“Shea Butter Market Size 2019-2026 Industry Share, Growth Analysis, Regional Demand & Key Players BASF SE, BUNGE LTD, AAK AB, OLVEA GROUP etc.”
The Shea Butter market share is expected to reach USD 1,048.2 Million by 2026, with a compound annual growth rate of 5.40% during the period of forecast. Shea butter is also known as GALAM or KARITE butter is a fatty triglyceride that is extracted from the nuts of VITELLARIA PARADOXA plants mainly composed of oleic acid and stearic acid. The fractionation process is performed to extract it and after the completion of it, refining is done so that it can be used as an equivalent of cocoa butter.
Shea butter is also known as GALAM or KARITE butter is a fatty triglyceride that is extracted from the nuts of VITELLARIA PARADOXA plants mainly composed of oleic acid and stearic acid. The fractionation process is performed to extract it and after the completion of it, refining is done so that it can be used as an equivalent of cocoa butter.
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COVID -19 Analysis
The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the market. Due to this pandemic situation, restrictions were imposed by the government of different countries. The supply chain of raw material needed to secure the manufacturing, packaging, and distribution process of Shea butter was affected drastically. The restrictions imposed on cross-border transportation of raw materials and commodities made the manufacturers of this sector depend on the local or domestic suppliers increasing the negotiating power of suppliers. Also, with the closure of supermarkets and hypermarkets the market of Shea butter has been severely affected. But there is a ray of hope that with the lifting of restrictions this industry will make a powerful comeback and have a long-lasting impact on the Shea Butter market of the alternative product.
With the aim to present exhaustive details of the shea butter industry, the MRFR report has considered a few segments, including type, category, and application.
Types of shea butter available in the market are either unrefined/raw or refined. Refined butter has been the top segment since 2019 and can even garner the highest CAGR to touch USD 702.50 million by 2026-end.
Categories covered in the MRFR market study include organic and conventional. Escalating awareness about the health benefits of natural and chemical-free products have led to increased sales of organic shea butter. Buyers are growing aware about the toxic effects of the chemicals present generally in various products and are therefore opting for organic shea butter, whether in food or personal care products among others. They are even willing to pay substantial amounts on premium products that have organic ingredients, which will mean striking growth for the organic shea butter segment.
Top applications of shea butter are food and beverage, pharmaceuticals, and personal care. Moistening, anti-inflammatory and antiaging properties of raw shea butter heals scraps, cuts, burns and moistens chapped lips, dry skin on heels, elbow, and knees. Growing consumer demand for products with excellent nourishing qualities for attaining smooth skin and body texture is likely to boost the overall market share.
Geographically, the market for shea butter can be segmented with respect to Europe, Middle East & Africa (MEA), North America and Asia Pacific (APAC).
Europe claimed the top position with the biggest share of 37.13% in 2019. Shea butters witness strong demand in the region on account of the surging consumer demand for confectionary and baked products. The thriving personal care and beauty industry in the region also has a significant role in the market growth. Also, the strong network established by confectionery firms in the region including Nestlé SA, the Ferrero Group, Pladis and Chocoladenfabriken Lindt & Sprüngli AG also foster considerable business growth.
The APAC market benefits largely from the large-scale production of shea butter backed by the abundance of raw materials found in the region and due to the availability of cheaper labor. The growing consumption of bakery products and chocolates in the region also fuels the demand for shea butter, while the increase in spending on premium cosmetic products, popularity of social networking sites and expanding middle-class population with rising interest in online shopping can bolster further market growth. Evolving consumer tastes along with the mounting awareness about skin care in India, South Korea and China also drive the application scope of shea butter in the region.
Shea Radiance (US), Cargill Incorporated (US), The Savannah Fruits Company (Ghana), BASF SE (Germany), Ghana Nuts Company Limited (Ghana), The Organic Shea Butter Company (US), Bunge Ltd (US), Vink Chemicals GmbH & Co. KG (Germany), AAK AB (Sweden), Sophim S.A (France), are some of the top manufacturers of shea butter worldwide.
BFA Industries has introduced 'Refreshments', which is a range of clean and vegan personal care products including body cream, face wipes, shaving cream and body wash, with the key ingredient being shea butter. For instance, one of the products, NEW! Pearly Body Wash is a creamy body wash that cleanses and moisturizes and its main ingredients are shea butter, olive oil and vitamin C.
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