Recent report published by research nester titled “Shea Butter Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global shea butter market in terms of market segmentation by type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global shea butter market is segmented on the basis of its application into food, cosmetics & personal care, medical and others. Among these segments, cosmetics & personal care segment is anticipated to account for largest market share in overall shea butter market during the forecast period. Moreover, cosmetics & personal care segment is expected to witness highest CAGR growth in overall shea butter market during the forecast period. Advantages & beneficial properties of shea butter such as inflammatory, skin care, anti-aging and moisturizing properties are uplifting the demand for shea butter. Further, growing demand for natural cosmetic products is anticipated to fuel the growth of shea butter market.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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Global shea butter market is expected to grow at a robust CAGR of 14.2% during the forecast period. Rising adoption of organic products, increasing awareness among consumer and growing adoption of chocolate are anticipated to impel the growth of shea butter market during the forecast period. Moreover, different parts of shea butter are used for treatment of several diseases and infections. Consequently, growing medical application of shea is anticipated to spearhead future market growth.
Europe market accounted for significant market share in overall shea butter market in 2016. In addition, growing demand and rising adoption of natural cosmetics & personal care products among the consumer is making headway for the growth of Europe market. Moreover, shea butter is expected to gain significant traction owing to its increasing application in soap making and cosmetics. Asia Pacific is anticipated to witness significant growth during the forecast period. Increasing utilization of shea butter for cholesterol prevention is anticipated to foster the growth of shea butter. Further, rising prevalence of cholesterol among people is Asia Pacific is envisioned to bolster the growth of the market.
Growing Cosmetics & Personal Care Application
Increasing awareness about body care and face care advantages of shea butter signals promising growth of shea butter market in the upcoming years. These properties are resulting in increased utilization in cosmetic and personal care industry. Further, growing popularity of natural labeled cosmetic products are anticipated to benefit the growth of the market in the long run.
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Rising Market of Natural Ingredients Based Products
Rising demand for natural ingredients based products is positively impacting the growth of shea butter market. Moreover, rising consumption of chocolate coupled with increasing usage of shea butter in chocolate is aiding to the growth of the market.
Although, availability of alternatives and absence of standards & norms are some of the factors are likely to hamper the growth of global shea butter market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Global shea butter market which includes company profiling of Star Shea Ltd, Shea Radiance, Vink Chemicals GmbH & Co. KG, Jedwards International, Inc., IOI Loders Croklaan, Ghana Nuts Ltd, Maison Karite Sociedad Limitada, Adunni Ori Ltd., Timiniya Tuma Company Ltd and Savanna Shea Industries. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global shea butter market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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