What is the global market size of Shea Butter Market?

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).

Global Shea Butter Market Size, Share, Growth Analysis, By Type(Refined and ultra-refined and raw and unrefined), By Application(Food and cosmetics), By Nature(Organic, Conventional), By Distribution Channel(Specialty Stores, Online Stores) - Industry Forecast 2024-2031

Report ID: SQMIG30L2170 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 115 | Figures: 77

Global Shea Butter Market Regional Insights

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.

Global Shea Butter Market Report Snapshots

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Shea Butter Market size was valued at USD 2.07 billion in 2019 and is poised to grow from USD 2.21 billion in 2023 to USD 4 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

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. 'BASF SE', 'Shea Radiance', 'The Savannah Fruits Company', 'Ghana Nuts Company Limited', 'Bunge Loders Croklaan Group B.V.', 'IOI Loders Croklaan Group BV', 'AAK AB', 'Croda International Plc', 'The HallStar Company', 'Olvea Group', 'Clariant AG', 'The Hershey Company', 'Archer Daniels Midland Company', 'Cargill, Incorporated', 'Juka's Organic Co.', 'Shea Yeleen Health & Beauty', 'Baraka Shea Butter', 'Akoma Cooperative Multipurpose Society', 'Star Shea Ltd.', 'L'Occitane International SA'

Shea butter market size is anticipated to rise due to millennials' increasingly use of shea butter goods including body lotion, soap bars, and lip balm due to their preference for vegan cosmetics made from plant-based ingredients. Shea butter has become popular in cosmetic goods over the past several years due to its various benefits, including its high moisturizing effect and capacity to nurture and treat damaged skin. It has various health advantages, such as reducing skin allergies and protecting the skin from any inflammatory feelings. As a result, it is frequently utilized to make skin ointments in the pharmaceutical industry. Thus, it is anticipated that these factors will lead to a growth in shea butter market share in the next years.

Rapidly Developing Online Retail to Increase Shea Butter's Presence in Cosmetics

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Global Shea Butter Market Size, Share, Growth Analysis, By Type(Refined and ultra-refined and raw and unrefined), By Application(Food and cosmetics), By Nature(Organic, Conventional), By Distribution Channel(Specialty Stores, Online Stores) - Industry Forecast 2024-2031

Global Shea Butter Market Regional Insights

Global Shea Butter Market Report Snapshots

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