“Shea Butter Market: Global Demand Analysis & Opportunity Outlook 2024”
The global Shea butter market is segmented into application such as cosmetics & personal care, food, medical and others. Among these segments, food segment is expected to occupy top position in overall shea butter market during the forecast period. Moreover, cosmetics & personal care segment is expected to witness highest CAGR growth in overall shea butter market during the forecast period. Emerging application of shea butter in cosmetics industry is expected to propel the growth of the cosmetics and personal care shea butter market. Moreover, major personal care and cosmetics companies such as L’Oreal are using shea butter in many products owing to its moisturizing and anti-aging benefits.
Global shea butter market is expected to flourish at a significant CAGR during the forecast period. Increasing inclination of consumers towards organic products, rising consumer awareness, increasing demand from cosmetic companies, and increasing chocolate consumption are expected to drive the growth of shea butter market during the forecast period. According to Global Shea Alliance, the demand for shea butter has witnessed about 100% growth in the last ten years. Consequently, the global shea butter market is expected to garner noteworthy revenue during the forecast period.
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Europe and North America captured more than 50% market share of overall shea butter market. Further, high demand and increasing adoption of natural based cosmetics and personal care products in the regions are expected to intensify the growth of the Europe and North America market. Moreover, favorable government regulations are anticipated to drive the growth of the shea butter market in the upcoming years. Asia Pacific is anticipated to witness significant growth during the forecast period. This can be attributed to the rising awareness and strong growth of natural cosmetics sale in the region.
Rising Utilization in Cosmetics & Personal Care Industry
Growing demand for shea butter in cosmetics industry owing to its excellent body care and face care properties is expected to drive shea butter market at an exponential growth rate. As per Global Shea Alliance, about 10% of the African shea butter export is utilized in global cosmetics industry.
Increasing Popularity of Natural Ingredients
High demand for natural ingredients is triggering the demand for shea butter in food and cosmetics industry. Moreover, growing awareness about the healthcare and safety benefits of natural ingredients is increasing the sales of natural cosmetics over synthetic and chemical based cosmetics.
Although, high cost of shea butter, availability of alternatives and absence of quality standards are some of the factors is likely to dampen the growth of shea butter market during the forecast period.
The report titled “Shea Butter Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global shea butter market in terms of market segmentation by type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the Global shea butter market which includes company profiling of Star Shea Ltd, Shea Radiance, Vink Chemicals GmbH & Co. KG, Jedwards International, Inc., IOI Loders Croklaan, Ghana Nuts Ltd, Maison Karite Sociedad Limitada, Adunni Ori Ltd., Timiniya Tuma Company Ltd and Savanna Shea Industries. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global shea butter market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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