September 2022, Market Research Future has published a Report on the Global Shea Butter Market
Global Shea Butter Market is estimated to be valued at USD 1.68 billion by 2030, registering a CAGR of 6.89% during the forecast period. The declining production of cocoa beans and the escalating demand for cocoa butter alternatives are supporting the growth of the global shea butter market. Few other factors that have lowered the cocoa products include pests and diseases (that damages 30% of annual production globally), volatile raw material prices, competition from other crops, aging trees reducing productivity, etc. Hence, with the decreasing cocoa bean production, manufacturers are moving towards cocoa butter alternatives that generate higher revenue.
North America accounts for the second-largest market for shea butter in 2021, and the trend is expected to continue during the review period. The US was the largest country-level market with a share of 79.15% in 2021. However, Canada is projected to exhibit a substantial growth rate during the study period. The growth of application industries such as food and beverages and personal care is a prominent determinant driving the market growth in North America. Surging demand for chocolate and baked products is boosting the sales of shea butter among Americans.
Global Shea Butter Market is expected to register a notable growth rate during the forecast period. Manufacturers are opting for cocoa butter alternatives that are not only derived from natural ingredients but also draw greater margins and higher profits. Declining production of cocoa beans and the escalating demand for cocoa beans alternative support the growth of the global shea butter market. The potential demand for shea butter from various industries such as personal care, food & beverage, and pharma is another factor supporting the growth of the global shea butter market. The growing demand for natural ingredients products is expected to offer numerous profitable growth opportunities to the market players during the upcoming years. Furthermore, stringent regulatory frameworks imposed by certain countries/regions hinder the growth of the global shea butter market.
Global Shea Butter Market has been segmented on the basis of Type, Category, Application, and Region.
By type, the market has been divided into refined, unrefined/raw. The refined segment accounted for the largest market share in 2021. Refined shea butter is a high-quality butter and is gently processed with raw material. It is extracted using mechanical extraction, partly using solvents. In refined shea butter, fragrances, ingredients, and coloring are removed with a machine's help. As compared to unrefined shea butter, healthy vitamins and fatty acids are destroyed in refined shea butter.
Based on the category, the market has been segmented into conventional and organic. The conventional segment accounted for a larger market share in 2021, and the organic segment is expected to register the highest CAGR during the forecast period.
Based on application, the market has been segmented into food & beverages, personal care, and pharmaceuticals. The personal care segment is projected to be the fastest-growing segment during the review period. Food & beverages also play a significant role in the distribution of shea butter. However, the pharmaceuticals segment is projected to exhibit a lower growth rate during the review period.
Geographically, the global shea butter market has been segregated into North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe accounted for the dominant share of the global market in 2021, with the Rest of Europe being the major consumer of shea butter. Rising consumer inclination towards baked products and confectionery is expected to boost the Europe shea butter market during the forecast period. Moreover, it is expected to be the most lucrative regional market for shea butter manufacturers during the review period. The market in North America also accounted for a significant share in 2021. The US is a key contributor to the regional market growth. The Rest of the World is projected to exhibit a CAGR of 4.10% during the forecast period.
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Market Research Future recognizes BASF SE (Germany), Bunge Ltd (US), Cargill, Incorporated (US), AAK AB (Sweden), Vink Chemicals GmbH & Co. KG (Germany), Sophim S.A (France), Ghana Nuts Company Limited (Ghana), Shea Radiance (US), The Organic Shea Butter Company (US), and The Savannah Fruits Company (Ghana) as the Key Players in the Global Shea Butter Market.
Key Findings of the Study