Yahoo Finance Shea Butter Market Size Worth USD 1.68 Billion by 2030 at 6.89% CAGR - Report by Market Research Future (MRFR)
Shea Butter Market Size and Trends Analysis Information By Type (Refined, Unrefined/Raw), By Category (Conventional, Organic), By Application (Food & Beverages, Personal Care and Pharmaceuticals) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
New York, US, June 27, 2022 (GLOBE NEWSWIRE) -- Shea Butter Market Overview:
Market Research Future (MRFR) 's report highlights "Shea Butter Market Information By Type, Category, Application, And Region - Forecast till 2030", the market will touch USD 1.68 billion by 2030, a 6.89% CAGR.
Market Synopsis
Shea butter is a fatty triglyceride made primarily of oleic and stearic acids derived from the nuts of vitellaria paradoxa plants. The fractionation method is used to extract it, and after that, it is refined to be used as a substitute for cocoa butter. Shea butter is made from Shea tree nuts, high in potassium, magnesium, and protein.
The market is likely to be driven by increasing demands for cocoa butter alternatives and the rising consumption of cocoa and bakery items. Shea butter's extensive use as a substitute for edible vegetable fat and oils in various food applications is also expected to boost demand. Vitamin E and A are collagen boosters that help to soothe and hydrate the skin. Shea butter is an excellent base for moisturizing hair and skin products. It's often used in cosmetics as a moisturizer, salve, or lotion, and it's known for its protective properties against external skin-damaging effects, including dryness, rash, and others.
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Report Scope:
Report Attribute | Details |
2030 Market Size | USD 1.68 billion |
CAGR | 6.89% (2022–2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Application |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | Rising prices of cocoa butter which is due to its limited supply |
Growing demand for natural ingredients products |
Market Competitive Landscape:
The promising contenders in the shea butter market are:
Aak Ab (Sweden)
Sophim S.A (France)
Ghana Nuts Company Limited (Ghana)
Shea Radiance (US)
Vink Chemicals Gmbh & Co. Kg (Germany)
Agrobotanicals, Llc
Croda International Plc
BASF Se (Germany)
Bunge Ltd (US)
Cargill, Incorporated (US)
The Organic Shea Butter Company (US)
The Savannah Fruits Company (Ghana)
Olvea Group
Baraka Shea Butter
Market USP Covered:
Market Drivers:
Because of the inclusion of fatty acids like stearic and oleic acids and unsaponifiable sterols and phenols, shea butter is known for its moisturizing and conditioning characteristics. Because of these qualities and the fact that it absorbs better than cocoa butter, there has been an uptick in its supply in the beauty and personal care industry, which is one of the primary drivers driving the growth of the shea butter market. Shea butter is used as a raw ingredient for margarine and shortening in the production of croissants, dough, puff pastries, and other pastry items. Margarine is a butter-like substance manufactured from water and vegetable oil.
Solid fats are required for the manufacturing of margarine. As a result, manufacturers have adopted the hydrogenation process to solidify vegetable oil. The hydrogenation of vegetable oil, on the other hand, produces trans unsaturated fatty acids, which are harmful to cardiovascular health. As a result, producers are increasingly employing shea butter in the production of margarine and shortenings. Also, due to the limited supply of cocoa butter, there is a need for a better substitute to be utilized in the manufacturing of candy and bakery products, and shea butter is one of them.
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Market Restraints:
The production of margarine necessitates the use of solid fats. As a result, the hydrogenation technique has been used to harden vegetable oil. Trans unsaturated fatty acids are produced when vegetable oil is hydrogenated, hazardous to cardiovascular health. As a result, shea butter is increasingly being used to manufacture margarine and shortenings. In addition, due to the scarcity of cocoa butter, there is a need for a superior substitute for use in bakery and candy items, and shea butter is thought to be one of them.
COVID 19 Analysis
The raw material supply chain required to ensure Shea butter's manufacturing, processing, and distribution was severely disrupted. The constraints on cross-border movement of raw materials and commodities forced enterprises in this sector to rely on local or domestic suppliers, giving suppliers more bargaining leverage. The closing of supermarkets has adversely impacted the market for shea butter. However, there is optimism that this industry will create a robust recovery with the easing of regulations and long-term impact on the alternative product market for shea butter.
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Market Segmentation
Based on Type
The raw & unprocessed segments contributed the most to the market.
By Category
The organic segment will take the dominant stake in the forecast period.
Based on Application
In the worldwide product market, the food segment has the largest share. Shea butter has functional and nutritional benefits, making it popular in the culinary sector.
Regional Insights
The European region will command this market, owing to customers' growing preference for baked goods and confectionery and the use of Shea butter in bakery items, which has increased dramatically in recent years. The increased demand for beauty and personal care items in this region also propels the Shea Butter market forward. Due to solid increases in per capita expenditure and urbanization, the Middle East and African area will hold the second biggest market share. As a result, new entrants are expected to have a strong growth potential in North America during the projected period.
Due to the abundance of low labor costs and raw materials, the Asia-Pacific region will also see significant growth throughout the assessment period. North America has a large share of the product market and is likely to keep it during the projection period for Shea butter. The rise of the shea butter market is being driven by an increase in health-conscious people and an improved lifestyle. The sale of shea butter goods in this region is boosted significantly by the increase in buying power. Furthermore, natural and organic cosmetics and food products are becoming increasingly popular among customers. Shea butter is a new commodity on the market; hence the number of manufacturers active in the industry is relatively modest.
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