The global shea butter market is set to witness growth at a CAGR of 7.7% and top a valuation of US$ 5.5 Bn by 2032, finds Future Market Insights (FMI). Increasing consumption and binge eating of chocolates and confectionery products is encouraging manufacturers to develop alternative solution such as shea butter as an ingredient, which are nutritional for human health.
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.
Key Takeaways from Market Study
- The shea butter market is expected to reach a valuation of US$ 2.6 Bn in 2022.
- Sales of shea butter market is expected to increase at 7.7% CAGR between 2022 and 2032.
- Global shea butter demand is projected to grow year-on-year (Y-o-Y) growth of 8.2% in 2022.
- The shea butter market is growing with a notable boost towards the production to reach USD 5.5 Bn by 2032.
- In terms of nature, the organic segment is anticipated to dominate the market over the forecast period
- In terms of grade, the unrefined form of shea butter is expected to witness significant growth over the assessment period.
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“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.
- On September 8, 2020, Bunge Loders Croklaan (BLC) made an official announcement on establishing a state-of-the-art processing facility of shea butter in Tema, Ghana along with the campaign ‘Where Life Grows’ to celebrate efforts of the company to build a sustainable and resilient supply chain of shea butter in Africa.
- On March 11, 2021, Fuji Oil Holdings, Inc. had launched a shea sustainability program known as ‘Tebma-Kandu’ in north Ghana to facilitate women empowerment including continuous improvement activities about reforestation and local value creation.
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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
- Middle East & Africa
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Frequently Asked Questions
- How much worth is the shea butter industry?
- At what CAGR is the market poised to expand through 2032?
- How has the performance of shea butter been over the past half-decade?
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- Who are the key players operating in the market?
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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