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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Shea Butter Market Size
The global shea butter market 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.
Shea Butter Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 2.04 billion.
The market is projected to grow at a CAGR of 8.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 4.3 billion by 2032.
The major market drivers are the growth of the cosmetic sector, the rise in disposable income, and the increased implementation of shea butter as an alternative to edible oil.
The key trends of the market include growing demand for organic and natural skincare products, the burgeoning popularity of shea butter in bakery products, and growing applications of shea butter in hair care products.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Different types of shea butter are raw and refined and refined.
The key players in the market are 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, and Bunge Limited, among others.
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