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Market AnalysisShea butter is a fatty triglyceride that is extracted from the nut of plant Vitellaria paradoxa. It is composed of oleic acid and stearic acid. A new report on the global Shea butter market, published by Market Research Future (MRFR), analyzes that this market could mark hike at 9.3% CAGR between 2016 and 2023.
The most important market driving factors for the global Shea butter market growth are growing awareness about the benefits of Shea butter and its use in the cosmetics industry. Shea butter is used for manufacturing many skincare products and hair care products. Such products include hair conditioner, lip gloss, and moisturizers. As Shea butter melts at body temperature, it can be an excellent base for ointments that are used for treating itching and skin swelling such as eczema. The chocolate industry also uses Shea butter as a substitute for cocoa butter. Other market driving factors include changing social trends, influence of media as well as fashion industry. However, some factors that can reduce the market include concerns of safety, skepticism among users, stringent regulations by governments, and definition ambiguity of cosmeceuticals. As administrative bodies like US Food and Drug Administration (USFDA) do not agree upon definition of cosmeceuticals and counterfeit, products are flooding the market along with several misbranding activities, many times the demand for quality products reduces from reputed manufacturers.
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Key Players
Big players in the Global Shea Butter Market include
• Barry Callebaut Group (Switzerland),
• CHURCHWIN Trading Co. Ltd. (Ghana),
• Ghana Nuts Limited (Ghana),
• The Hershey Company (USA),
• The Organic Shea Butter Company (USA),
• The Savannah Fruits Company (Netherlands),
• Shea Radiance (USA),
• Star Shea Ltd. (Ghana),
• Shea Therapy Ltd. (USA)
• VINK Chemicals GmbH & Co. KG (Germany)
Latest Industry News
Buttah Skin is planning tu use celebrity endorsing to increase the sale of its skincare products and beauty products for black men. The natural skincare collection of this brand includes facial cleanser, shea butter, and vitamin E oil serum. 26 AUG 2019
Market Segmentation
The global Shea butter market segmentation encompasses application, certification, and species. MRFR’s take on the market surveys various facets of the market in-depth.
The application-based segmentation of this market covers cosmetics, food, medicines, and others. Based on certification, the market has been segmented into certified, uncertified, and others. Regarding species, the market has been segmented into vitellaria nilotica and vitellaria paradoxa.
Regional Segmentation
A geographical outlining of the global Shea butter market covers the Middle East & Africa (MEA), Europe, North America, and the Asia Pacific.
The MEA region is the largest regional market due to the traditional popularity of Shea butter and the heavy consumption of Shea butter as oil in various African nations. However, almost half Shea butter produced in Africa is consumed within Africa and does not reach the global market. Nigeria contributes 50% of the market revenue. In the Arab countries of this region, Shea butter market has limited scope due to growing adoption of natural cosmetics in Kuwait, Qatar, Saudi Arabia, and UAE. In Africa, other important country-specific markets after Nigeria are Benin, Burkina Faso, Côte d'Ivoire, Ghana, Mali, and Togo. Many important market players are based in MEA region, especially in Africa.
Europe is the second-largest regional market due to high presence of global market players and strong cosmetic industry as Shea butter is used for manufacturing various cosmetic products. France and Germany are key country-specific markets. Being a strong economy, UK holds the potential of being an important country-specific market.
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After Europe, North America is another powerful market as some important market players are based in the USA. The strong cosmetic industry exists in North America too. Due to strong economy, Canada holds the potential of becoming an important country-specific market someday.
Asia Pacific region can become a stronger regional market during the forecast. Japan is the biggest country-specific market in this region, followed by China. However, India can become one of the fastest-growing country-specific markets in the world due to considerable investment made by cosmetic giants and the fast-developing cosmetics sector in the Indian market.
Contact Info:
Name: Abhishek
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Organization: market research future
Address: Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India
Phone: 6468459312
Website: https://www.marketresearchfuture.com/reports/shea-butter-market-6160
Release ID: 88916705
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