The Global Shea butter market is projected to reach the valuation of USD 1,693.13 Million by 2026 with a CAGR of 7.10%

Published | October 2020

The Global Shea butter Market has gained momentum in recent years with a CAGR of 7.10%, in value terms, over the forecast period 2020-2026, and is expected to reach USD 1,693.13 Million by 2026. The growing demand for Shea butter in the food & beverage industry and cosmetics Industry are vital factors expected to encourage the growth of the global Shea butter market in the upcoming period. Also, growing trends towards the application of shea butter in the bakery & confectionery industry as an alternative for cocoa butter due to high prices of cocoa as a result of limited supply are other factors estimated to accelerate the growth of the market in the next few years.

 

Rising consumer inclination towards natural products

 

The key growth drivers driving the global shea butter market are increasing consumer inclination toward natural products and consumer awareness. Also, the increase in the use of shea butter in cosmetic products is driving market development. Furthermore, in the forecast period, favorable government policies are expected to boost the market. Growing the consumption of eatable products consisting of shea butter, such as chocolates, is also likely to be the main driver of growth during the forecast period.

 

Increasing Preference for Shea Butter as an adequate substitute to Vegetable Oil, over Rather Expensive Cocoa Butter

 

Cocoa butter is utilized in bakeries and confectioneries as a fat source, for providing the product's texture, luster, and snap. The demand for cocoa butter is rising with the increasing demand for chocolates and confectioneries. However, cocoa butter is anticipating supply constraints due to the decreasing yields of cocoa in major producing countries. Thus, the price of cocoa butter is rising rapidly, which is forcing the makers of chocolates and confectioneries to opt for other alternatives which are equivalents to cocoa butter. Shea butter is being widely used by the manufacturers as a suitable replacement for the expensive cocoa butter for the application in chocolates and confectioneries.

 

Rapidly Growing Online Retails to Push dominance of Shea Butter in Cosmetics

 

Online retail is increasing with the easy availability of cosmetic shea butter products including creams, hair care products, lotions, and others, coupled with the ease of comparing the costs of different cosmetic products on the same platform. This allows the easy availability of shea butter among consumers. Additionally, the rising market penetration of shea butter products via online-based retailing is witnessed to propel the growth of shea butter in the cosmetic products sector.

 

The Middle East & Africa is expected to witness significant growth in the market during the forecast period

 

The rising disposable income range & rapid urbanization will boost product demand. The growth is favored by the higher production of shea butter due to the abundant raw material supply and accessibility of cheap labor in this region. Led by the United Kingdom, Europe is witnessed to be the rapidly growing regional market during the gauge period. This is majorly due to the rising demand for cosmetics products & personal care. Europe is the dominating region in the global cosmetics industry. Additionally, the increase in consumption rates of chocolate & bakery products in this region will further propel the product demand.

Shea butter: Competitive Landscape

Companies such as Bunge Limited, Cargill, Inc, The Hershey Company, The Savannah Fruits Company, Vink Chemicals GMBH & CO. KG, Ghana Nuts Limited, Barry Callebaut Group, Churchwin Trading, Shebu Industries, Timiniya Tuma Company Ltd., are the key players in the manufacturing of Shea butter.

 

Don’t miss the business opportunity of the Shea butter market. Consult our analyst and gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Shea butter market size & forecast. The report promises to provide state-of-the-art technology of Shea butter and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.

 

About Us

BlueWeave Consulting is a one-stop solution for market intelligence regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality performance and nourishing the long-lasting relationships with its clients. We are one of the promising digital market intelligence generation company providing unique solutions for blooming your business and making the morning, more rising & shining.