Shea Butter Market Size & Share 2023 to 2032

Market Size by Product (Raw and Unrefined Shea Butter, Refined Shea Butter), by Application (Food & Beverage, Personal Care & Cosmetics and Pharmaceutical) & Forecast.
Report ID: GMI4342
   |
Published Date: February 2023
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Report Format: PDF

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Shea Butter Market Size

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

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.
 

Shea Butter Market Analysis

Global Shea Butter Market Share By Product

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.
 

Global Shea Butter Market By Region

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.
 

Shea Butter Market Share

Some of the leading companies operating in the shea butter market include

  • BASF
  • AAK AB
  • OLVEA
  • Akoma International Ltd
  • International Oils & Fats Limited
  • Croda International and Bunge Limited
  • Ghana Nuts Company Limited
  • The Savannah Fruits Company

Many of these companies are focusing on expansion strategies to enhance their market position.
 

For instance, in September 2020, Bunge Limited, an American food company, inaugurated its new shea butter processing unit in Tema, Ghana followed by the launch of its Where Life Grows program for celebrating its efforts in building a sustainable shea supply chain in Africa.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the industry due to unprecedented export-import halts and supply chain disruptions. The pandemic affected the food and beverages sector. However, the industry is expected to rollback to normalcy in the post the lockdowns due to resumed business activities and growing government support for shea-producing nations. For example, in April 2021, the U.S. ambassador announced additional funds to empower over 400,000 women involved in shea production in West Africa.
 

This shea butter market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2018 to 2032 for the following segments:

Market Size, By Product

  • Raw & Unrefined Shea Butter
  • Refined Shea Butter

Market Size, By Application

  • Food & Beverage
  • Personal care & Cosmetics
  • Pharmaceuticals

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
  • Middle East & Africa
    • Nigeria
    • Saudi Arabia
    • Burkina Faso

 

Authors: Kiran Pulidindi, Kunal Ahuja
Shea Butter Market Scope
  • Shea Butter Market Size
  • Shea Butter Market Trends
  • Shea Butter Market Analysis
  • Shea Butter Market Share

Report Content

Chapter 1   Methodology & Scope

1.1    Market definitions

1.2    Industry Segmentation

1.3    Base estimates & calculations

1.4    Forecast calculations

  • COVID 19 Impact Analysis
  •  North America
  •   Europe
  •    Asia Pacific
  •   LATAM
  •    MEA

1.5    Data sources

1.5.1    Primary

1.5.2    Secondary

1.5.2.1   Paid sources

1.5.2.2   Public sources

Chapter 2   Executive Summary

2.1    Shea butter industry 3600 synopsis, 2022 - 2032

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Product trends

2.1.4    Application trends

Chapter 3   Automotive Bioplastics Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2022 - 2032

3.3    Industry ecosystem analysis

3.4    Vendor matrix

3.4.1    Distribution channel analysis

3.4.1.1   Collaboration/partnerships

3.4.1.2   Distributors

3.5    Raw material analysis

3.6    Technology landscape

3.7    Cost structure analysis

3.8    Regulatory landscape

3.8.1    U.S.

3.8.2    Europe

3.8.3    China

3.9    Pricing analysis

3.9.1    Refined shea butter

3.9.2    Raw and unrefined shea butter

3.10    Industry impact forces

3.10.1    Growth drivers

3.10.1.1    North America: Rapid development of cost-effective cosmetic shea products will drive the product growth

3.10.1.2    Europe: Growing consumption of bakery and confectionery products contributes to product demand

3.10.1.3    Asia Pacific: Changing living standards accompanied by rise in consumer purchasing power to support shea industry growth

3.10.2    Industry pitfalls & challenges

3.10.2.1    Presence of substitutes including palm oil, Avocado Butter, Cupuacu Butter might restrain the shea butter demand

