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Shea Butter Market Analysis
- Report ID: GMI4342
- Published Date: Feb 2023
- Report Format: PDF
Shea Butter Market Analysis
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.
With regard to application, the food & beverages segment is poised to exceed USD 2.5 billion by 2032, attributed to its better heat stability and improved shelf life, suggests the study. Shea butter is also used as a cocoa butter equivalent (CBE) in the food & beverages sector due to its similar fat composition. The mounting demand for CBEs due to high prices of cocoa in the manufacturing of chocolate is escalating the demand for shea butter. Furthermore, growing chocolate consumption in Eastern Europe due to increasing disposable income is favouring segment expansion.
The North America shea butter industry is projected to exhibit a CAGR of 7.5% through 2032, on account of increasing R&D spending on the development of innovative shea butter applications across the cosmetics, pharmaceuticals, and food & beverage sectors. Moreover, the increasing demand for organic food products in the U.S. will bolster the demand for shea butter. Furthermore, the surging demand for natural and eco-friendly personal care products will support the market expansion.
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Shea Butter Market Scope
