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on November 28, 2023
Shea Butter Market size is expected to expand from USD 2.1 Billion in 2023 to USD 4.6 billion by 2033, at a compound annual growth rate (CAGR) of 6.6% throughout the forecast period.
Shea butter demand has been steadily rising due to rising customer demand for natural and organic skincare products. Shea butter is highly valued for its organic properties and is usually found in products that claim to be free of synthetic additives and chemicals. The majority of shea butter is consumed by the cosmetics and personal care businesses. It's commonly found in body creams, hair care products, lip balms, and moisturizers.
Shea butter, a natural product, is now more accessible to a wider range of people. As a result, consumption and demand may rise, particularly in price-sensitive sectors. As shea butter becomes more readily available and less expensive, manufacturers will be able to incorporate it in a wider range of products. This area includes cosmetics, skincare, haircare, and even cuisine. The expansion of the market may be aided by the diversification of available items.
Consumer demand for shea butter-based bakery and confectionery goods may drive growth in the shea butter industry. Shea butter is valued in the culinary industry for its unique properties, such as its creamy texture, mild flavor, and health benefits. Because shea butter is a plant-based fat, it is excellent for vegan and dairy-free baked goods and confections. As demand for vegan products grows, the use of shea butter as an ingredient may be able to meet this developing market niche.
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Some vegetable fats and oils can perform the same functions in products as other types of fats and oils, such as delivering moisture in cosmetics or acting as a cooking oil. They may compete with shea butter if they have comparable functionality. If replacements are more cheaply priced, manufacturers looking to reduce production costs may find them more appealing. Consumers and businesses with strong price sensitivity may opt for less expensive alternatives.
Insights by Product
The refined shea butter segment market value will be over USD 3.34 billion by 2033. Refined shea butter is widely used in the cosmetic and skincare industries due to its excellent moisturizing properties, light odor, and creamy texture. It is commonly found in a wide range of skincare products, such as lip balms, body butters, lotions, and creams. The use of refined shea butter in these products is due to a consumer preference for all-natural, skin-friendly ingredients.
Insights by Application
The food and beverages segment will generate more than USD 2.88 billion through 2033. Shea butter is used to make chocolate and other confectionery goods. It contributes to a creamy and smooth sensation and improves the texture of chocolate. As the demand for high-end chocolates and confections rises, so does the use of shea butter.
Insights by Region
North America is projected to achieve over 8.25% CAGR between 2024 to 2033. Consumers in North America are usually aware of ethical and ecologically friendly sourcing practices. Shea butter that is ethically and sustainably sourced is becoming more popular. Because of the numerous brands and companies who manufacture and market shea butter-based items in North America, buyers have access to a diverse selection of shea butter-based products.
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Asia Pacific is witnessing the fastest market growth between 2024 to 2033. Shea butter is frequently used in cosmetic and skincare products in the Asia Pacific region. It is well regarded for its skin-nourishing, anti-aging, and moisturizing properties. Consumers in China, South Korea, and Japan are increasingly opting for natural and organic elements in their cosmetic products.
Table of Contents (TOC) of Report:
Chapter 1. Methodology
- Market Definition
- Study Assumptions
- Market Scope
- Segmentation
- Regions Covered
- Base Estimates
- Forecast Calculations
- Data Sources
- Primary
- Secondary
Chapter 2. Executive Summary
Chapter 3. Shea Butter Market Insights
- Market Overview
- Market Drivers & Opportunity
- Market Restrains & Challenges
- Regulatory Landscape
- Ecosystem Analysis
- Technology & Innovation Outlook
- Key Industry Developments
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Supply Chain Analysis
- Porter's Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- COVID-19 Impact
- PESTLE Analysis
- Political Landscape
- Economic Landscape
- Social Landscape
- Technology Landscape
- Legal Landscape
- Environmental Landscape
- Competitive Landscape
- Introduction
- Company Market Share
- Competitive Positioning Matrix
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Fundamental Business Insights is global market research and consulting company which is engaged in providing in depth market reports to its various types of clients like industrial sectors, financial sectors, universities, non-profit, and corporations. Our goal is to offer the correct information to the right stakeholder at the right time, in a format that enables logical and informed decision making. We have a team of consultants who have experience in offering executive level blueprints of markets and solutions. Our services include syndicated market studies, customized research reports, and consultation.
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Posted in: Business
Topics:
shea butter market, market analysis, market size, market share