Market Overview
- The Global Shea Butter Market is expected to grow at a CAGR of 5.6% during the forecasting period (2020-2027).
- Shea Butter is derived from the Karite Tree which is extensively grown in Savannah regions of West Africa. The key health benefits associated with shea butter includes reduces Inflammations, Skin Smoothing, and high moisturizing content. The raw shea butter is used to rectify a variety of skin conditions such as eczema, dermatitis, psoriasis, minor skin irritations, extreme dryness, stretch marks, burns, cuts, and many other similar conditions. The key shea butter producing regions in Africa includes Ghana, Benin, Togo, and Burkina Faso. Increasing establishments of corporative by the government & non-government organizations to support African domestic production of Shea and increasing consumption of shea butter by personal care industries are major factors driving the global shea butter market.
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Market Dynamics:
- Increasing utilization of shea butter as an ingredient in the production of cosmetics & personal care products and chocolates is the primary factor driving the global shea butter market. Increasing government/regulatory approvals towards human consumption of shea butter and the presence of similar properties as palm oil are expected to boost food-related consumption of shea butter during the forecast period. Increasing government regulations towards decrease the plantation and production of palm oil is further expected to boost the huge demand for shea butter during the forecast period. Shea butter evolved as an effective alternative for cocoa butter in the manufacturing of chocolate due to the high presence of quality fat for the confectionery industry. Moreover, increasing the adoption of highly sustainable and cost-effective ingredients in the production of chocolates and other confectionery products is further expected to boost the consumption of shea butter globally during the forecast period.
- However, minimal product availability, lack of presence of suitable environmental conditions for the production of shea trees, and availability of alternatives are primary factors hindering the growth of the shea butter market globally during the forecast period.
Market Segmentation Analysis
- The global shea butter market is segmented based on the end-use industry into food, cosmetics, and others.
- The food industry dominated the global shea butter market owing to the growing usage of shea butter as a key ingredient in the production of various confectionery and bakery products, & growing adoption of shea butter as a replacement for palm oil in food applications. Shea butter in the food industry is widely used as a replacement for cocoa butter in the production of ice-creams, chocolates, and biscuits due to its similar presence of fat content. Depleting plantation activities of cocoa due to rapid climate change, frequent plant disease associated with growing consumer demand for chocolate is predicted to boost huge demand for shea butter in the food industry globally during the forecast period.
Market Geographical Analysis
- By region, the global shea butter market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east, and America.
- Europe is the fastest-growing market for shea butter owing to the presence of the confectionery industry and the growing adoption of shea butter in the production of various bakery and confectionery products. The major countries in Europe importing shea butter from African countries include Belgium, Denmark, Netherlands, Sweden, and the United Kingdom. Additionally, increasing consumer demand for cosmetic products with natural ingredients that are safer and healthier than synthetic substitutes is contributing to the growth of shea butter in the European region during the forecast period.
Market Competitive Trends
- The global shea butter market is witnessing investments from food and personal care companies into African based shea butter cooperatives to boost the production activities. The rapid investment growth in co-operatives and farming communities in major shea producing regions across Africa is expected to boost the production of butter during the forecast period.
- On 4th November 2019, The Ghana Government initiated the construction activities shea butter processing factory at Bogrigo in Bongo District to boost domestic production and Shea butter in the coming years.
- In August 2018, Palladium invested in female-owned shea butter manufacturing company Naasakale to boost the production activities of shea in their respective fields.
- Some of the key players in the global shea butter market include Now Foods, The Organic Shea Butter Company, New England Shea Butter LLC, Sekaf Ghana Ltd, and many other companies.
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