Global Shea Butter Market: size was valued at US$ 1.15 Billion. in 2021 and it is expected to reach US$ 3.07 Bn. by 2029, at a CAGR of 13.1% though the forecast period.
Global Shea Butter Market Overview:
The Global Shea Butter Market study gives a comprehensive view of the competition, including the market share and company profiles of the major global competitors. The scope of the research includes a full examination of the Global Shea Butter Market, as well as the reasons for variations in the industry’s growth between regions.
Global Shea Butter Market Dynamic:
The strong demand for Shea butter stems from its use as a cheaper alternative to ice cream, chocolate, and biscuits due to its similar fat composition to the cocoa butter alternative. A positive outlook for the use of fatty acids in the food industry is driving the demand for shea butter in the market.
Bakery and confectionery makers use shea butter because of its superior functionality, shelf life, flavor profile, low price, and ability to change melting curves compared to cocoa butter. For example, Hershey’s was launched to integrate Shea butter as a major CBE (Cocoa Butter Equivalent) into non-chocolate products such as Hershey’s cookies and creams. The growing trend towards large bakeries, candy factories, artesian bakeries, and cafe chains. These factors are driving the market growth of the product.
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Market Scope:
Following the completion of market engineering, which included market statistics computations, market size estimations, market forecasts, market breakdown, and data triangulation, extensive primary research was done to gather information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up tactics, as well as different data triangulation procedures, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all data obtained during the market engineering process in order to provide essential information throughout the report.
Global Shea Butter Market Segmentation:
By Product, the Raw and Unrefined segment dominated the market with a 75% share in 2021. Consumer demand for less processed oils is increasing due to some of the benefits associated with unrefined or cold-pressed oils. For example, unpurified shea butter keeps the skin young by stimulating the tissue and helping the skin make its collagen. It has soothing moisturizing and nourishing properties suitable for dry and damaged hair and skin. It is a chemical-free alternative to many cosmetics and helps reduce inflammation. Because of this ability, raw, unrefined shea butter helps treat acne, anti-aging, dry and itchy skin, cracked lips, frostbite, psoriasis, rashes, stretch marks, and sunburn. These factors are driving the growth of the segment in the shea butter market.
The refined and ultra-refined segment is expected to grow at a CAGR of 4 % through the forecast period. Industrial usage, purified form, etc. are driving the demand of the segment. The refined and ultra-refined has a limited application which is limiting the market growth.
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Global Shea Butter Market Key Players:
• Ghana Nuts Ltd
• Maison Karite Sociedad Limitada
• Adunni Ori Ltd.
• Timiniya Tuma Company Ltd.
• Savanna Shea Industries
• Star Shea Ltd
• Shea Radiance
• VINK CHEMICALS GMBH & CO. KG
• Jedwards International Inc.
• IOI Loders Croklaan
• Agrobotanicals LLC;
• Lovinah Naturals
• Maison Karite Sociedad Limitada
• Shebu Industries
• Shea Therapy Ltd
Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers’ annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data.
The biggest players in the Global Shea Butter market are as follows:
Regional Analysis:
Individual market influencing components and changes in market laws impacting current and future market trends are also covered in the Global Shea Butter market analysis regional overview. Current and future trends are studied in order to evaluate the overall market potential and find profitable patterns in order to get a firmer footing. The geographical market evaluation is based on the current environment and anticipated trends.
COVID-19 Impact Analysis on Global Shea Butter Market:
Due to a break in operations, end-user sectors where Global Shea Butter are used suffered a drop in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, and Spain, France, and India. As a result, the revenues of enterprises in these industries fell significantly, as did the demand for Global Shea Butter manufacturers, impacting the growth of the Global Shea Butter market in 2020. Lockdowns and a surge in COVID-19 events globally have severely reduced end-user business demand for Global Shea Butter.
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Key Questions Answered in the Global Shea Butter Market Report are:
- In 2021, which segment owned the greatest share of the Global Shea Butter market?
- What is the competitive landscape of the Global Shea Butter market?
- What are the key factors influencing Global Shea Butter market growth?
- In the Global Shea Butter market, which region has the most market share?
- What will be the CAGR of the Global Shea Butter market over the forecast period (2022-2027)?
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