Shea Butter Market Size | Top Manufacturers Analysis, Emerging Trend and Growth Forecast to 2030

The market for shea butter is likely to grow at a significant rate, owing to their increasing consumption of plant-based food products through cheese and meat. US is the largest shea butter market in North America due to increase in demand from millennial and surge in marketing activities. In addition, improved distribution channels also drive the growth of the product market in North America.

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The shea butter market size is expected to reach $2,408.70 million by 2030, registering a CAGR of 14.1% from 2021 to 2030.

Growth in vegan рорulаtіоn and іnсrеаѕe in рорulаrіtу оf рlаnt-bаѕеd рrоduсtѕ аmоng соnѕumеrѕ аrе mајоr fасtоrѕ driving the growth of the global shear butter mаrkеt. Іn аddіtіоn, іnсrеаѕe in аdорtіоn оf hеаlthу lіfеѕtуlе аnd growth in рrеfеrеnсе for vеgеtаrіаn dіеt, оwіng tо rіѕіng hеаlth соnѕсіоuѕnеѕѕ аrе аlѕо fасtоrѕ аntісіраtеd tо ѕuрроrt the growth of the global shea butter mаrkеt.

Leading Market Players:-

AAK AB, Bunge Ltd.
FUJI OIL HOLDINGS INC
3F Industries Ltd, ADM
Stern-Wywiol Gruppe GmbH & Co.
Akoma Cooperative
StarShea
Ghana Nuts Ltd
Shebu Industries.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic has had a negative impact on the global shea butter market.
The pandemic disrupted the supply chain across the world, which in turn, led to difficulties for key players and vendors during supply of goods.
Trade restrictions imposed by several countries across the globe to curb the outbreak of COVID-19 significantly affected global logistics and transportation, thereby impacting the shea butter market negatively.

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The raw & unrefined segment to maintain its leadership status throughout the forecast period

Based on type, the raw & unrefined segment held the highest market share in 2020, accounting for nearly four-fifths of the global shea butter market, and is estimated to maintain its leadership status throughout the forecast period, owing to multiple benefits associated with unrefined or cold pressed oils. However, refined & ultra-refined segment is projected to manifest the highest CAGR of 16.3% from 2021 to 2030. This is because of its usage in the skin care market, as it is said to diminish the appearance of lines and wrinkles as well as aids in softening the skin and lightning the complexion.

The food segment to maintain its lead position during the forecast period

Based on application, the food segment accounted for the largest share in 2020, contributing more than four-fifths of the global shea butter market, and is projected to maintain its lead position during the forecast period. This is because shea butter exhibits functional and enhanced nutritional properties. Moreover, the cosmetics segment is expected to portray the largest CAGR of 16.4% from 2021 to 2030, owing to its usage in a broad range of cosmetic products, including skin care products such as creams, soaps, balms, body butter, lip balms, shaving creams, and hair care products.

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Key Findings Of The Study

The shea butter market was valued at $655.2 million in 2020, and is estimated to reach $2,408.70 million by 2030, registering a CAGR of 14.1% from 2021 to 2030.
By type, the raw & unrefined segment is estimated to witness the significant growth, registering a CAGR of 13.4% during the forecast period.
In 2020, depending on application, the cosmetics segment was valued at $102.7 million, accounting for 84.3% of the global Shea butter market share.
In 2020, the Canada was the most prominent market in North America, and is projected to reach $98.1 million by 2030, growing at a CAGR of 14.3% during the forecast period.

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