Shea Butter Market Size, Share, Trends Analysis & Industry Forecast Research Report, 2020-2027

The GMI Research's latest analysis reveals that the Shea Butter Market is slated to register a significant CAGR over the forecast period. This is attributed to the increasing consumption of chocolate and bakery products, the strong demand for personal care & cosmetic products, and the rising use of shea butter as a substitute product.

DUBLIN, DUBLIN -- (SBWIRE) -- 03/08/2021 -- Shea Butter Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The increasing consumption of chocolate and bakery products worldwide is one of the major factors responsible for the growth of the global shea butter market size. With the drastic shift in the taste & preference, the consumers have proactively started looking for a substitute for cocoa butter, edible vegetable fats, and oils. The bakery and confectionery manufacturers are utilizing shea butter as an alternative for cocoa due to the increasing cost of cocoa. This rising use of shea butter as a substitute product will further surge the growth of the global shea butter market during the forecast period. According to the shea butter market analysis, the strong demand for personal care & cosmetic products across the globe will further boost the growth of the shea butter market. Shea butter consists of a high level of linoleic acid, vitamin E and A, oleic acid, which prevents and nourishes the skin from within. The cosmetics manufacturers are majorly emphasizing research and development to develop innovative shea butter-based products according to the rising consumers' requirements. On the other edge, the easy availability of cheaper alternatives like shea oil, mango butter, avocado butter will hinder the growth of the global shea butter market in the coming years.

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Shea Butter Market's leading Manufacturers:

- Cargill, Incorporated
- Sophim S.A.
- Olvea
- Ghana Nuts Company Limited
- Croda International Plc
- Clariant
- Bunge Limited

Application Segment Drivers

On the basis of the Application, the global shea butter market is segmented into personal care & cosmetics, pharmaceuticals, food & beverage, and others. Personal care & cosmetics are projected to dominate the market due to the strong demand for shea butter-based personal care products and the fundamentally changing consumers' preferences. Several multinational organizations are heavily investing in research and development to develop more effective shea butter products. This rapid product development will further lead to an upsurge in demand for the market. On the other hand, the food & beverage is anticipated to increase at a higher CAGR over the coming years due to the high demand for bakery and confectionery products in the market. Shea butter is rapidly utilized as a substitute for cocoa butter to decrease production cost.

Regional Drivers

Based on the region, the GCC and African countries are projected to rise at a faster CAGR over the coming years due to the increasing population of shea butter in these areas driven by ample raw material supply and availability of cheap labor. Additionally, the rising disposable income level and the increasing urbanization will propel the demand of the market during the forecast period.

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Shea Butter Market Segmentation:

Segmentation by Product:

- Raw and Unrefined
- Refined AC

Segmentation by Application:

- Personal Care & Cosmetics
- Food & Beverage
- Pharmaceuticals
- Others

Segmentation by Distribution Channel:

- Hypermarkets/Supermarkets
- Specialty Stores
- Online
- Convenience Stores
- Others

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)

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GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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