By 2023, the global shea butter market had achieved a notable valuation of USD 2.75 billion, showcasing strong growth.
Forecasts indicate that the market will continue to expand steadily, with an anticipated CAGR of 7% from 2023 to 2033. By the conclusion of 2033, the market is projected to reach a substantial value of USD 5.58 billion.
It is now commonly acknowledged that consuming dietary items containing trans-fatty acids has significant cardiovascular health consequences. In several countries, such as the U.K., this has resulted in voluntary initiatives and governmental measures to reduce the intake of food products containing such ingredients.
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To capitalize on this trend, key operators in the market, like Cargill, are introducing shea butter as a cocoa butter equivalent in the food industry. Various factors related to cocoa butter products, like uncertainty in supply, premium price, variability in quality, and other factors have increased the demand for shea butter.
On the back of this factor, the demand for shea butter is increasing due to the extensive use in several confectionery products, such as snacks, candy & jelly, toffees, chocolate, and others.
With the concept of premiumization including superior mouthful experience and a far-fetched quality of such end products, the global shea butter market will witness steady growth over the forecast period.
“Growing demand for shea butter as a healthy alternative ingredient to trans-fat products, is increasing with soaring market share. Due to higher availability of raw materials and reduced environment impact as a clean label product, key players are introducing raw shea butter form in cosmetic industry to gain revenue,” says a Future Market Insights analyst.
Competitive Landscape
Key manufacturers of shea butter are focusing on sustainable product developments and also looking for investing in state-of-the-art processing facilities to further help the industry growth.
Primary Players
- BASF SE
- Bunge Limited.
- Croda International
- Cargill, Inc.
- Archer Daniels Midland Company
- Wilmer International
- International Oils & Fats Limited
- Ghana Nuts Company Limited
- Fuji Oil Holdings, Inc.
- 3F Industries Ltd.
- Others
Recent Developments:
- Shea Radiance, a renowned brand specializing in shea butter-based body care products, recently launched six new body care offerings. These products have made their debut in 520 Whole Foods stores across Virginia, United States. Expanding Shea Radiance's reach and offering customers a luxurious and natural body care experience enriched with the nourishing benefits of shea butter.
- Fuji Oil Holdings, Inc. announced the sourcing of responsible shea kernels with the policy of preserving green areas of shea trees with minimum or zero deforestation. To reinforce the sustainable development of the industry.
- Unilever announced the acquisition of Sundial Brands, including Nubian Heritage and SheaMoisture. To take advantage of market expansion with financial advancement and diversify its ownership ranks.
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Shea Butter Market by Category
By Nature:
- Organic
- Conventional
By Grade:
- Grade A (raw or unrefined)
- Grade B (refined)
- Grade C (highly refined)
- Grade D (lowest uncontaminated grade)
- Grade E (with contaminants)
By Application:
- Food Processing
- Cosmetics & Personal Care
- Pharmaceuticals Industry
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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