As of 2023, the global shea butter market has successfully attained a significant valuation of USD 2.75 billion, reflecting its robust growth trajectory.
Projections suggest that the market is poised to maintain a steady pace of expansion, with an estimated CAGR of 7% from 2023 to 2033. The market is expected to culminate in an impressive value of USD 5.58 billion by the end of 2033.
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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.
“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.
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| Attribute | Details |
|---|---|
| Shea Butter Market Size Value in 2023 | US$ 2.75 billion |
| Shea Butter Market Forecast Value in 2033 | US$ 5.58 billion |
| Shea Butter Market Growth Rate (2023 to 2033) | 7% |
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.
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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