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Shea Butter Market Size By Product (Raw and Unrefined Shea Butter, Refined Shea Butter), By Application (Food & Beverage, Personal Care & Cosmetics and Pharmaceutical), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI4342
  • Published Date: Feb 2023
  • Report Format: PDF

Industry Drivers

Shea Butter Market size surpassed USD 2 billion in 2022 and is anticipated to grow at a 6% CAGR from 2023 to 2032. Driven by the increasing consumption of confectionary and bakery items in Europe.

Shea Butter Market

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According to the U.S. Trade Commission, around 90% of shea demand comes from chocolate and confectionary products. Thus, the increasing demand for high-quality and premium chocolates in European nations such as Italy, Belgium, and France may significantly enhance the market performance. Estimations by the CBI Ministry of Foreign Affairs suggest that Europe is the major export hub for shea products. Around 250,000-300,000 tonnes of shea products are exported to the region yearly, making it the world’s largest chocolate producer and consumer

These optimistic scenarios, in tandem with the increasing usage of shea butter as an alternative to cocoa butter in a range of confectionary items due to its high prices. Due to its emollient properties, shea butter also finds huge applications in the cosmetic industry. Many European cosmetic companies use it as a moisturizing body butter. The growing demand for natural and organic cosmetic products in the region is expected to drive appreciable gains to the market through 2032.

Availability of several alternatives may hinder industry development

Despite various application avenues for the product, the shea butter market faces a major challenge due to the availability of many substitutes such as avocado butter, palm oil, and cupuacu butter. In fact, the cupuacu butter depicts better moisturizing properties than shea butter. The high prices of raw shea nuts is also a major factor restraining the industry growth. Furthermore, the lower product demand across the low and middle-income economies due to limited disposable income may further affect the market dynamics.

Refined shea butter sales to augment due to its longer shelf life

Global Shea Butter Market Share By Product

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The refined shea butter segment is poised to be worth USD 2.9 billion by 2032. A noticeable surge in refined shea butter exports across European economies due to its growing usage in cosmetics and food industry applications will propel segment gains. Refined shea butter is used in several cosmetic formulations, given its rejuvenating properties and longer shelf life. Thus, the increasing adoption of cosmetics amongst millennials to reduce aging symptoms and enhance their appearance will bolster product sales during the estimation period.

Rising cocoa prices to foster shea butter adoption in food & beverages applications

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market of shea butter recorded a valuation of USD 2 billion in 2022 and is poised to witness over 6% CAGR from 2023 to 2032, given the rising bakery and confectionary consumption in Europe.

North America market is set to expand at 7.5% CAGR through 2032, owing to surging demand for eco-friendly and natural personal care products in the region.

The refined shea butter market revenue is expected to reach USD 2.9 billion by 2032, attributed to increasing shea butter exports in Europe for cosmetic applications.

The major industry players include names such as Ghana Nuts Company Limited, AAK AB, OLVEA, Bunge Limited, and The Savannah Fruits Company.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 248
  • Countries covered: 22
  • Pages: 400
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