New York, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global shea butter market is predicted to register a revenue of $2,281,864.90 thousand and grow at 14.0% CAGR during the 2021-2028 forecast period. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: People’s growing focus on using vegan cosmetic products and the expansion of shea products portfolio like soap bar, lip balm, body lotion, etc. by key market players are some factors projected to drive the global shea butter market during the forecast years. In addition, multiple advantages of shea butter like high moisturizing effect, better nourishment for dry skin, healing properties, and many more along with medicinal benefits like reducing skin allergies, antimicrobial, preventing inflammatory sensations, etc. are some more driving factors for the market growth.
Opportunities: Increasing expansion of product portfolio by key market players and growing research and development activities regarding the same are some factors estimated to create abundant growth opportunities for the global shea butter market by 2028.
Restraints: High cost of shea butter is the prime hindering factor for the market growth.
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Covid-19 Impact on the Market
The onset of the covid-19 catastrophe has had a negative impact on the global shea butter market just like most industries mainly due to strict lockdowns and import-export restrictions imposed by governments across the globe. This caused disruptions in the supply chain and declined the availability of raw materials for manufacturing shea butter products. In addition, the fear of getting infected by corona virus and government’s social distancing norms also led to shortage of work force in the manufacturing industries that further caused delay in several cosmetic projects. Moreover, the global economic slowdown forced people to save their funds and spend money meticulously. These factors adversely impacted the market growth and overall revenue.
Segments of the Market
According to the report, the global shea butter market is fragmented into multiple segments based on type, application, and regional analysis.
Type: Unrefined Sub-segment to be Most Dominant
The unrefined sub-segment of the global shea butter market is anticipated to hold a dominant market share and garner a revenue of $1,680,499.60 thousand during the 2021-2028 forecast timeframe due to rising demand for unrefined shea butter in the cosmetic industry for manufacturing better quality products. Body lotion, lip balm, and many other products are mostly made from unrefined shea butter since it’s not chemically processed. These factors are expected to uplift the sub-segment’s growth by 2028.
Application: Food & Beverages Sub-segment to be Highly Lucrative
The food & beverages sub-segment is predicted to have the fastest growth rate and gather a revenue of $2,022,945.20 thousand during the analysis years. This immense growth is mainly attributed to the extensive usage of shea butter in the confectionery industry for manufacturing chocolates.
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Region: Market in the Europe Region to be Highly Progressive
Shea butter market in the Europe region is projected to witness abundant growth opportunities and generate a revenue of $978,920.00 thousand by 2028 due to well established confectionery industries and the surging demand for shea butter as an alternative to cocoa butter for making chocolates. Moreover, the presence of some significant cosmetic industries which use shea butter as their prime ingredient is also a boosting factor for the market growth in the Europe region.
Prominent Market Players
Some prominent shea butter market players are
- The Savannah Fruits
- Akoma Cooperative Multipurpose Society
- Bulk Apothecary
- Vink Chemicals GmbH & Co. KG
- Clariant
- Empower Village LLC.
- Ghana Nuts Company Limited
- The Organic Shea Butter Company
- Baraka Shea Butter
- Jedwards International, Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in October 2021, Faber-Castell Cosmetics, a German-based cosmetics organization, announced its launch of a new range of airtight wood pencils that contain natural ingredients like shea butter and more. These pencils add natural textures to the makeup and also has moisturizing effects.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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