New York, USA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global Shea butter market is anticipated to garner revenue of $2,281,864.90 thousand and rise at a healthy CAGR of 14.0% over the analysis timeframe from 2021-2028.
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Covid-19 Impact on the Global Shea Butter Market
The wake of the Covid-19 pandemic has had a negative impact on the Shea butter market, likewise several other industries. With the stringent lockdowns imposed by governments of many countries worldwide, it has been difficult for Shea butter manufacturers to obtain Shea nuts, which is a raw material for the manufacturing of various products. Moreover, the shutdown of many production companies has additionally decreased the growth of the market during the crisis.
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As per our analysts, the growing inclination of millennials towards Shea butter products such as lip balm, soap bar, body lotion, and many more, is expected to surge the growth of the market during the analysis timeframe. Moreover, the growing awareness of using plant-based cosmetic products and the inclination towards vegan, and the medicinal benefits of Shea butter are the major factors further expected to thrive during the forecast period. Besides, the increasing demand for new Shea butter products is further predicted to foster the growth of the Shea butter market during the analysis period. However, the high-cost Shea butter though gaining popularity in the confectionery industry for manufacturing chocolates may impede the growth of the market over the analysis timeframe.
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Segments of the Global Shea Butter Market
The report has been divided the market into segments based on type, application, and region.
Type: Unrefined Sub-Segment to be Most Lucrative
The unrefined sub-segment is projected to generate a revenue of $1,680,499.60 thousand and is predicted to see steady growth during the analysis period. This is mainly because of the growing demand for unrefined Shea butter in the cosmetic industry for manufacturing high-quality products. Moreover, as directly extracted from Shea nuts, unrefined Shea butter contains a large number of beneficial ingredients which are quite beneficial for dry skin. This factor is further expected to bolster the growth of the Shea butter market’s sub-segment during the forecast period.
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Application: Food and Beverages Sub-Segment to be Most Profitable
The food and beverages sub-segment is expected to garner $2,022,945.20 thousand in revenue and is projected to hold the maximum share of the market. This is mainly because of the wide usage of Shea butter in the confectionery industry for manufacturing chocolates. Moreover, as cocoa butter is much expensive, the switching of the chocolate manufacturing industry to use Shea butter for its cost-effectiveness is further expected to uplift the growth of the Shea butter market’s sub-segment during the analysis time period.
Region: European Market Anticipated to Have Huge Growth Opportunities
The European market is projected to generate a revenue of $978,920.00 thousand and is expected to dominate the market throughout the analysis period. This is mainly due to the existence of well-established confectionery industries that uses Shea butter instead of cocoa powder on a larger scale. Moreover, the rich presence of cosmetic industries where Shea butter is used as a base ingredient for product development is the major factor expected to boost the regional growth of the market sub-segment during the analysis time frame.
Key Players of the Global Shea Butter Market
1. Empower Village LLC.
2. Bulk Apothecary
3. Baraka Shea Butter
4. Vink Chemicals GmbH & Co. KG
5. The Savannah Fruits
6. Clariant
7. Jedwards International, Inc.
8. Akoma Cooperative Multipurpose Society
9. Ghana Nuts Company Limited
10. The Organic Shea Butter Company
These players are mainly working on the development of new business strategies and tactics to gain the leading position in the global industry.
For instance, in June 2021, AAK, a leading Sweden-based company, and producer of vegetable oils and fats has announced its collaboration with Mars, a renowned American manufacturer of confectionery, pet food, and other food products. The motive of his partnership has helped in improving the livelihoods of many women working in Ghana’s Shea supply chain.
Furthermore, the report also presents many important aspects including product portfolio. SWOT analysis, latest business developments, and financial performance of key players. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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