Shea Butter market will be USD 2.8 billion in 2023 and grow at a CAGR of 8.60% from 2023-2030: Cognitive Market Research
Introduction of Shea Butter Market
Shea butter is a pale yellowish or ivory natural vegetable fat obtained from the African tree nut Vitellaria paradoxa. Saturated and unsaturated fatty acids, vitamins E, A, F, and carotene, are all found in the nozzle. Vitamins E and A are collagen boosters that soothe and moisturize the skin. Shea butter is an excellent base for moisturizing hair and skin products. It is often used in cosmetics as a moisturizer, salve, or lotion, and it has well-known anti-environmental skin-damaging properties such as dryness, rash, and others. The market for cosmetic shea butter is predicted to grow over the forecast period due to rising cosmetic use among the young and senior population.
Key Insights from Shea Butter Market Report
The Global Shea Butter market will be USD 2.8 billion in 2023 and grow at a CAGR of 8.60% from 2023 to 2030.
Increasing Demand for Natural-Ingredient-Based Cosmetic Products to Provide Viable Market Output
Natural, environmentally friendly, and ethically derived skincare is becoming increasingly popular among consumers. Shea butter has various benefits, including anti-ageing characteristics, extra moisturizing properties, and a healing effect, which increases its use in cosmetic goods. It is utilized as a natural ingredient in creating many cosmetic products, and organic shea butter is popular in the market. Women and younger generations prefer cosmetics made with natural ingredients.
According to Wonderflow, in January 2022, over 24% of adult U.S. buyers of natural skin care products favored natural-ingredient-based cosmetic goods due to their numerous benefits. Refined shea butter aids moisture retention, but unrefined shea butter promotes cell regeneration.
Shea nut butter is used in various industries, including food and personal care. It is beneficial in a range of conditions. It provides better benefits to the skin and hair by nourishing and hydrating the skin. It also heals skin rashes, eczema, bug bites, and poison ivy. It also aids in reducing fine lines and wrinkles. As the prevalence of lifestyle-related disorders rises, consumers worldwide are becoming more health conscious. As a result, customers believe that products having natural components, such as shea butter, are safer and healthier than those containing processed or chemical chemicals. Customers' greater acceptance of shea butter is propelling market expansion.
Market Dynamics of Shea Butter
The extensive availability of alternatives in the market is the key restriction for the global shea butter industry. Avocado butter, mango butter, palm oil, cupuacu butter, and others are some less expensive shea butter substitutes for food, personal care, and other industries. Cupuacu butter has more moisturizing characteristics than shea butter. The environmental constraints of shea tree development, the high price of raw shea nuts, and the absence of contemporary technology in shea butter extraction and processing are significant restrictions for the worldwide shea butter industry. Market expansion is hampered by a lack of minimum quality standards and a low level of industry structure.
Impact of COVID–19 on the Shea Butter Markett
The COVID-19 outbreak negatively influenced the market since it disrupted the supply of raw materials to production units due to a rigorous lockdown. Furthermore, enterprises and shops were closed, further reducing shea butter-based product sales.?
According to a National Center for Biotechnology Information (NCBI) article, the use of shea butter in soap products will be restricted by 25% in November 2021. Furthermore, the global economic downturn forced people to save and spend money with prudence, which influenced the market.
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Competitive Landscape of the Shea Butter Market
The major firms rapidly adapt new strategies to gain a competitive advantage and market share. The primary shea butter market participants prioritise expanding creative products to serve a vast consumer base and acquire a competitive advantage.
Top Companies Market Share in Shea Butter Industry:
Shea Butter Market Analysis
Nature Segment Analysis:
According to Cognitive Market Research, organic products held the major market share over the forecast period. Organic shea butter is becoming more popular as people prefer natural and sustainable options. Due to its moisturizing and nourishing characteristics, organic shea butter is in high demand in the cosmetics and skincare industries. This development indicates a growing awareness of the benefits of organic products, helping drive the shea butter market forward.
Conventional is the fastest-growing category over the forecast period. While organic shea butter is becoming more popular, the conventional shea butter business is expanding. Traditional shea butter is still used in various industries, including cosmetics, food, and pharmaceuticals. Its versatility and diverse applications help sustain demand. As businesses continue to rely on shea butter for its moisturizing and nutritional benefits, both conventional and organic forms play critical roles in addressing a wide range of consumer demands and preferences
Species Segment Analysis:
Certification Segment Analysis:
End-User Segment Analysis:
Distribution Channel Segment Analysis:
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Europe dominated the market in 2023 and accounted for around 35% of the global revenue
According to Cognitive Market Research, Europe dominated the market in 2023 and accounted for around 35% of the global revenue; because of the high number of cosmetics and pharmaceutical businesses in Europe, shea butter is widely utilized in the production of items such as body lotions, moisturizers, and chocolates.?
According to a March 2022 article released by the Centre for the Promotion of Imports (CBI), around 25% of the major use of the ingredient above in the form of various products is accounted for by Europe. Furthermore, this boom is expected to continue due to the region's substantial raw material supply from Sub-Saharan African countries.
North America is the fastest-growing category. Rising disposable income and purchasing power in this region drive market expansion. People's increased health awareness and improved healthy lives drive market expansion in this region. The FDA and other agencies authorization to use shea butter in various sectors, such as food and drinks, personal care, and others, propels market expansion in this region.
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