Shea Butter Market - New Investments Expected to boost the Demand by 2027

Shea butter is obtained from the nuts of Shea tree, which contain magnesium, potassium, and protein. Increasing demand for coco butter alternative and growing consumption of chocolate and bakery products are expected to drive the market. In addition, widespread usage of shea butter as a substitute for edible vegetable oils and fat in various food applications is likely to spur the demand.

Bakery and confectionery manufacturers widely use it as an alternative for cocoa butter due to high prices of cocoa as a result of limited supply. Moreover, high product demand in personal care & cosmetics industry will also boost the market growth. Shea butter contains essential fatty acids, such as stearic and oleic acids, and unsaponifiables, such as sterols and phenols, which have moisturizing and conditioning properties.

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It has a better absorption rate than coco butter and is suitable for all skin types, which increase its demand in personal care & cosmetics industry as well. In addition, extensive R&D by cosmetics manufacturers to introduce innovative and more effective shea butter-based products will drive the demand in this sector. Thus, the personal care & cosmetics application is expected to be the largest segment over the forecast period.

Some of the key companies in this market are BASF SE; Olvea Group; Sophim S.A.;Cargill, Inc.; Suru Chemicals; Ghana Nuts Company Ltd.; Croda International Plc; Agrobotanicals, LLC; Clariant AG; and AAK AB. These companies have undertaken several competitive strategies, such as increasing production capacities, product and technological innovation, and establishing tie-ups with online e-commerce firms, to boost their sales.

On the basis of application, the shea butter market has been segmented into personal care & cosmetics, food & beverage, and others. Personal care & cosmetics is the largest segment. This growth is attributed to the high product demand in this sector. Moreover, cosmetics companies are investing more in R&D to introduce new and more effective products containing shea butter. This is also likely to have a positive impact on the segment growth. Increasing demand for anti-aging and skin conditioning products will boost the segment growth further.

Food and beverages is the fastest-growing application segment. Increasing demand for bakery and confectionery products is the key factor fueling the segment development. Moreover, demand for cocoa butter alternatives due to high costs of cocoa will also boost the segment growth. Shea butter is used as a raw material in the production of shortening and margarine for several bakery products like puff pastry. It is stable at room temperature and eliminates the process of hydrogenation, preventing the generation of trans unsaturated fatty acids, acting as a healthy alternative for margarine production.

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