As of 2023, the global shea butter market has achieved a substantial valuation of USD 2.75 billion, underscoring its strong growth trajectory. Projections indicate that the market will continue to expand steadily, with an anticipated compound annual growth rate CAGR of 7% from 2023 to 2033, ultimately reaching a noteworthy value of USD 5.58 billion by the conclusion of 2033.
The upward trend in the market is driven by growing consumer preference for natural and organic skincare solutions.
Recent consumer behavior shows a notable shift towards sustainable and eco-friendly options in personal care, boosting demand for shea butter. Recognized for its moisturizing, nourishing, and healing properties, shea butter continues to rise in popularity as a natural ingredient.
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To capitalize on this trend, key operators in the market, like Cargill, are introducing shea butter as a cocoa butter equivalent in the food industry. Various factors related to cocoa butter products, like uncertainty in supply, premium price, variability in quality, and other factors have increased the demand for shea butter.
On the back of this factor, the demand for shea butter is increasing due to the extensive use in several confectionery products, such as snacks, candy & jelly, toffees, chocolate, and others.
With the concept of premiumization including superior mouthful experience and a far-fetched quality of such end products, the global shea butter market will witness steady growth over the forecast period.
“Growing demand for shea butter as a healthy alternative ingredient to trans-fat products, is increasing with soaring market share. Due to higher availability of raw materials and reduced environment impact as a clean label product, key players are introducing raw shea butter form in cosmetic industry to gain revenue,” says a Future Market Insights analyst.
Competitive Landscape
Key manufacturers of shea butter are focusing on sustainable product developments and also looking for investing in state-of-the-art processing facilities to further help the industry growth.
- BASF SE
- Bunge Limited.
- Croda International
- Cargill, Inc.
- Archer Daniels Midland Company
- Wilmer International
- International Oils & Fats Limited
- Ghana Nuts Company Limited
- Fuji Oil Holdings, Inc.
- 3F Industries Ltd.
- Others
Recent Developments:
- Shea Radiance, a renowned brand specializing in shea butter-based body care products, recently launched six new body care offerings. These products have made their debut in 520 Whole Foods stores across Virginia, United States. Expanding Shea Radiance’s reach and offering customers a luxurious and natural body care experience enriched with the nourishing benefits of shea butter.
- Fuji Oil Holdings, Inc. announced the sourcing of responsible shea kernels with the policy of preserving green areas of shea trees with minimum or zero deforestation. To reinforce the sustainable development of the industry.
- Unilever announced the acquisition of Sundial Brands, including Nubian Heritage and SheaMoisture. To take advantage of market expansion with financial advancement and diversify its ownership ranks.
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Shea Butter Market by Category
By Nature:
- Organic
- Conventional
By Grade:
- Grade A (raw or unrefined)
- Grade B (refined)
- Grade C (highly refined)
- Grade D (lowest uncontaminated grade)
- Grade E (with contaminants)
By Application:
- Food Processing
- Cosmetics & Personal Care
- Pharmaceuticals Industry
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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