Global Shea Butter Market Report and Forecast 2024-2032

Global Shea Butter Market Outlook

The global shea butter market size reached approximately USD 2.04 billion in 2023. The market is estimated to grow at a CAGR of 8.60% in the forecast period of 2024-2032, reaching a value of around USD 4.3 billion by 2032.

Key Trends in the Market

Shea butter is a fatty substance that is extracted from the nuts of the shea tree and mostly finds usage in the cosmetic and personal care sector. It has an off-white or ivory colour and is rich in vitamins and fatty acids, which makes it good for the skin.

• Growing demand for organic and natural shea butter products, which are composed of naturally occurring ingredients and do not contain any harmful chemicals or toxins, is one of the prominent shea butter market trends.

• The burgeoning popularity of shea butter in bakery products such as bread, cakes, pastries, and cookies, among others, to provide them with a smooth and creamy texture and offer a healthier alternative to conventional butter is another trend aiding the market expansion.

• Shea butter also finds applications in hair care products such as shampoo, conditioners, and hair masks as its moisturising nature makes it suitable for the prevention of dryness, roughness, and split ends in hair.

• Strategic initiatives by several market players such as responsible sourcing of shea kernel by minimising deforestation and promoting sustainability also contribute to shea butter market growth.

Market Analysis

Based on type, the market is bifurcated into raw and refined and refined. The shea butter market segmentation, on the basis of application, includes food, cosmetics and personal care, and pharmaceutical, among others. The major regional markets of shea butter are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the shea butter market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Fuji Oil Holdings Inc. 

• 3F Industries Limited 

• BASF SE 

• OLVEA Vegetable Oils SAS 

• Cargill, Incorporated 

• Croda International Plc 

• Ghana Nuts Company Ltd. 

• Sophim Iberia S.L. 

• AAK AB  

• Bunge Limited 

• Others

Market Share by Application

The cosmetics and personal care sector occupies a significant portion of the shea butter market share, due to the growing incorporation of the product in lotions, creams, soaps, and cosmetic items as a moisturising agent. It can also be used as an anti-inflammatory agent in skincare products to provide relief from inflammation and irritation.

Meanwhile, the food sector is expected to witness robust growth in the upcoming years, owing to the rising usage of shea butter in chocolates and other confectionary products to enhance their texture.

Market Share by Region

As per the shea butter market analysis, Europe accounts for a substantial share of the global market, owing to the widespread usage of shea butter in end-use sectors such as food and beverages and cosmetics. With the advent of the clean beauty trend in the region, several regional market players are offering naturally sourced shea butter free of toxic substances.

Subsequently, the Asia Pacific is expected to gain sizeable growth in the forecast period, due to the growing penetration of high-quality skincare products.

Competitive Landscape

Fuji Oil Holdings Inc., founded in 1950, is a holding company of Fuji Group, headquartered in Osaka, Japan. Some of its major products include vegetable oil and fats, soy-based ingredients, fermented ingredients, and industrial chocolate.

3F Industries Limited, established in 1960 and based in Andhra Pradesh, India, is a major provider of edible oils, speciality fats, and bakery fats. Some of its major brands include Supra Lite, Supra Crème, Supra Magic, and Ezyfry, among others.

BASF SE is a multinational chemical company that was incorporated in 1865 as Badische Anilin- und Sodafabrik. The company, with its headquarters in Ludwigshafen, Germany, aims to achieve net-zero emissions by expanding its sustainable product line.

Other shea butter market players include OLVEA Vegetable Oils SAS, Cargill, Incorporated, Croda International Plc, Ghana Nuts Company Ltd., Sophim Iberia S.L., AAK AB, and Bunge Limited, among others.

Key Highlights of the Report

Shea Butter Market Report Snapshots

Shea Butter Market Size

Shea Butter Market Share

Shea Butter Market Analysis

Shea Butter Companies