Global Shea Butter Market Overview
Shea butter is a type of fat which is used in various skins and hair related products and possess various healing properties. It is derived from the seeds of Vitellaria paradoxa (Shea) tree which is mainly found in Africa. Shea butter is free of any artificial chemicals and is composed of stearic acid and oleic acid. Shea butter is used extensively in the cosmetic products such as skin moisturizers, hair conditioners and lip gloss. Apart from this, shea butter is used in various industries such as food and healthcare. Consumers worldwide prefer shea butter products. The process of extracting shea butter from nut involves various processes such as cracking, crushing, roasting, grinding, separating the oils and collecting and shaping. The market share of shea butter has constantly been rising as compared to cocoa butter or palm oils. The market share of the shea butter is growing due to the increased adoption of shea butter products over cocoa butter or pal oils. The advantages that it offers over the cocoa and palm oil is that shea butter has low fat content and better healing properties than the former.
Further, the shea butter products are powerful antioxidants and restore the damaged skin and hair to health. However, the cocoa butter contains only polyphenol which is helpful in relieving stress. Shea butter contains vitamin A and vitamin E which are vital for skin and eyes. In addition to this, shea butter contains cinnamic acid which prevents the skin from ultraviolet rays. Moreover, cocoa butter is a good moisturizer but shea butter is more flexible and can be used in different treatment processes such as skin healing, hair healing and lip healing.
Market Size and forecast
The global shea butter market is anticipated to witness a robust growth over the forecast period owing to the rising disposable income and consumer awareness. Europe and North America are the holding the largest market share of global shea butter followed by Asia-Pacific. Further, government policies are bolstering the European shea butter market. Recently, European Union instructed that minimum 5% shea must be present in eatable products like chocolate which is expected to bolster the shea butter market.
Further, North America is expected to witness significant growth over the forecast period owing to the high demand for cosmetic products such as lip scrub, lip gloss and hair conditioners. Asia-Pacific is anticipated to showcase a growth in the demand of global shea butter. Rising consumer awareness and increasing healthcare concern are the key factors which are expected to bolster the Asia-Pacific shea butter market. Japan is the major country in the Asia-Pacific accounting for the largest market share in the region.
Global Shea butter market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Rising consumer inclination towards natural products and consumer awareness are the key growth drivers driving the global market of shea butter. Moreover, rise in the use of shea butter in the cosmetic products are driving the growth of the market. Further, favorable government policies are expected to drive the market over the forecast period. Moreover, increase in consumption of eatable products consisting of shea butter such as chocolates are likely to be the key growth drivers during the forecast period i.e. 2017-2024.
However, availability of various substitute products with a low price tag is anticipated to dampen the growth of global shea butter market. Moreover, the absence of minimum quality standard and poor level of industry organization poses a serious challenge to the growth of global shea butter market.
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