Shea Butter Market by Type (Raw & Unrefined and Refined & Ultra-Refined) and Application (Food and Cosmetics): Global Opportunity Analysis and Industry Forecast, 2021–2030.”. According to the report, the global shea butter industry generated $655.2 million in 2020, and is anticipated to generate $2.4 billion by 2030, witnessing a CAGR of 14.1% from 2021 to 2030.

Shea butter is extracted from the nuts of the shea tree. It is off-white or ivory color. Shea trees are native to West Africa, and most shea butter still comes from that region. Nigeria, Mali, Burkina Faso, Ghana, Côte d’Ivoire, Benin and Togo are top shea nut producing countries. Shea butter has gained significant share in the cosmetic industry and is expected to sustain its share throughout the forecast period. This is majorly attributed to enormous benefits offered to skin such as it is safe for all types of skin, moisturizing effects, anti-inflammatory and it promotes strong antioxidant activity.

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The market for shea butter is likely to grow at a significant rate, owing to their increasing consumption of plant-based food products through cheese and meat. US is the largest shea butter market in North America due to increase in demand from millennial and surge in marketing activities. In addition, improved distribution channels also drive the growth of the product market in North America.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic has had a negative impact on the global shea butter market. The pandemic disrupted the supply chain across the world, which in turn, led to difficulties for key players and vendors during supply of goods. Trade restrictions imposed by several countries across the globe to curb the outbreak of COVID-19 significantly affected global logistics and transportation, thereby impacting the shea butter market negatively.

Based on type, the raw & unrefined segment held the highest market share in 2020, accounting for nearly four-fifths of the global shea butter market, and is estimated to maintain its leadership status throughout the forecast period, owing to multiple benefits associated with unrefined or cold pressed oils. However, refined & ultra-refined segment is projected to manifest the highest CAGR of 16.3% from 2021 to 2030. This is because of its usage in the skin care market, as it is said to diminish the appearance of lines and wrinkles as well as aids in softening the skin and lightning the complexion.

Based on application, the food segment accounted for the largest share in 2020, contributing more than four-fifths of the global shea butter market, and is projected to maintain its lead position during the forecast period. This is because shea butter exhibits functional and enhanced nutritional properties. Moreover, the cosmetics segment is expected to portray the largest CAGR of 16.4% from 2021 to 2030, owing to its usage in a broad range of cosmetic products, including skin care products such as creams, soaps, balms, body butter, lip balms, shaving creams, and hair care products.

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global shea butter market. This is due rise in health conscious population and improved lifestyle in the countries such as the U.S. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.4% from 2021 to 2030, owing to rise in demand for plant-based food product and growing vegan & flexitarian population.

The players operating in the shea butter industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include AAK AB, Bunge Ltd., FUJI OIL HOLDINGS INC, 3F Industries Ltd, ADM, Stern-Wywiol Gruppe GmbH & Co. KG, Akoma Cooperative, StarShea, Ghana Nuts Ltd and Shebu Industries ‘.

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