6.70% CAGR Predicted: Shea Butter Market $3.75 Billion by 2032

Shea Butter Market Size Worth $3.75 Billion By 2032 | CAGR: 6.70%


The global shea butter market size is expected to reach USD 3.75 billion by 2032, according to a new study by Polaris Market Research. The report “Shea Butter Market Share, Size, Trends, Industry Analysis Report, By Product (Raw & Unrefined, Refined), By Application (Cosmetics & Personal Care, Food, Others), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growth is attributed to an increasing appetite for these alternatives and a surge in the consumption of cocoa and bakery goods. Shea butter has been identified as an alternative to the cocoa butter, as mentioned in an article by Dairy Reporter in October 2021. Its versatility as a substitute for edible vegetable fats & oils in various food applications is also anticipated to expand the market's opportunities. Shea butter's versatile and beneficial properties make it highly sought after in several industries, including food, cosmetics & personal care. Its diverse applications range from being a natural antioxidant & edible oil to a food additive & functional food ingredient. The growing consumer preference for plant-based ingredients in skincare products is anticipated to further drive the demand for shea butter in the coming years.

The growing focus on creating healthier hair care products is set to create favorable prospects for the shea butter industry worldwide. This trend presents significant opportunities for leading manufacturers to develop hair care items like shampoos, conditioners, and serums, prominently featuring shea butter as a key ingredient. In line with this, SheaMoisture introduced its revitalized its “Raw Shea Butter Deep Moisturizing Collection,” which incorporates raw shea butter, sea kelp, & argan oil.

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Furthermore, cosmetics enterprises are channeling greater resources into research and development to unveil novel and more potent products infused with shea butter. This strategic focus is anticipated to exert a positive influence on the growth trajectory. The escalating demand for anti-aging and skin conditioning products is poised to provide an additional impetus to the expansion of this segment. For instance, Bliss introduced an antioxidant-rich body lotion in October 2022, formulated with shea butter alongside anti-aging components like vitamins B3, C, & E.

Shea butter industry is fragmented, meaning that there are numerous companies operating in the market, each contributing to a significant portion of the overall market share. This fragmentation arises due to the presence of multiple players, both large and small, who offer shea butter products and compete in the market. This fragmented nature of the industry is often influenced by factors such as the abundance of shea butter-producing regions, the availability of raw materials, and the ease of entry for new players. Additionally, the increasing demand for shea butter in various industries, such as food, cosmetics, and pharmaceuticals, has attracted multiple companies to participate in the market, further contributing to the fragmented landscape.

Shea Butter Market Report Highlights

  • Raw & refined shea butter expected to register steady growth rate, owing to its predominant use in cosmetic industry
  • Cosmetic & personal care segment garnered the largest share, owing to rise in demand in beauty & cosmetic products
  • Asia Pacific will grow at rapid pace, due to growing population seeking quality natural products
  • Key players include BASF, Olvea Group, Sophim, Cargill, Suru Chemicals, and Croda International

Polaris Market Research has segmented the Shea butter market report based on product, application, and region:

Shea Butter, Product Outlook (Revenue - USD Billion, 2019 - 2032)

  • Raw & Unrefined
  • Refined

Shea Butter, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Cosmetics & Personal Care
  • Food
  • Others

Shea Butter, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Shea Butter Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 2.23 billion

Revenue forecast in 2032

USD 3.75 billion

CAGR

6.70% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Product, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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