India- Shea Butter Market Analysis 2019 to 2023 | Regional Analysis, Gross Margin, Key Findings, Key Players Strategy and Future Prospects

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(MENAFN – GetNews) Shea Butter Market Global Information by Species (Vitellaria paradoxa and Vitellaria nilotica), Applications (Food, Cosmetics, Medicines and others), Certification (Certified, Uncertified and others) – Forecast to 2023

Market Overview:

Shea butter is a fat obtained from the nut of Vitellaria paradoxa plant and is mostly made up of stearic acid and oleic acid. Shea butter is 40-60 % oleic acid, 3-11 % of linoleic acid, 20-50% stearic acid, 2-9 % of palmitic acid, and less than 1 % of arachidic acid. Shea butter is used in broad-ranging applications and is also consumed as edible oil in African countries. The global shea butter market volume is expected to expand at a CAGR of 9.3% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an in-depth study. In 2016, the global shea butter market accumulated 600,000 tons at 10.6 Bn.

Shea butter is well suited for application in the cosmetics industry owing to its excellent emollient and water-binding properties. It makes a suitable base for skin and hair products. It has anti-inflammatory and regenerative properties are highly desirable within the cosmetics industry. Shea butter melts upon contact with skin and is ideally suited as a base for ointments and moisturizers. Shea butter is also used in the soap making industry and massage oils due to the high content of unsaponifiables. Growing consumer awareness regarding the use of bio-based cosmetics has induced greater demand for she abutter within the cosmetics industry.

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The global shea butter market also experiences high demand from the chocolate industry where shea butter is used as a substitute for cocoa butter to make compound chocolate at a lower price.

However, the majority of shear butter produced in Africa is extensively used for cooking purposes. They are also used as waterproofing wax, for hairdressing, for candle-making, and as an ingredient in medicinal ointments.

On the other hand, the growth of the market might be deterred by safety concerns, skepticism, and stringent regulations. The efficacy of shea butter is not backed by any experimental studies and definition of the ambiguity of cosmetics is not accepted by regulatory bodies such as the US FDA which might restrain the growth of the market.

Competitive Landscape

VINK CHEMICALS GMBH & CO. KG, Shea Radiance, Star Shea Ltd., Barry Callebaut Group, The Hershey Company, Shea Therapy Ltd., The Organic Shea Butter Company, The Savannah Fruits Company, Churchwin Trading, and Ghana Nuts Limited are the key players in the global shea butter market.

Segmentation:

The global shea butter market has been segmented based on species, application, and certification.

By species, the global shea butter market has been segmented into vitellaria paradoxa and vitellaria nilotica.

By application, the global shea butter market has been segmented into food, cosmetics, medicines, and others.

By certification, the global shea butter market has been segmented into certified, uncertified and others.

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Regional Analysis:

By region, the global shea butter market has been segmented into the Middle East & Africa (MEA), North America, Europe, and Asia Pacific (APAC).

The MEA market accounts for the largest share of the global shea butter market. Consumption of shea butter as oil is indigenous to the tradition of Africa where it experiences massive demand. The majority of the shea butter production is consumed locally, and little is exported to the international market. Nigeria is the major exporter of shea butter and contributes to at least 50% of the total exports. Nigeria is followed by Mali, Burkina Faso, Ghana, Côte d’Ivoire, Benin, and Togo. Shea butter is increasingly being used in the cosmetics industry. Surging preference of natural cosmetics in Gulf economies such as Saudi Arabia, UAE, Kuwait, and Qatar has led to the increased demand for shea butter.

Europe is the second largest market for shea butter. Led by France and followed by Germany, the Europe market is driven by the presence of various renowned cosmetics companies such as L’Oreal S.A. and a sizeable cosmetic industry which generates incremental demand for shea butter.

The North America market is led by the US is a significant market for shea butter. Increasing awareness regarding the use of shea butter and an established cosmetics industry bodes well for the growth of the market.

APAC is expected to showcase rapid growth over the forecast period. India is a key contributor owing to its fast-developing cosmetic sector and substantial investment made by cosmetic companies such as Revlon and Lakmé. Other key contributors include Japan and China.

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State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/shea-butter-market-6160

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