Westford, USA, July 20, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the shea butter market is poised for significant growth, fueled by the rising demand from millennials who increasingly embrace shea butter-based products such as body lotion, soap bars, and lip balm. This shift can be attributed to millennials' strong preference for vegan cosmetics made from plant-based ingredients, aligning with their eco-conscious and ethical values.
Browse in-depth TOC on the "Shea Butter Market"
- Pages - 242
- Tables - 115
- Figures – 77
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The shea butter market is experiencing substantial growth, particularly in the bakery and confectionery sectors, owing to its exceptional functionality and diverse advantages over cocoa butter. Bakery and confectionery makers have recognized the superior qualities of shea butter, including its extended shelf life, delightful flavor profile, cost-effectiveness, and ability to modify melting curves, making it an ideal choice for various applications.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 2.21 Billion |
| 2030 Value Projection | USD 4 Billion |
| CAGR | 6.8% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Shea Butter Market
- BASF SE
- Shea Radiance
- The Savannah Fruits Company
- Ghana Nuts Company Limited
- Bunge Loders Croklaan Group B.V.
- IOI Loders Croklaan Group BV
- AAK AB
- Croda International Plc
- The HallStar Company
- Olvea Group
- Clariant AG
- The Hershey Company
- Archer Daniels Midland Company
- Cargill, Incorporated
- Juka's Organic Co.
- Shea Yeleen Health & Beauty
- Baraka Shea Butter
- Akoma Cooperative Multipurpose Society
- Star Shea Ltd.
- L'Occitane International SA
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Raw & Unrefined Segment is Expected to Grow in the Market Due to Rising Demand for Less Processed Oils
The raw & unrefined segment dominated the global shea butter market. Consumer demand for less processed oils is rising due to the numerous advantages of unrefined or cold-pressed oils. For instance, unrefined shea butter promotes collagen production and keeps the skin young by stimulating the tissues.
The markets in the North America are on a trajectory to exceed USD 390 million, showcasing a remarkable growth outlook. This surge in demand can be attributed to the widespread adoption of shea butter as a potent and natural alternative to cocoa butter in the cosmetics industry. Cosmetic manufacturers are increasingly leveraging shea butter's diverse and beneficial properties to formulate a wide array of skincare and beauty products.
Food Segment is Expected to Dominate the Market Due to the Exceptional Nutritional Value
The application of shea butter in the food segment has emerged as a dominant force in the global shea butter market, owing to its exceptional nutritional value and versatile, functional qualities. This natural product has gained significant popularity in the food industry due to its diverse applications. As a food additive, shea butter enhances the flavor and texture of various culinary creations, adding a delightful touch to a wide range of dishes.
Regional markets in the Asia Pacific are projected to experience a substantial CAGR of 7.7%, reflecting its tremendous potential for economic development and shea butter market expansion. A significant factor driving this growth is the region's vast and diverse population, with India and China standing out as essential contributors.
A comprehensive analysis of the major players in the shea butter market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Shea Butter Market
- Bunge Loders Croklaan (BLC) recently demonstrated its commitment to sustainability and the growth of the shea butter sector by unveiling plans to construct a state-of-the-art shea butter processing facility in Tema, Ghana. This significant initiative, "Where Life Grows," showcases the company's dedication to establishing a robust and dependable shea butter supply chain in Africa.
- Fuji Oil Holdings, Inc. further recently bolstered the cause by committing to responsibly source shea kernels, emphasizing the protection of shea tree green spaces and advocating for little to no deforestation. These collective efforts exemplify the industry's dedication to supporting the sustained growth of the shea butter sector in a socially and environmentally responsible manner.
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Key Questions Answered in Shea Butter Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
Global Cosmetic Products Market
Global Microencapsulation Market
Global Anti-Aging Ingredients Market
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