Shea Butter Market Size By Product (Raw and Unrefined Shea Butter, Refined Shea Butter), By Application (Food & Beverage, Personal Care & Cosmetics and Pharmaceutical), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share

Shea Butter Market Size By Product (Raw and Unrefined Shea Butter, Refined Shea Butter), By Application (Food & Beverage, Personal Care & Cosmetics and Pharmaceutical), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Shea Butter Market is anticipated to exhibit growth through 2032 owing to the rising sales of organic products. Shea butter boasts of anti-inflammatory and healing properties owing to which it is being largely used in body and face products to condition, tone, and soothe the skin. In addition, some of the key factors, such as increased disposable income and rising concerns regarding the usage of organic products, will help the industry grow in the near future.

Shea butter has been used for cooking and medicinal purposes in Africa. It is ideal for collagen formation and UV protection as it is rich in vitamins and fatty acids. The product also boasts of buttery texture and 60% fat content, which enables it to penetrate the skin with ease. Moreover, the rising demand for shea butter in the western cosmetics market will also result in an increase in the imports of raw nuts for processing into butter.

Overall, the shea butter industry is segmented in terms of product, application and region.

Based on product, the raw & unrefined shea butter segment is anticipated to depict strong growth through 2032. Raw and unrefined shea butter has exceptional moisturizing properties, works as an emollient, and is highly preferable for people with dry skin. The product also helps combat stretch marks, reduce the ageing signs, and also blocks UV rays with an SPF between 3-4. Various solution providers in the shea butter industry are working toward facility expansion and new unit launches, fostering the segmental growth.

To cite an instance, Bunge Loders Croklaan (BLC), in 2020, established a new shea butter processing plant in Ghana. According to company officials, the facility is fully mechanized fractionation unit that processes raw shea butter processed from domestically crushed shea nuts.

By application, the pharmaceuticals segment is anticipated to hold over USD 150 million market share by 2032. The rising application of shea butter in treating skin from inflammatory sensations and allergies will assist the segment growth over the estimated timespan. Besides, the rising application of shea butter in SPF 6 skin lotions, the base for homemade deodorant, prevention of stretch marks, face and body moisturizer, massage butter, and under-eye wrinkle remover will further assist product demand in pharmaceutical sector.

Regionally, the Asia Pacific shea butter market is expected to depict over 9.5% CAGR during 2023-2032. Key factors such as increasing disposable income, rising industrialization, growing consumer preferences for premium and branded products, along with increasing per capita income in developing countries including India will positively influence the industry expansion in the region by 2032.