The global shea butter market size reached US$ 2.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.62% during 2024-2032. The increasing focus on improving physical appearance, rising influence of social media, and the growing consumer preferences toward ready-to-eat (RTE) food products represent some of the key factors driving the market.
Market Size in 2023
|US$ 2.2 Billion
Market Forecast in 2032
|US$ 3.9 Billion
|Market Growth Rate 2024-2032
Shea butter is a fatty substance produced from the oily kernels of the shea tree. It has a light yellowish, off-white, or ivory color and stays solid at warm temperatures. It is rich in minerals, antioxidants, vitamins, and fatty acids, such as oleic, stearic, palmitic and linoleic acid, and other essential nutrients that soothes chapped skin and balances the natural oils of the skin. It aids in alleviating irritated skin, reducing redness, improving skin appearance, protecting against ultraviolet (UV) rays, and preventing sun damage. It also offers skin healing properties that can soothe and repair damaged skin and treat dry skin, eczema, psoriasis, and other skin conditions.
Shea Butter Market Trends:
Shea butter finds application in the personal care and cosmetic products, such as lotions, creams, lip balms, soaps, hair oil, hair mask, shampoo bars, foundation, concealers, face masks, face scrubs, and body butter. It is used as a moisturizing ingredient that offers excellent emollient to hydrate and balance the skin. This, coupled with the increasing focus of individuals on improving their physical appearance, represents one of the major factors strengthening the market growth around the world. Moreover, the awareness among individuals about natural and organic products, benefits associated with shea butter, and the growing influence of social media are influencing the market positively. In addition, the surging prevalence of different health conditions and the increasing preferences among individuals for natural remedies to treat illnesses and aches is bolstering the growth of the market. Apart from this, the growing consumer awareness about several therapeutic benefits of massage and spa therapies in relieving pain and stress is driving the demand for shea butter in various resorts, salons, and wellness centers that offer spa and massage services. Furthermore, shea butter is used in commercially sourced food products like cakes, cookies, chocolate, candy, spreads, sauce, and dips to provide a creamy, smooth texture and a nutty flavor. This, along with the increasing consumer preferences towards ready-to-eat (RTE) food products on account of rapid urbanization, busy lifestyles, and the expanding purchasing power of consumers, is propelling the growth of the market. Besides this, the rising utilization of shea butter in the production of baby food and infant formula is creating a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global shea butter market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product and application.
- Raw and Unrefined
- Refined and Ultra-Refined
The report has provided a detailed breakup and analysis of the shea butter market based on the product. This includes raw and unrefined and refined and ultra-refined. According to the report, raw and unrefined represented the largest segment.
- Cosmetics and Personal Care
- Food Processing
A detailed breakup and analysis of the shea butter market based on the application has also been provided in the report. This includes cosmetics and personal care, food processing, and others. According to the report, cosmetics and personal care accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe (Germany, France, the United Kingdom, Italy, Spain, and others) was the largest market for shea butter. Some of the factors driving the Europe shea butter market included easy availability, expansion of spa and wellness sector, product innovations, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global shea butter market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AAK AB, BASF SE, Bunge Loders Croklaan (Bunge Limited), Clariant AG, Croda International plc, Fuji Oil Holdings Inc., Green Leaf Naturals, Groupe OLVEA, NOW Foods, Sophim, Stern-Wywiol Gruppe GmbH & Co. KG, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Raw and Unrefined, Refined and Ultra-Refined
||Cosmetics and Personal Care, Food Processing, Others
|| North America, Europe, Asia Pacific, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||AAK AB.,BASF SE.,Bunge Loders Croklaan (Bunge Limited).,Clariant AG.,Croda International plc.,Fuji Oil Holdings Inc.,Green Leaf Naturals.,Groupe OLVEA.,NOW Foods.,Sophim.,Stern-Wywiol Gruppe GmbH & Co. KG.,
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|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global shea butter market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global shea butter market?
- What is the impact of each driver, restraint, and opportunity on the global shea butter market?
- What are the key regional markets?
- Which countries represent the most attractive shea butter market?
- What is the breakup of the market based on the product?
- Which is the most attractive product in the shea butter market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the shea butter market?
- What is the competitive structure of the global shea butter market?
- Who are the key players/companies in the global shea butter market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the shea butter market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global shea butter market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the shea butter industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.