Selbyville, Delaware, United States, November 4 2020 (Wiredrelease) Global Market Insights, Inc –:An unprecedented shift towards the low cost alternatives for cocoa butter made chocolates is likely to establish new room for the growth of global shea butter market in the upcoming years. Moreover, the emerging trend of consumption of the organic chocolate confectionary products owing to the acceptance of green and natural labelling concept would stimulate the industry outlook over 2019-2025.
The elevating geriatric population is also laying huge focus on the use of innovative health care products creating tremendous opportunities for the shea butter industry expansion over the forecast period. In this regard, it can be essentially stated that the ongoing advancements across the pharmaceutical industry would support the market growth as the product is extensively used as base ingredient in the production of numerous creams and ointments.
A research report by Global Market Insights, Inc., states that the global shea butter market is envisaged to be valued at USD 2.9 billion by the end of 2025, in terms of revenue.
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The global shea butter market is witnessing mounting investments in research and development activities for new applications which include the manufacturing dermatological creams for the HIV patients to offer support from skin rashes and irritations. This is expected to render lucrative possibilities for the cosmetic industry players in the near future.
Shea butter market is also governed by stringent regulatory reforms and food safety standards and policy regarding its use in the chocolate and margarine production across Europe and in cosmetics across the USA, which is substantially supporting the rising growth of the global market. In fact, the European Union has approved the usage of shea butter up to over 5 per cent as a substitute to cocoa in the chocolate industry, while the US FDA has given a nod to the product usage only in cosmetics.
Considering the product segmentation, the raw & unrefined shea butter segment may amass noteworthy gains by the end of 2025. For the record, the segment captured a global business share of 20 per cent in 2018 and is expected to grow at a prodigious pace in the near future. Shea butter is considered to be one of the highly preferred substitutes for butter, coconut oil, olive oils, and other several oils across the personal care and confectionary products.
In this context, the growing demand for this product in the food and beverages industry on the grounds of changing consumer preferences would give a thrust to the raw and unrefined butter segment by 2025.
Based on the application gamut, the personal care and cosmetics segment is expected to perform exceptionally well in the due course of time. It is prudent to mention that the segment is predicted to exhibit a CAGR of 10 per cent through 2025. This growth is ascribed to the large scale deployment of shea butter in the cosmetic products which would facilitate dry skin treatment, restore the skin elasticity, and allow the usage as anti-free radicle and anti-ageing agent. Besides, the product’s good miscibility, medium polar, and non-polar characteristics have prompted its application in the cosmetic formulations over the past few years.
Asia Pacific shea butter industry has been claimed to record a growth rate of 11 per cent over 2019-2025. This is attributable to the penetrating cosmetics industry across the region, especially in China. The expansion of Chinese cosmetic sector along with the growing economic development has prompted it to stand as the second largest cosmetic market following the United States.
Moreover, the demand for skincare across the region is catalyzing the product demand on a large scale. The rising consciousness of female towards flaunting a healthy and clear skin would also improve the growth scope for shea butter market in the Asia Pacific region.
The worldwide shea butter market is highly consolidated and marks the presence of eminent players including “LVEA GROUP, Cornelius Group plc., Ghana Nuts, Bunge Loders”, and several others who are keenly developing novel strategies to sustain a major foothold in the global market.
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