Shea Butter Market Size, Share, Growth Analysis, By Type(Refined and ultra-refined and raw and unrefined), By Application(Food and cosmetics), By Nature(Organic, Conventional), By Distribution Channel(Specialty Stores, Online Stores, Supermarket, Convenience Stores), By Region - Industry Forecast 2024-2031

Shea Butter Market size was valued at USD 2.07 billion in 2019 and is poised to grow from USD 2.21 billion in 2023 to USD 4 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

Shea butter is primarily produced in West, Central, and East African nations like Nigeria, Burkina Faso, Cameroon, the Central African Republic, Ethiopia, Eritrea, Ghana, Guinea Bissau, the Ivory Coast, Mali, Niger, and Nigeria. The market has become appealing to Europe, North America, and Asia Pacific. The European Union and the United States are important markets for shea butter purchasing since they use it primarily to make cosmetics and chocolate confections.

Shea butter contains a number of vitamins, including vitamins A, E, F, and K, which can nourish the skin and hair. The product is a potent moisturizer that also preserves the suppleness of skin because it contains the majority of fatty acids. It can be applied every day as a pure moisturizer or as a barrier against damaging and abrasive elements.

Due to busy and stressful lifestyles, particularly in developing countries like Asia Pacific, there will be an increase in the consumption of ready-to-eat or packaged food products, which will spur industrial expansion. In the coming years, it is anticipated that favorable government rules relating to the use of shea butter in pharmaceuticals and food goods would present profitable prospects.

The business has been transformed by all of the aforementioned reasons over time, and the shea butter market is anticipated to expand at a CAGR of 7.7% between 2022 and 2032. The grade A or unrefined type of shea butter dominates the market. Shea butter use in the cosmetics business is probably going to show a positive revenue growth forecast.

US Shea Butter Market is poised to grow at a sustainable CAGR for the next forecast year.