Shea Butter Market By Product (Raw/Unrefined, Refined), By Application (Cosmetics & Personal Care, Food & Beverage, Pharmaceutical), By Sales Channel (Specialty Stores, Online, Convenience Stores, Supermarkets/Hypermarkets, Others), By Region, By Competition Forecast & Opportunities, 2024-2032
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationShea Butter Market By Product (Raw/Unrefined, Refined), By Application (Cosmetics & Personal Care, Food & Beverage, Pharmaceutical), By Sales Channel (Specialty Stores, Online, Convenience Stores, Supermarkets/Hypermarkets, Others), By Region, By Competition Forecast & Opportunities, 2024-2032
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 2.85 billion |
| CAGR (2023-2028) | 7.38% |
| Fastest Growing Segment | Raw/Unrefined |
| Largest Market | Europe |
Market Overview
The global shea butter market, valued at USD 2.85 billion in 2022, is expected to experience robust growth in the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 7.38% through 2028. This growth is primarily driven by increased demand for cocoa butter alternatives and a rising consumption of cocoa and bakery products. Shea butter is considered a healthier alternative to cocoa butter and is frequently used in various food applications as a substitute for edible vegetable fats and oils, which is expected to expand the market's potential.
Shea butter, derived from the African tree nut Vitellaria paradoxa, contains saturated and unsaturated fatty acids, vitamins E, A, and F, as well as carotene. Vitamins E and A are known for their collagen-enhancing properties, soothing, and moisturizing effects on the skin. Shea butter serves as a suitable base for products designed to moisturize the skin and hair. It is commonly used in cosmetics as a moisturizer, salve, or lotion, renowned for its protective properties against environmental factors that can lead to dryness, irritation, and other skin issues. With both younger and older generations increasingly using cosmetics, the cosmetic shea butter market is expected to grow throughout the forecasted period, although competition from alternatives like mango butter and shea oil may limit its expansion.
Shea butter finds primary applications in the food, pharmaceutical, and cosmetic industries, offering enhanced benefits for skin and hair, including nourishment and moisturization. It is also used to treat conditions such as poison ivy, bug bites, dermatitis, and skin rashes. Moreover, it helps minimize fine lines and wrinkles, making it effective in treating rough skin.
As awareness of shea butter's therapeutic benefits for the skin, including its anti-aging properties, additional moisturizing qualities, and healing effects, continues to grow, market revenue is expected to increase. Furthermore, the preference for cosmetic products made with natural ingredients, particularly among women and young consumers, is anticipated to drive market growth in the future. The increasing number of product launches in the cosmetics and personal care segment is also expected to contribute to market growth during the forecasted period.
Key Market Drivers
The dynamic nature of the shea butter market is driven by continuous innovation in product development. Companies are investing in research and development to create new formulations and applications for shea butter, including shea butter-infused oils, butters, and serums for targeted skincare solutions. The market is also witnessing collaborations between cosmetic and food companies to create innovative cross-industry products.
International Trade and Export OpportunitiesInternational trade and export of shea butter significantly contribute to the economic empowerment of producing regions, primarily in West Africa. Countries like Burkina Faso, Ghana, Nigeria, and Mali are major producers of shea butter. The revenue generated from export sales supports local economies, creates jobs, and improves livelihoods in rural communities where shea trees are cultivated and harvested. The global demand for natural and sustainable products, coupled with the unique qualities of shea butter, has led to increased trade between producing countries and international markets. This expansion is driven by several key factors that highlight the economic, social, and cultural significance of shea butter on a global scale.
As the global demand for natural, sustainable, and culturally significant products continues to grow, shea butter's international trade and export will likely remain a driving force in shaping its market expansion and contributing to the socio-economic development of producing regions.
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Key Market Challenges
Key Market Trends
Segmental Insights
Product InsightsRaw and unrefined shea butter is the leading product category, expected to maintain its position throughout the forecast period. Consumers are increasingly interested in less processed oils due to their benefits, including skin moisture enhancement, wound healing support, and acne control. Raw and unrefined shea butter's versatility makes it suitable for various applications, including treating sunburn, rashes, frostbite, psoriasis, dry skin, itchy skin, and stretch marks.
Application InsightsThe food category holds the largest market share for shea butter globally. Shea butter's nutritional qualities make it popular in the food industry, serving as a natural antioxidant, trans-fat-free edible oil, food additive, and functional food ingredient. Its vitamins A, E, and F promote blood flow and healthy skin cell development. Shea kernel fat can replace dairy butter in various food products, further driving demand in the food industry.
Regional InsightsIn 2022, Europe held the largest market share due to the presence of numerous cosmetics and pharmaceutical businesses. Shea butter is widely used in products like body lotions, moisturizers, and chocolates. Europe's ample supply of raw materials from Sub-Saharan African nations is expected to continue fueling market growth.
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Recent Developments
- In 2021 - AAK AB, a Swedish-Danishspecialty oils and fats manufacturer, acquired Golden Foods/Golden ExoticsLimited, a leading West African producer of shea butter and other vegetableoils. The acquisition aimed to strengthen AAK's position in West Africa andexpand its portfolio of plant-based products.
- In 2021 - Shea Radiance launched six newbody care products in 520 Whole Foods Stores in September. Shea Radiance, alocal brand, was carried primarily in select Whole Food stores in Maryland, DCand Virginia. Over the years, we expanded to stores in the Mid-Atlantic and theNorth East Regions. Moreover, the expanded to nine additional regions whichinclude the North Atlantic, Florida, South, Midwest, Southwest, Rock Mountains,Pacific Northwest, Northern California and the Southern Pacific Region.
- In 2023 - Hanahana beauty will beincluded in Ulta's Sparked collection, which debuts new brands in-store. Wewere emotionally moved by Abena's commitment to creating responsible, cleanskin care products that are obtained from Ghanaian women directly, and we feltUlta Beauty customers would find the brand to be just as fascinating.
Key Market Players
- BASFSE
- OlveaGroup
- SophimS.A.
- Cargill,Inc.
- SuruChemicals
- GhanaNuts Company Ltd.
- CrodaInternational Plc
- Agrobotanicals,LLC
- ClariantAG
- AAKAB
Report Scope
- Shea Butter Market, By Product
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- Shea Butter Market, By Application
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- Shea Butter Market, By Sales Channel
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- Shea Butter Market, By Region
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Competitive Landscape
Company Profiles
found at Customizations
Company Information
- Detailed analysis and profiling of additional market players (up to five).
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