The Shea Butter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Shea Butter Global Market Report 2024, The shea butter market size has grown strongly in recent years. It will grow from $2.01 billion in 2023 to $2.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to traditional use in cosmetics and skincare, demand for natural and organic ingredients, growth in the beauty and personal care industry, increase in awareness of shea butter benefits, adoption in traditional medicine.
The shea butter market size is expected to see strong growth in the next few years. It will grow to $2.79 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to expansion of the food industry, rising demand for plant-based ingredients, incorporation in nutraceutical and functional foods, increased use in hair care products, growth in e-commerce and online sales, growing popularity of diy beauty and skincare with shea
. Major trends in the forecast period include development of shea butter derivatives and innovations, introduction of shea butter-infused textile and apparel, technological improvements in shea processing, utilization of shea butter in sustainable packaging, collaboration for research and development in shea industry.
The increasing use of cosmetics is expected to propel the growth of the shea butter market. Cosmetics refer to a diverse range of products applied to the body, face, hair, or nails to enhance or alter appearance. Shea butter is commonly used in cosmetics for its moisturizing, nourishing, and anti-inflammatory properties, promoting healthier, more hydrated skin and hair. For instance, in 2021, according to the annual organic beauty and wellbeing report by the Soil Association, a UK-based charity organization, the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK grew by 15%, reaching approximately $170 million in 2021. Furthermore, in January 2021, according to Automat.ai, a Canada-based business service, software, and computer software company, in the US, sales of skincare products increased by 13% in 2021, while sales of makeup items increased by 1%. Further, the growth of online beauty merchants was 24%, with skincare taking the lead. Therefore, the increasing use of cosmetics is driving the growth of the shea butter market.
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The shea butter market covered in this report is segmented –
1) By Product: Raw And Unrefined Shea Butter, Refined Shea Butter
2) By Nature: Organic, Conventional
3) By Application: Food Processing, Cosmetics And Personal Care, Pharmaceuticals, Other Applications
Major companies operating in the shea butter market are developing innovative products, such as shea butter-infused skincare products, to meet larger customer bases, increase sales, and increase revenue. A shea butter-infused skincare product is a cosmetic or personal care item that contains shea butter as a key ingredient. For instance, in September 2022, Salve Pharmaceuticals Pvt. Ltd., an India-based dermatology company, launched Ultra, a range of skin care products. The distinguishing feature of the Ultra skincare range is its formulation for daily use, which provides 72-hour hydration. Crafted with almond oil, vitamin E, shea butter, and hibiscus extracts, it ensures long-term nourishment for skin cells. The range includes two products: the Parasoft Ultra Hydrating and Protecting Cream and the Parasoft Ultra Daily Moisturizing Body and Face Lotion. Notably, both products are paraben-free, and their non-greasy application enhances user convenience.
The shea butter market report table of contents includes:
1. Executive Summary
2.Shea Butter Market Characteristics
3.Shea Butter Market Trends And Strategies
4.Shea Butter Market analysis
5.Shea Butter Market Size And Growth
6.Shea Butter Segmentation
7.Shea Butter Regional And Country Analysis
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27. Shea ButterCompetitive Landscape And Company Profiles
28.Shea Butter Key Mergers And Acquisitions
29.Shea Butter Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
BASF SE
Bunge Limited
Wilmar Africa Limited
Clariant AG
AAK AB
Fuji Oil Holdings Inc.
Croda International PLC
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