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1 Market Overview
1.1 Definition and presentation
Butter is a solid emulsion of fat globules, air and water, obtained by churning milk or cream and used as a food or condiment in cooking or as an ingredient for cosmetic or medicinal products. As far as Italian law is concerned, butter is considered exclusively as a derivative of cow's milk, although there are other types of products such as those derived from buffalo or yak milk.
The world market for butter is expected to grow at a rapid pace with an annual growth rate of 4.52 percent until 2025. This growth is mainly explained by an increase in the use and demand for butter for food processing, but also by a general increase in demand for food products containing butter (e.g., pastries).
After a long period of stability, the butter market underwent a real explosion in 2020, registering a relentless increase not only in terms of sales volume but also in purchase frequency, significantly increasing its penetration among the Italian population.
The Italian butter market is characterized by high seasonality, the winter season, and in particular the months of December and January, being the period when the highest sales volumes are recorded. From a geographical point of view, butter consumption is quite homogeneous among the various Italian regions, showing that this food is increasingly conceived as an essential good by all types of families. In terms of distribution, supermarkets turn out to be Italians' favorite distribution channels for purchasing butter, followed by discount stores.
Among the many factors in the growth of the Italian market, we should definitely include the increased interest in particular types of butter such as lactose-free and organic butter, which, although they still remain market niches, are starting to become increasingly popular among the Italian population.
1.2 The global market
The size of the global butter market reached about $**.** billion in ****. The market is expected to grow at a CAGR of *.** percent between **** and ****, reaching a value of about $**.** billion by ****.
Among the different types of butter available worldwide, salted butter holds an important part of the global butter market share. ...
1.3 The Italian market
The Italian butter market showed a slight decline in ****, stabilizing at a similar value to the previous year. Butter production in Italy followed a similar trend, with a modest decrease in **** from the peak reached in ****.
Looking at the graph, it can be seen that butter production undergoes an increase in ...
1.4 Import-Export
Regarding trade, data regarding imports and exports refer to HS code:**** - Butter and other fats and oils derived from milk.
Italy is predominantly an exporter of these products, however, in some periods there were discrete increases in exports against smaller increases in imports. The highest coverage ratio was in ****; thereafter ...
1.5 Impact of the Russian-Ukrainian conflict
The outbreak of the Russian-Ukrainian conflict and the resulting inflation had a significant impact on the dairy industry and thus, also on the butter market.
In the face of shrinking supply andrising production costs there has been an equally extraordinary increase in the price of milk, which has continued to rise ...
2 Demand analysis
2.1 Demand in Italy
Istat's latest findings show a sharp decline in inflation from +*.* percent in May to +*.* percent in June, mainly as a result of falling energy goods prices. The level of inflation remains high, however, as prices of products in the so-called "shopping cart" continue to grow by +**.* percent in June, mainly driven ...
2.2 Demand drivers
Factors that can stimulate demand for butter are diverse, the main ones are listed below.
Food trends: culinary globalization has led to the fusion of flavors and ingredients from around the world. Butter has become a canvas for such global inspirations, with producers and chefs experimenting with flavors that reflect different ...
2.3 The geographical distribution of demand
Based on Istat data, the average monthly household expenditure concerning the item: butter and other oils and fats derived from milk, broken down by macroregion, is shown.
The value of expenditure is highest in northern areas (***), there may be slight price differences for some products, however, it is likely that the ...
3 Market structure
3.1 The market structure
The analysis of the butter market structure is carried out on the basis of data belonging to the category related to ATECO code **.**.* (***). Specifically, three different quantities are considered: number of active enterprises, number of employees, legal form of enterprises.
Looking at the number of active enterprises in the sector from ...
3.2 The value chain
The value chain of butter production includes several stages, which are summarized in the following image.
3.3 Distribution
The prevailing attitude of households detected by Ismea Markets is that of seeking convenience, resulting in brand disloyalty and nomadism between channels, in addition to a generalized reduction in volumes purchased.
The prevailing sales channel by volumes purchased of milk and dairy products remains the Supermarket (***), which accounts for more than ...
3.4 The main actors
The following are the main companies active in the dairy sector in Italy, referable to ATECO code **.**.*(***) and whose activity includes the production of butter.
Egidio Galbani s.r.l: a well-known Italian dairy company specializing in the production of a wide range of dairy products. Founded by Egidio Galbani, the ...
4 Supply analysis
4.1 Supply analysis
Butter is one of the most popular dairy products produced by churning cream or milk. The process is carried out by mechanically stirring the cream, causing the fat molecules to clump together and form butter. The remaining liquid is called buttermilk. The resulting butter is then generally washed and kneaded to ...
4.2 The prices
Following the price surge that took place in ****, there are currently the first signs of subsidence in relation to the dairy sector. Quotations in the first weeks of July confirm the downward trend, but market balance in the second half of the year will also depend on production trends.
With regard ...
4.3 New supply trends
The future of artisanal butter
Artisan butter has always been a mainstay of traditional cuisine. Customization and experimentation are two key words concerning the future prospects of artisanal butter. More and more chefs and culinary enthusiasts are experimenting with artisan butter to create customized versions.
A rise in flavored butter, where ...
5 Regulations
5.1 The legislation
Laws affecting butter, particularly in the European Union and Italy, can include several regulatory areas. The most important ones are listed below.
Definition of the product butter
As specified by Law No. *** of May **, ****, Butter is the product obtained from the cream obtained from cow's milk and to the product obtained ...
6 Positioning of actors
6.1 Segmentation
- Galbani
- Latteria Soresina
- Colla SPA
- Ambrosi s.p.a
- Zarpellon s.p.a
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