3.11    Innovation & sustainability

3.12    Growth potential analysis, 2022

3.12.1    Emerging business model

3.12.1.1    New product launch

3.12.1.2    Acquisition

3.13    Porter’s analysis

3.14    Competitive Landscape, 2022

3.14.1    Company Market Share

3.14.2    Strategy dashboard

3.15    PESTEL analysis

Chapter 4   Competitive Landscape, 2022

4.1    Introduction

4.2    Company market share analysis by region, 2022

4.3    Competitive analysis of major market players

4.4    Competitive positioning matrix

4.5    Strategic outlook matrix

Chapter 5   Shea Butter Market, By product

5.1    Key product trends

5.2    Raw and Unrefined Shea Butter

5.2.1    Global raw and unrefined shea butter market, 2018-2032, (Kilo tons) (USD Million)

5.2.2    Global raw and unrefined shea butter market, by region, 2018-2032, (Kilo tons) (USD Million)

5.2.3    Global raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

5.3    Refined Shea Butter

5.3.1    Global refined shea butter market, 2018-2032, (Kilo tons) (USD Million)

5.3.2    Global refined shea butter market, by region, 2018-2032, (Kilo tons) (USD Million)

5.3.3    Global refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

Chapter 6   Shea Butter Market, By Application

6.1    Key application trends

6.2    Food and Beverage

6.2.1    Global Shea Butter for food and beverage market, 2018-2032, (Kilo tons) (USD Million)

6.2.2    Global Shea Butter for food and beverage market, by region, 2018-2032, (Kilo tons) (USD Million)

6.2.3    Global shea butter for food and beverage market, by product, 2018-2032, (Kilo tons) (USD Million)

6.3    Personal Care & Cosmetics

6.3.1    Global Shea Butter for personal care & cosmetics market, 2018-2032, (Kilo tons) (USD Million)

6.3.2    Global Shea Butter for personal care & cosmetics market, by region, 2018-2032, (Kilo tons) (USD Million)

6.3.3    Global shea butter for personal care & cosmetics market, by product, 2018-2032, (Kilo tons) (USD Million)

6.4    Pharmaceuticals

6.4.1    Global Shea Butter for pharmaceuticals market, 2018-2032, (Kilo tons) (USD Million)

6.4.2    Global Shea Butter for pharmaceuticals market, by region, 2018-2032, (Kilo tons) (USD Million)

6.4.3    Global shea butter for pharmaceuticals market, by product, 2018-2032, (Kilo tons) (USD Million)

Chapter 7   Shea Butter Market, By Region

7.1    Key regional trends

7.2    North America

7.2.1    North America shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.2.2    North America shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.2.3    North America shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.3.1   North America raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.3.2   North America refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.4    U.S.

7.2.4.1   U.S. shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.2.4.2   U.S. shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.2.4.3   U.S. shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.4.4   U.S. raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.4.5   U.S. refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.5    Canada

7.2.5.1   Canada shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.2.5.2   Canada shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.2.5.3   Canada shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.5.4   Canada raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.5.5   Canada refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.6    Mexico

7.2.6.1   Mexico shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.2.6.2   Mexico shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.2.6.3   Mexico shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.6.4   Mexico raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.2.6.5   Mexico refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3    Europe

7.3.1    Europe shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.3.2    Europe shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.3.3    Europe shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.3.1   Europe raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.3.2   Europe refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.4    Germany

7.3.4.1   Germany shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.3.4.2   Germany shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.3.4.3   Germany shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.4.4   Germany raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.4.5   Germany refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.5    UK

7.3.5.1   UK shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.3.5.2   UK shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.3.5.3   UK shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.5.4   UK raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.5.5   UK refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.6    France

7.3.6.1   France shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.3.6.2   France shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.3.6.3   France shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.6.4   France raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.6.5   France refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.7    Italy

7.3.7.1   Italy shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.3.7.2   Italy shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.3.7.3   Italy shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.7.4   Italy raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.7.5   Italy refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.8    Spain

7.3.8.1   Spain shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.3.8.2   Spain shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.3.8.3   Spain shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.8.4   Spain raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.3.8.5   Spain refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4    Asia Pacific

7.4.1    Asia Pacific shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.4.2    Asia Pacific shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.4.3    Asia Pacific shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.3.1   Asia Pacific raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.3.2   Asia Pacific refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.4    China

7.4.4.1   China shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.4.4.2   China shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.4.4.3   China shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.4.4   China raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.4.5   China refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.5    India

7.4.5.1   India shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.4.5.2   India shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.4.5.3   India shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.5.4   India raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.5.5   India refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.6    Japan

7.4.6.1   Japan shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.4.6.2   Japan shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.4.6.3   Japan shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.6.4   Japan raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.6.5   Japan refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.7    Australia

7.4.7.1   Australia shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.4.7.2   Australia shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.4.7.3   Australia shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.7.4   Australia raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.7.5   Australia refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.8    South Korea

