Shea Butter Market Share, Size, Trends, Industry Analysis Report, By Product (Raw & Unrefined, Refined), By Application (Cosmetics & Personal Care, Food, Others), By Region, And Segment Forecasts, 2023 - 2032

Shea Butter Market Share, Size, Trends, Industry Analysis Report, By Product (Raw & Unrefined, Refined), By Application (Cosmetics & Personal Care, Food, Others), By Region, And Segment Forecasts, 2023 - 2032

The global shea butter market size is expected to reach USD 3.75 billion by 2032, according to a new study by Polaris Market Research. The report “Shea Butter Market Share, Size, Trends, Industry Analysis Report, By Product (Raw & Unrefined, Refined), By Application (Cosmetics & Personal Care, Food, Others), By Region, And Segment Forecasts, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growth is attributed to an increasing appetite for these alternatives and a surge in the consumption of cocoa and bakery goods. Shea butter has been identified as an alternative to the cocoa butter, as mentioned in an article by Dairy Reporter in October 2021. Its versatility as a substitute for edible vegetable fats & oils in various food applications is also anticipated to expand the market's opportunities. Shea butter's versatile and beneficial properties make it highly sought after in several industries, including food, cosmetics & personal care. Its diverse applications range from being a natural antioxidant & edible oil to a food additive & functional food ingredient. The growing consumer preference for plant-based ingredients in skincare products is anticipated to further drive the demand for shea butter in the coming years.

The growing focus on creating healthier hair care products is set to create favorable prospects for the shea butter industry worldwide. This trend presents significant opportunities for leading manufacturers to develop hair care items like shampoos, conditioners, and serums, prominently featuring shea butter as a key ingredient. In line with this, SheaMoisture introduced its revitalized its “Raw Shea Butter Deep Moisturizing Collection,” which incorporates raw shea butter, sea kelp, & argan oil.

Furthermore, cosmetics enterprises are channeling greater resources into research and development to unveil novel and more potent products infused with shea butter. This strategic focus is anticipated to exert a positive influence on the growth trajectory. The escalating demand for anti-aging and skin conditioning products is poised to provide an additional impetus to the expansion of this segment. For instance, Bliss introduced an antioxidant-rich body lotion in October 2022, formulated with shea butter alongside anti-aging components like vitamins B3, C, & E.

Shea butter industry is fragmented, meaning that there are numerous companies operating in the market, each contributing to a significant portion of the overall market share. This fragmentation arises due to the presence of multiple players, both large and small, who offer shea butter products and compete in the market. This fragmented nature of the industry is often influenced by factors such as the abundance of shea butter-producing regions, the availability of raw materials, and the ease of entry for new players. Additionally, the increasing demand for shea butter in various industries, such as food, cosmetics, and pharmaceuticals, has attracted multiple companies to participate in the market, further contributing to the fragmented landscape.

Shea Butter Market Report Highlights

Raw & refined shea butter expected to register steady growth rate, owing to its predominant use in cosmetic industry

Cosmetic & personal care segment garnered the largest share, owing to rise in demand in beauty & cosmetic products

Asia Pacific will grow at rapid pace, due to growing population seeking quality natural products

Key players include BASF, Olvea Group, Sophim, Cargill, Suru Chemicals, and Croda International

Polaris Market Research has segmented the Shea butter market report based on product, application, and region:

Shea Butter, Product Outlook (Revenue - USD Billion, 2019 - 2032)

Raw & Unrefined

Refined

Shea Butter, Application Outlook (Revenue - USD Billion, 2019 - 2032)

Cosmetics & Personal Care

Food

Others

Shea Butter, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa