The GMI Research's latest analysis reveals that the Shea Butter Market is slated to register a significant CAGR over the forecast period. This is attributed to the increasing consumption of chocolate and bakery products, the strong demand for personal care & cosmetic products, and the rising use of shea butter as a substitute product.

DUBLIN, DUBLIN -- (SBWire) -- 03/08/2021 --Shea Butter Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The increasing consumption of chocolate and bakery products worldwide is one of the major factors responsible for the growth of the global shea butter market size. With the drastic shift in the taste & preference, the consumers have proactively started looking for a substitute for cocoa butter, edible vegetable fats, and oils. The bakery and confectionery manufacturers are utilizing shea butter as an alternative for cocoa due to the increasing cost of cocoa. This rising use of shea butter as a substitute product will further surge the growth of the global shea butter market during the forecast period. According to the shea butter market analysis, the strong demand for personal care & cosmetic products across the globe will further boost the growth of the shea butter market. Shea butter consists of a high level of linoleic acid, vitamin E and A, oleic acid, which prevents and nourishes the skin from within. The cosmetics manufacturers are majorly emphasizing research and development to develop innovative shea butter-based products according to the rising consumers' requirements. On the other edge, the easy availability of cheaper alternatives like shea oil, mango butter, avocado butter will hinder the growth of the global shea butter market in the coming years.

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Shea Butter Market's leading Manufacturers:

- Cargill, Incorporated
- BASF SE
- Sophim S.A.
- Olvea
- Ghana Nuts Company Limited
- Croda International Plc
- Clariant
- AAK.com
- Bunge Limited
- ADM

Application Segment Drivers

On the basis of the Application, the global shea butter market is segmented into personal care & cosmetics, pharmaceuticals, food & beverage, and others. Personal care & cosmetics are projected to dominate the market due to the strong demand for shea butter-based personal care products and the fundamentally changing consumers' preferences. Several multinational organizations are heavily investing in research and development to develop more effective shea butter products. This rapid product development will further lead to an upsurge in demand for the market. On the other hand, the food & beverage is anticipated to increase at a higher CAGR over the coming years due to the high demand for bakery and confectionery products in the market. Shea butter is rapidly utilized as a substitute for cocoa butter to decrease production cost.

Regional Drivers

Based on the region, the GCC and African countries are projected to rise at a faster CAGR over the coming years due to the increasing population of shea butter in these areas driven by ample raw material supply and availability of cheap labor. Additionally, the rising disposable income level and the increasing urbanization will propel the demand of the market during the forecast period.

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Shea Butter Market Segmentation:

Segmentation by Product:

- Raw and Unrefined
- Refined AC

Segmentation by Application:

- Personal Care & Cosmetics
- Food & Beverage
- Pharmaceuticals
- Others

Segmentation by Distribution Channel:

- Hypermarkets/Supermarkets
- Specialty Stores
- Online
- Convenience Stores
- Others

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

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