7.4.8.1   South Korea shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.4.8.2   South Korea shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.4.8.3   South Korea shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.8.4   South Korea raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.4.8.5   South Korea refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.5    LATAM

7.5.1    LATAM shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.5.2    LATAM shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.5.3    LATAM shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.5.3.1   LATAM raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.5.3.2   LATAM refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.5.4    Brazil

7.5.4.1   Brazil shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.5.4.2   Brazil shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.5.4.3   Brazil shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.5.4.4   Brazil raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.5.4.5   Brazil refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6    Middle East & Africa

7.6.1    Middle East & Africa shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.6.2    Middle East & Africa shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.6.3    Middle East & Africa shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.3.1   Middle East & Africa raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.3.2   Middle East & Africa refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.4    Nigeria

7.6.4.1   Nigeria shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.6.4.2   Nigeria shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.6.4.3   Nigeria shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.4.4   Nigeria raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.4.5   Nigeria refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.5    Burkina Faso

7.6.5.1   Burkina Faso shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.6.5.2   Burkina Faso shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.6.5.3   Burkina Faso shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.5.4   Burkina Faso raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.5.5   Burkina Faso refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.6    Saudi Arabia

7.6.6.1   Saudi Arabia shea butter market, 2018-2032, (Kilo tons) (USD Million)

7.6.6.2   Saudi Arabia shea butter market, by product, 2018-2032, (Kilo tons) (USD Million)

7.6.6.3   Saudi Arabia shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.6.4   Saudi Arabia raw and unrefined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

7.6.6.5   Saudi Arabia refined shea butter market, by application, 2018-2032, (Kilo tons) (USD Million)

Chapter 8   Company Profiles

8.1    BASF

8.1.1    Business Overview

8.1.2    Financial Data

8.1.3    Product Landscape

8.1.4    Strategic Outlook

8.1.5    SWOT Analysis

8.2    International Oils & Fats Limited.

8.2.1    Business overview

8.2.2    Financial data

8.2.3    Product landscape

8.2.4    SWOT analysis

8.3    AAK AB

8.3.1    Financial data

8.3.2    Product landscape

8.3.3    Strategic outlook

8.3.4    SWOT analysis

8.4    Croda International

8.4.1    Business overview

8.4.2    Financial data

8.4.3    Product landscape

8.4.4    Strategic outlook

8.4.5    SWOT analysis

8.5    OLVEA

8.5.1    Business overview

8.5.2    Financial data

8.5.3    Product landscape

8.5.4    SWOT analysis

8.6    Akoma International Ltd

8.6.1    Business overview

8.6.2    Financial data

8.6.3    Product landscape

8.6.4    SWOT analysis

8.7    Bunge Limited

8.7.1    Business overview

8.7.2    Financial data

8.7.3    Product landscape

8.7.4    Strategic outlook

8.7.5    SWOT analysis

8.8    The Savannah Fruits Company

8.8.1    Business overview

8.8.2    Financial data

8.8.3    Product landscape

8.8.4    SWOT analysis

8.9    Ghana Nuts Company Limited

8.9.1    Business overview

8.9.2    Financial data

8.9.3    Product landscape

8.9.4    SWOT analysis

8.10    Agrobotanicals LLC

8.10.1    Business overview

8.10.2    Financial data

8.10.3    Product landscape

8.10.4    Strategic outlook

8.10.5    SWOT analysis

8.11    Cargill Incorporated

8.11.1    Business Overview

8.11.2    Financial Data

8.11.3    Product Landscape

8.11.4    SWOT Analysis

8.12    Clariant

8.12.1    Business Overview

8.12.2    Financial Data

8.12.3    Product Landscape

8.12.4    SWOT Analysis

8.13    SOPHIM

8.13.1    Business Overview

8.13.2    Financial Data

8.13.3    Product Landscape

8.13.4    SWOT Analysis

Don't see your key competitors?

The companies listed in this report are a curated selection - not the full competitive universe.

Our market revenue calculations use a bottom-up methodology that accounts for all players across all regions - including manufacturers, distributors, and specialists not individually profiled. The profiles section spotlights strategically significant players; it does not define the scope of our market sizing.

Your competitive landscape may also include

Regional or domestic-only leaders not in the global top tier
Distributors and channel partners who control market access
Emerging disruptors, startups, or adjacent-industry entrants
Niche players focused on a specific application or end-use

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Authors: Kiran Pulidindi, Kunal Ahuja

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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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