Product ID: SQMIG30L2170
Report ID: SQMIG30L2170 | Region: Global | Published Date: April, 2023 | Pages: 242 | Tables: 115 | Figures: 77
Shea Butter Market size was valued at USD 2.07 billion in 2021 and is poised to grow from USD 2.21 billion in 2022 to USD 4 billion by 2030, growing at a CAGR of 6.8% in the forecast period (2023-2030).
Shea butter is primarily produced in West, Central, and East African nations like Nigeria, Burkina Faso, Cameroon, the Central African Republic, Ethiopia, Eritrea, Ghana, Guinea Bissau, the Ivory Coast, Mali, Niger, and Nigeria. The market has become appealing to Europe, North America, and Asia Pacific. The European Union and the United States are important markets for shea butter purchasing since they use it primarily to make cosmetics and chocolate confections.
Shea butter contains a number of vitamins, including vitamins A, E, F, and K, which can nourish the skin and hair. The product is a potent moisturizer that also preserves the suppleness of skin because it contains the majority of fatty acids. It can be applied every day as a pure moisturizer or as a barrier against damaging and abrasive elements.
Due to busy and stressful lifestyles, particularly in developing countries like Asia Pacific, there will be an increase in the consumption of ready-to-eat or packaged food products, which will spur industrial expansion. In the coming years, it is anticipated that favorable government rules relating to the use of shea butter in pharmaceuticals and food goods would present profitable prospects.
The business has been transformed by all of the aforementioned reasons over time, and the shea butter market is anticipated to expand at a CAGR of 7.7% between 2022 and 2032. The grade A or unrefined type of shea butter dominates the market. Shea butter use in the cosmetics business is probably going to show a positive revenue growth forecast.
US Shea Butter Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global shea butter market is divided into type, application, nature, distribution channel, and region. On the basis of type, the market is divided into refined and ultra-refined and raw and unrefined. On the basis of nature, the market is divided into organic and conventional. Based on distribution channel, the market is segmented into specialty stores, online stores, supermarket, convenience stores, hypermarket, others. On the basis of application, the market is divided into fod and cosmetics. On the basis of region, it is categorized into North America, Europe, Asia-Pacific, and LAMEA.
Shea Butter Market Analysis by Type
The raw & unrefined segment dominated the global shea butter market. Due to the numerous advantages of unrefined or cold pressed oils, consumer demand for less processed oils is rising. For instance, unrefined shea butter promotes the production of collagen in the skin and keeps the skin young by stimulating the tissues. Additionally, it has calming, hydrating, and nourishing qualities that make it appropriate for dry, damaged skin and hair. The raw & unrefined shea butter is an alternative to many cosmetic items that contain chemicals and reduce irritation. This property makes raw, unrefined shea butter beneficial for curing rashes, stretch marks, frostbite, psoriasis, dry, itchy skin, chapped lips, acne, anti-aging, and sunburn.
Shea Butter Market Analysis by Application
The food segment dominates the global shea butter market in terms of application. Shea butter has higher nutritional value and functional qualities, which increase its demand in the food business. Shea butter, for instance, can be utilized as a food additive, natural antioxidant, trans-fat-free edible oil, and functional food ingredient. It has nutrients like vitamins A, E, and F that support healthy skin cell growth and circulation. As shea butter may substitute dairy butter in many food products, whether used alone or combined with other nut fats like almond or palm stearin, its demand in the food industry is anticipated to increase over the projected period.
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By 2028, the North American shea butter market is anticipated to reach more than USD 390 million. The production of cosmetics using potent cocoa butter alternatives has a wide range of natural features, which should spur market expansion. The substance is smooth and odorless, making it suitable for usage in a range of products like cosmetics, medications, and occasionally even food and beverages.
The shea butter market in the United States is expected to reach a value of around USD 240 million in 2022 and expand at a CAGR of 7%. The demand for FDA-approved, premium-quality shea butter is rising in the United States. The soft fraction of shea butter has been given FDA approval and may produce high stability and premium quality products for use in snacks, baked goods, sauces, spreads, desserts, frozen meals, dairy, and other products. Shea butter market expansion would be aided by rising demand for facial makeup products like BB and CC creams in the US due to its many benefits. These lotions offer hydration, antioxidant defense, pore reduction, and sunscreen.
In 2021, the shea butter market in Europe generated USD 338.369 billion in sales and by 2030, it is anticipated to generate USD 978.920 billion. Because of the region's well-established confectionery industries, where shea butter is frequently used as a substitute for cocoa butter in the production of chocolates, shea butter market share growth is concentrated in Europe. Additionally, there are many cosmetic firms in the region that employ shea butter as a base ingredient in their creations. These elements are probably going to fuel the shea butter market going forward.
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Shea Butter Market Drivers
Shea Butter Market Restraints
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The global shea butter market is incredibly fragmented due to large number of medium and large size manufacturers. All of them heavily invested on their research and development to provide the best product. To increase their market share, boost profitability and maintain competition the companies in the global shea butter market have employed a variety of development activities. These practises are expected to continue in the near future due to rising demand in both Food as well as cosmetic industry in several nations.
Top Players in Global Shea Butter Market
Shea Butter Market Recent Developments
Online shopping is attributed with making cosmetic shea butter items like lotions, creams, hair products, and others easily accessible. It is also credited with making it simple to compare the costs of various cosmetic products on the same platform. Shea butter is becoming more widely available to customers as a result of this. The industry for shea butter cosmetic products is also anticipated to increase as a result of the growing market penetration of shea butter products through online retailing.
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According to our analysis, global shea butter market is estimated to grow at 14.1% CAGR by 2030. It is anticipated that the raw and unrefined segment accounted for the largest market share by type and will grow at a CAGR of for 13.4% during the forecast period. On the basis of application, the food segment will dominate the global shea butter market. Also the cosmetic sector will exhibit the largest CAGR in 2021. The shea butter market in Europe generated a revenue of USD 338.369 billion in sales. The North America shea butter market is anticipated to generate more than USD 390 million. As customer awareness about the use of shea butter and consciousness about health is increasing, the demand and consumption for the product are likely to increase during the forecast period.
|Market size value in 2021||USD 2.07 billion|
|Market size value in 2030||USD 2.21 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Shea Butter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Shea Butter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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