January 03, 2020
According to the research report titled ‘Global Shea Butter Market Size by Product (Raw and Unrefined Shea Butter, Refined Shea Butter), By Application (Food & Beverage, Personal Care & Cosmetics and Pharmaceutical), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Spain, China, India, Japan, South Korea, Australia, Malaysia, Brazil, Mali, Burkina Faso, Nigeria, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global shea butter market is expected to grow significantly by the year 2025.
According to the report, increasing consumption of chocolates has led to an upsurge in the prices of cocoa butter which in turn is driving the shea butter market. Shea butter contains low-fat content and is available at low-costs, hence rising adoption of shea butter in food & beverage sector is aiding the expansion of the market. Growing trend of ecolabelling has increased the demand for organic chocolate confectionary items which in turn is stimulating the industry outlook. Additionally, strict food safety regulations which promote the use of shea butter in manufacturing margarine, chocolate, and cosmetics are facilitating the business scenario.
There has been an upsurge in the R&D for the development of innovative applications such as shea butter based dermatological creams to treat skin irritations and rashes among HIV patients. Thus, rising geriatric population coupled with growing demand for innovative healthcare products are augmenting the demand for shea butter products in pharmaceutical industries.
As per product type, the report cites that raw and unrefined shea butter segment held 20% demand share in 2018. Raw & unrefined shea butter is slated to be one of best substitutes for olive oils, coconut oils, and butter. Shifting preference towards healthy food habits has amplified the demand for raw & unrefined shea butter products across food & beverage industry.
Based on the findings of the report, personal care & cosmetics application segment is estimated to grow with a CAGR of 10% during the period of 2019-2025. Shea butter is used as an anti-free and anti-aging radicle agent. It helps restore skin elasticity, improve its appearance and texture, and can be used to treat dry skin. Shea butter is used for the treatment of an array of medical conditions such as inflammation disorders, skin regeneration, nostril infection, and rheumatism, thereby fueling the growth of the segment.
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Considering the geographical landscape, Asia-Pacific shea butter market is expected to expand with a CAGR of 11% over 2019-2025. Flourishing cosmetic sector and improving economy in China is contributing towards the popularity of the product across the country. Surging need for multifunctional products in tandem with growing demand for skin care products made from organic ingredients are driving the market growth in the region.
Akoma Cooperative Society, Ghana nuts, Croda International, Savanna Industries, AAK AB, OLVEA GROUP, and Cornelius Group PLC are some of the prominent companies operating in the global shea butter market.
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