Shea Butter Market touched USD 1,281 million in 2019 and will grow at 6.9% CAGR during 2020-2027 | Size, Trends & Forecast

Shea Butter Market

The Shea Butter Market was valued around USD 1,281 million in 2019 and is expected to reach USD 2,184 million in 2027, growing at a CAGR of 6.9% over the forecast period (2020-2027).

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The factors driving the growth of Shea Butter Market includes rise in the consumption of bakery and confectionary products around the world, increasing application of shea butter in cosmetic products such as salve, lotion, growing preference for shea butter over Palm Oil and improvements in the living standards. According to the report published by Statista, the revenue generated from the sales of confectionary products in the United States is estimated to reach around USD 186.50 billion by the end of 2022, growing at a CAGR of 3.03% over the forecast period (2022-2027), which will accelerate the Global Shea butter Market in the approaching years. Moreover, increasingly availability of shea butter at online platform, rise in the launch of innovative products, growing awareness about the health benefits of consuming shea butter and rapid urbanization, are some of the additional factors supplementing the Shea Butter Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Shea Butter Market is hindered attributed to availability of alternative products such as mango butter and shea oil.

The major players operating in the Shea Butter Market includes ADM, Olvea, Ghana Nuts Company Limited, Croda International Plc, Cargill, Incorporated, BASF SE, Sophim S.A., Clariant, AAK.com and Bunge Limited among others.

Based on Product Type, the Raw and Unrefined segment is predicted to grow at a significant CAGR during the forecast period

Unrefined shea butter provides adequate amount of vitamin A, vitamin E, and fatty acid along with its chemical free properties, are some of the factors pushing growth of the segment.

Based on Distribution Channel, the Hypermarkets/Supermarkets segment is projected to grow at a robust CAGR over the forecast period

Hypermarkets offer wide range of shea butter products with attractive discount options and provides free delivery options, are some of the factors propelling segment's growth.

Based on Region, the GCC and African countries are anticipated to expand at a remarkable CAGR during the forecast period

Shea butter is majorly exported by African countries worldwide, availability of cheap butter, rising domestic consumption, rapid urbanization, improvements in the living standards and increasing number of Free Trade Agreements (FTAs) signed between different Countries, are some of the important factors augmenting the market growth.

Key Development

In 2019, Bunge Limited introduced shea-based margarine, which can be used for artisan bakery and industrial purposes.

Market Segmentation

Segmentation by Product

Raw and Unrefined
Refined

Segmentation by Application

Personal Care & Cosmetics
Food & Beverage
Pharmaceuticals
Others

Segmentation by Distribution Channel

Hypermarkets/Supermarkets
Specialty Stores
Online
Convenience Stores
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.