Global Shea Butter Market Report and Forecast 2024-2032

Global Shea Butter Market Report and Forecast 2024-2032

Global Shea Butter Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global shea butter market size reached a value of USD 2.20 billion in 2023. Aided by the increasing demand for natural and organic skincare products, as well as the rising awareness of shea butter's benefits, the market is projected to further grow at a CAGR of 6.80% between 2024 and 2032 to reach a value of USD 3.98 billion by 2032.

Shea butter, derived from the nuts of the shea tree (Vitellaria paradoxa), is a natural fat with a rich concentration of fatty acids, vitamins, and antioxidants. Renowned for its moisturising, emollient, and anti-inflammatory properties, shea butter has been used for centuries in traditional African skincare and medicinal practices. Today, it serves as a key ingredient in a wide range of cosmetic, skincare, haircare, and pharmaceutical products.

With increasing awareness of the potential harmful effects of synthetic chemicals and additives in skincare products, consumers are gravitating towards natural and organic alternatives. Shea butter, with its natural origin and skin-friendly properties, has emerged as a sought-after ingredient in the formulation of moisturizers, lotions, creams, and balms, consequently driving up the shea butter market share.

The growing emphasis on health, wellness, and self-care has propelled the demand for products that promote skin health and vitality. Shea butter's ability to nourish, soothe, and protect the skin makes it a preferred choice for consumers seeking holistic skincare solutions that align with their wellness goals.

Shea butter's versatility extends beyond basic moisturisation, making it a valuable ingredient in a wide range of cosmetic formulations. From lip balms and body butters to hair conditioners and facial masks, shea butter adds richness, texture, and efficacy to various beauty products, catering to diverse skincare needs and preferences, leading to the shea butter market growth.

The increasing adoption of shea butter in emerging markets, particularly in Asia-Pacific and Latin America, is driving market expansion. Rising disposable incomes, urbanisation, and changing consumer lifestyles have led to greater demand for premium skincare products containing shea butter, creating opportunities for both local and international brands.

The ethical and sustainable sourcing of shea butter is gaining importance among consumers and industry stakeholders. Efforts to promote fair trade practices, support women's cooperatives in shea-producing regions, and ensure environmental sustainability are shaping the supply chain dynamics of the shea butter market, fostering transparency and accountability, leading to shea butter market development.

Manufacturers are continually innovating to enhance the appeal and efficacy of shea butter-based products. This includes the development of specialised formulations targeting specific skincare concerns such as dryness, aging, and sensitivity, as well as the incorporation of shea butter into novel product formats such as serums, masks, and exfoliants.

As per the shea butter market analysis, West Africa, particularly countries such as Ghana, Burkina Faso, and Nigeria, accounts for the majority of shea butter production globally, owing to its favourable climate and abundant shea tree resources.

Meanwhile, North America and Europe represent key consumption markets for shea butter, driven by the growing demand for natural and organic skincare products, as well as the presence of established beauty and personal care brands incorporating shea butter into their formulations.

Moreover, Asia-Pacific and Latin America are emerging as promising markets for shea butter, fuelled by increasing consumer awareness, urbanisation, and the expansion of the cosmetics and personal care industry in these regions.

Market Segmentation

The market can be divided based on the type, application, and region

Market Breakup by Type

• Raw and Unrefined
• Refined

Market Breakup by Application

• Food
• Cosmetics and Personal Care
• Pharmaceutical
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global shea butter market. Some of the major players explored in the report by Expert Market Research are as follows:

• Fuji Oil Holdings Inc.
• 3F Industries Limited
• BASF SE
• OLVEA Vegetable Oils SAS
• Cargill, Incorporated
• Croda International Plc
• Ghana Nuts Company Ltd.
• Sophim Iberia S.L.
• AAK AB
• Bunge Limited
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report. Show more