant-based butter aligns with these dietary choices. During traditional Chinese festivals, plant-based butter is often used to prepare festival-specific dishes that cater to dietary preferences while upholding cultural traditions. Street food vendors in China have incorporated plant-based butter alternatives into popular snacks and street food items, making them more inclusive for consumers with dietary restrictions. Beyond food, plant-based butter ingredients like shea butter are used in natural health and beauty products, further increasing the prevalence and acceptance of these ingredients. In countries like China, plant-based butter is used in making dumplings, a beloved and iconic part of Chinese cuisine. Plant-based butter plays a role in various cultural festivals and rituals. For example, in Indian festivals like Diwali, plant-based ghee substitutes are used in religious offerings and sweets. Based on source type the market is divided into soy, almond, oats, coconut and others. The Asia Pacific region is known for its abundant coconut production, with countries like Indonesia, the Philippines, and India being major coconut producers. This ready supply of coconuts provides a consistent source of raw material for coconut-based products. Coconut is a staple ingredient in many Asian cuisines and has cultural significance in the region. The familiarity and preference for coconut flavors make coconut-based butters a natural choice for consumers. Coconut-based butter complements a wide range of traditional Asian dishes, including curries, stir-fries, and desserts. Its rich and creamy texture adds depth of flavor to these cuisines. Coconut-based butters are often perceived as healthier alternatives to dairy butter, as they are naturally dairy-free and can be lower in saturated fats. The potential health benefits of coconuts, such as medium-chain triglycerides (MCTs), have also contributed to their popularity. The Asia Pacific region has seen a growing interest in vegan and plant-based diets, driven by health, ethical, and environmental considerations. Coconut-based butter aligns with these dietary preferences. Coconut-based butters are inherently lactose-free, making them suitable for consumers with lactose intolerance. They are also free from common allergens like dairy and soy. In addition, Soy-based products have a long history of consumption in many Asian countries, including China, Japan, South Korea, and Indonesia. Soy has cultural significance and is a staple in traditional Asian diets. Soy is naturally high in protein, making soy-based butters an attractive option for consumers looking to incorporate more protein into their diets. This appeals to health-conscious individuals and those following vegetarian or vegan lifestyles Soy-based butters can be used in a variety of culinary applications, including baking, cooking, and spreading. Their versatility makes them a staple in many kitchens. Some soy-based butter brands focus on sustainable and ethical sourcing practices, addressing consumer concerns about the environmental and ethical aspects of soy cultivation. Asia-Pacific is a region known for its diverse cuisines and taste preferences. Consumers in this region appreciate a wide range of flavors in their food. Flavored plant-based butters can be tailored to suit specific regional and cultural dishes. They often incorporate traditional spices, herbs, and seasonings, appealing to local culinary traditions. Consumers are seeking variety and novelty in their food choices. Flavored plant-based butters provide an exciting twist to traditional butter alternatives. Flavored plant-based butters add depth and complexity to dishes, making them suitable for various culinary applications, including sautéing, roasting, and baking. The popularity of international cuisines, such as Italian, Indian, and Mexican, has influenced consumer preferences for flavored plant-based butters that complement these dishes. Flavored plant-based butters can also be used as spreads for plant-based cheese alternatives, catering to the growing demand for dairy-free cheese products. Flavored plant-based butters often come in ready-to-use formats, making meal preparation more convenient for busy consumers.

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Furthermore, the market is segmented into Hypermarkets and Supermarkets, Convenience Stores, E-Commerce and Others. The Asia-Pacific region has seen a shift in consumer lifestyles, with more people leading busy lives and seeking convenient food options. Convenience stores cater to this trend by offering quick and accessible solutions for on-the-go consumers. Many Asia-Pacific countries are experiencing rapid urbanization, resulting in higher population densities in cities. Convenience stores strategically located in urban areas serve as convenient stops for consumers who may not have easy access to larger supermarkets. Convenience stores often have extended operating hours or operate 24/7, providing consumers with flexibility in when they can purchase products like plant-based butter. This convenience is particularly valuable for those with non-traditional work schedules. Convenience stores offer a wide range of snacks and ready-to-eat foods, making them an ideal destination for consumers looking for quick snacks or meal components. Plant-based butter, including flavored varieties for spreading on bread or crackers, fits well into this snacking category. Recent product launches: • In March 2023, WhiteCub, a dairy-free pioneering food brand in India, announced the launch of it’s first-ever vegan butter product. The butter is made with a blend of cashews, coconut oil, and sunflower oil, and it is fortified with vitamins D and B12. • In May 2023, OmniFoods, a Hong Kong-based food company, launched its plant-based butter made with soy milk. The butter is said to be similar in taste and texture to dairy butter. • In June 2023, Follow Your Heart, a US-based vegan food company, launched its plant-based butter in Australia. The butter is made with a blend of oils and nuts, and it is said to be spreadable and versatile. • In July 2023, Viennetta, an Australian ice cream brand, launched vegan butterscotch spread. The spread is made with almond milk and coconut oil, and it is said to be dairy-free, gluten-free, and soy-free. Considered in this report • Geography: Asia Pacific • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Aspects covered in this report • Asia Pacific Plant-based Butter market Outlook with its value and forecast along with its segments • Country-wise Plant-based Butter market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Country covered in the report: • China • Japan • India • Australia • South Korea By Source Type • Soy • Almond • Oats • Coconut • Others By Flavour Type • Flavoured • Plain By Distribution Channel • Hypermarkets and Supermarkets • Convenience Stores • E-Commerce • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Essential Oil industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.