The Business Research Company’s Shea Butter Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Shea Butter Global Market Report 2023 evaluates shea butter market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global shea butter market is expected to grow from $1.87 billion in 2022 to $2.01 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The shea butter market is expected to reach $2.61 billion in 2027 at a CAGR of 6.7%.
The escalating prevalence of cosmetic usage is poised to be a catalyst for the burgeoning expansion of the shea butter market. Cosmetics, an expansive category encompassing a myriad of products applied to the body, face, hair, or nails, with the primary objective of enhancing or altering appearance, have witnessed a notable surge in demand. Shea butter, renowned for its multifaceted benefits, including moisturizing, nourishing, and anti-inflammatory properties, has emerged as a pivotal ingredient in the realm of cosmetics. Its profound impact on promoting healthier, well-hydrated skin and lustrous hair has positioned it as a staple in beauty and personal care formulations.
A compelling testament to the growing influence of shea butter in cosmetics emerged in 2021, as highlighted in the annual organic beauty and wellbeing report by the Soil Association, a distinguished UK-based charity organization. According to the report, sales of Soil Association-certified organic and natural beauty and wellbeing products experienced a remarkable upswing, surging by 15% and reaching an impressive milestone of approximately $170 million in the UK during 2021. This robust growth underscores the escalating consumer preference for products that align with organic and natural principles, with shea butter playing a pivotal role in meeting these evolving demands.
Furthermore, insights from January 2021, as reported by Automat.ai, a reputable Canada-based business service and software company, shed light on the dynamic landscape of the cosmetic market in the US. Notably, skincare product sales experienced a noteworthy uptick, soaring by 13% in 2021, while makeup items saw a modest yet significant increase of 1%. The thriving momentum of online beauty merchants, with a staggering growth rate of 24%, particularly in the skincare segment, underscores the evolving consumer preferences and the pronounced role of e-commerce in shaping the cosmetics industry landscape.
In conclusion, the discernible surge in cosmetic consumption, as evidenced by the robust statistics and market trends, emerges as a pivotal driver propelling the upward trajectory of the shea butter market. As consumers increasingly prioritize natural and effective ingredients in their beauty regimen, shea butter’s versatile and beneficial properties position it as a cornerstone in the evolving narrative of cosmetic formulations.
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The shea butter market segments in the report are:
1) By Product: Raw And Unrefined Shea Butter, Refined Shea Butter
2) By Nature: Organic, Conventional
3) By Application: Food Processing, Cosmetics And Personal Care, Pharmaceuticals, Other Applications
The table of contents in TBRC’s shea butter market report includes:
1. Executive Summary
2. Shea Butter Market Characteristics
3. Shea Butter Market Trends And Strategies
4. Shea Butter Market – Macro Economic Scenario
5. Global Shea Butter Market Size and Growth
32. Global Shea Butter Market Competitive Benchmarking
33. Global Shea Butter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shea Butter Market
35. Shea Butter Market Future Outlook and Potential Analysis
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