Shea Butter Market

GMI Research analysis indicates that the Shea Butter Market size was estimated at USD 1,564 million in 2022 and is slated to register a single digit CAGR of 6.9% over the forecast period, and is projected to reach USD 2,668 million in 2030

Shea Butter Market Overview

Shea butter is a fat extracted from the nut of the African shea tree and is widely used in different products such as personal care, cosmetics, bakery, and pharmaceuticals. Its high concentration of vitamins and fatty acids combined with its easy to spread consistency feature makes it a perfect product for smoothing and conditioning the skin. Shea butter contains oleic fatty acids, vitamins A, E & F, triglycerides, and cetyl esters, which helps in maintaining and locking the moisture of the skin. In addition to this, shea butter provides numerous benefits to health, such as repairs damaged hair, soothes muscle aches, reduces the level of cholesterol, protects against UV radiations, and is an excellent alternative to coconut oil or olive oil used in cooking. Shea butter Market

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Major Shea Butter Market Drivers

The major factor contributing towards the growth of the Global Shea Butter market is the rising consumption of chocolate and bakery products across the globe. With the shift in the taste & preference, the consumers have started looking for alternatives of cocoa butter, edible vegetable oils, and fats. The bakery and confectionery manufacturers are widely using shea butter as an alternative for cocoa butter due to the high prices of cocoa. This widespread usage of shea butter as a substitute product will have a positive impact on the Global Shea Butter market over the coming years. Moreover, the increasing demand for personal care & cosmetics products all over the world will drive the growth of the market. Shea butter contains a high level of linoleic acid, oleic acid, and vitamin A and E, which protects and nourishes the skin from within. The cosmetics manufactures are mainly focusing on R&D to develop innovative shea butter-based products as per the growing customer’s need. On the other hand, the easy availability of cheaper substitutes such as mango butter, shea oil, avocado butter will intensely hamper the growth of the Global Shea Butter market during forecast period.

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Based on the Product, the global Shea Butter market is segmented into Raw and Unrefined and Refined. The Raw and Unrefined segment is projected to grow at a higher CAGR over the forecast period owing to the increasing adoption of unrefined shea butter driven by its remarkable nutritional benefit including ample amount of vitamin A, vitamin E, and fatty acid.

Based on the Application, the global Shea Butter market is segmented into Personal Care & Cosmetics, Food & Beverage, Pharmaceuticals, and Others. The personal care & cosmetics segment is anticipated to lead the market over the forecast period due to the increasing demand for shea butter based personal care products followed by the changing customer’s preferences. Various multinational giants are hugely investing in R&D to develop more effective shea butter products. This continuous product development will have a positive impact on the demand of this segment. Moreover, the Food & Beverage segment is expected to grow at a higher CAGR during the forecast period due to the rising demand for bakery and confectionery products in the market. Shea butter is increasingly used as an alternative of cocoa butter in order to reduce the production cost.

Based on the Distribution Channel, the global Shea Butter market segmented into Hypermarket, Supermarket, Specialty Stores, Online Stores, Convenience Stores and Others. The Hypermarket segment is projected to grow at a higher CAGR during forecast period due to the easy availability of a vast range of products, particularly in personal care & cosmetics and food & beverages with attractive discount offers.

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Regional – Segment Analysis

Based on the region, the GCC and African countries are expected to grow at a faster CAGR during the forecast period owing to the rising production of shea butter in these areas as a result of ample raw material supply and availability of cheap labour. Moreover, the rapid urbanization and high disposable income level will surge demand of the Global Shea Butter market over the coming years.

Top Market Players

Various notable players operating in the market include Cargill, Incorporated, BASF SE, Sophim S.A., Olvea, Ghana Nuts Company Limited, Croda International Plc, Clariant, AAK.com, Bunge Limited, ADM among others.

Key Developments

• • In 2019, Bunge Limited launched shea-based margarine that can be used for artisan bakery and industrial purposes. The main objective of shea-based margarine is to enhance the functionality of the product.

Segments covered in the Report:

The Global Shea Butter market has been segmented based on Product, Application, Distribution Channel, and Region. Based on Product, the market is segmented into Raw and Unrefined and Refined. Based on the Application, the market is segmented into Personal Care & Cosmetics, Food & Beverage, Pharmaceuticals, and Others. Based on the Distribution Channel, the market is segmented into Hypermarkets/Supermarket, Specialty Stores, Online, Convenience Stores, and Others.

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Market Segmentation

Global Shea Butter Market by Product

• • Raw and Unrefined
  • Refined

Global Shea Butter Market by Application

• • Personal Care & Cosmetics
  • Food & Beverage
  • Pharmaceuticals
  • Others

Global Shea Butter Market by Distribution Channel

• • Hypermarkets/Supermarkets
  • Specialty Stores
  • Online
  • Convenience Stores
  • Others

Global Shea Butter Market by Region

• North America Shea Butter Market (Option 1: As a part of the free 25% customization)

• • By Product
  • By Application
  • By Distribution Channel
  • United States of America (US) Market All-Up
  • Canada Market All-Up

• Europe Shea Butter Market (Option 2: As a part of the free 25% customization)

  • By Product
  • By Application
  • By Distribution Channel
  • United Kingdom (UK) Market All-Up
  • Germany Market All-Up
  • France Market All-Up
  • Spain Market All-Up
  • Rest of Europe Market All-Up

• Asia-Pacific Shea Butter Market(Option 3: As a part of the free 25% customization)

  • By Product
  • By Application
  • By Distribution Channel
  • China Market All-Up
  • India Market All-Up
  • Japan Market All-Up
  • Rest of APAC Market All-Up

• RoW Shea Butter Market (Option 4: As a part of the free 25% customization)

  • By Product
  • By Application
  • By Distribution Channel
  • Brazil Market All-Up
  • South Africa Market All-Up
  • Saudi Arabia Market All-Up
  • UAE Market All-Up
  • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Shea Butter Leading Market Players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cargill, Incorporated
  • BASF SE
  • Sophim S.A.
  • Olvea
  • Ghana Nuts Company Limited
  • Croda International Plc
  • Clariant
  • AAK.com
  • Bunge Limited
  • ADM