Published Date: 2019-07-15 | Views: 40 | Food & Beverages
According to the new report published by QYR Consulting, titled “Global Shea Butter Market Report, History and Forecast 2014-2025,” the global Shea butter market is anticipated to grow at a robust CAGR of 9.5% during the forecast period of 2019-2025. Shea butter contains fatty acids and unsaponifiable which give conditioning and moisturizing characteristics to the final product. This is the precise reason that Shea butter is extensively used in the cosmetics and personal care industries.
Shea butter is also used as a substitute for cocoa butter in confectioneries and chocolate making industries which drives the growth of the global Shea butter market. Global Shea butter market is prognosticated to witness remarkable growth during the forecasted period. According to this report, the global Shea butter market is predicted to be valued US$ 1360 Mn by the end of 2025 from US$ 660 Mn in the year 2018.
Global Shea Butter Market: Drivers
As this report has already mentioned Shea butter is used as an alternative for cocoa butter. Shea butter is a source of fat that gives desired properties to the end product. Besides, cocoa butter is highly expensive because of its decreasing production in major cocoa producer countries. Therefore chocolate manufacturer is switching towards Shea butter which is as good as cocoa butter, thus contributing to the growth of the global Shea butter market.
Increasing use of Shea butter in end-use industries is another factor which is creating a positive impact on the global Shea butter market. Shea butter is significantly used as a raw material for Margarine in bakery products to reduce the manufacturing process of various bakery products. The food and beverage industry in developing economies have recently strengthened due to modernization and urbanization. The concept of premiumization has driven the taste of consumers for value-added products such as Shea butter.
Global Shea Butter Market: Segmentation
According to this report, by product Shea butter is segmented into the raw and unrefined Shea butter, and refined Shea butter. In 2017 sales share of refined Shea butter and raw and unrefined Shea butter was 62.64% and 37.36% respectively across the globe. By application global Shea butter market is segmented into the food industry, cosmetic industry, and the medicine industry.
Global Shea Butter Market: Regions
According to this report East, West, and South African countries are the major producers of Shea butter. Shea butter market is expected to see a lucrative growth across North America, Asia, and Europe regions. The US is considered to be an important market as it buys Shea butter for the production of chocolates and cosmetics. Region-wise global sales share of Shea butter was 32.60% for Africa and the Middle East and 27.78% for Europe in 2017
Global Shea Butter Market: Key Players
The major key players operating in the market are Shebu Industries,Ghana Nuts Ltd, , IOI Loders Croklaan, Akoma Cooperative, International Oils & Fats Limited, StraShea, The Savannah Fruits Company, Wilmar Africa Ltd/ Ghana Speciality Fats, The Pure Company, VINK CHEMICALS GMBH & CO. KG, and Timiniya Tuma Company Ltd.