Market Analysis:
Shea butter is a fat obtained from the nut of tree Vitellaria paradoxa and is composed chiefly of stearic acid and oleic acid. Shea butter finds broad applications is cosmetics as a moisturizer, salve or lotion and is also used as food in many African countries. By composition, it contains 40 to 60 % oleic acid, 20 to 50 % stearic acid, 3 to 11 % of linoleic acid, 2 to 9 % of palmitic acid less than 1 % of arachidic acid. The total collectible production of Shea butter in 2015 was 600,000 tons valued at 10.6 billion in 2016, which is anticipated to expand at a CAGR of 9.3 % during the forecast period ending 2023.
Application As Food Accounts For The Largest Share By Usage, But Cosmetic Is Expected To Drive The Fastest Growth
Thus, skin and hair products such as lip gloss, moisturizers, melts at body temperature, and hair conditioner remains the fastest growing applications expanse of Shea butter. Shea butter has also been adopted by the chocolate industry as a substitute for cocoa butter and is applied in the treatment of skin itching and swelling such as eczema.
The composition of Shea butter is well suited for most cosmetic applications such as rapidly absorbable into the skin, excellent water-binding and emollient properties. The market drivers of Shea butter is its explosive applications expanse in cosmetics and the growing awareness regarding its beneficial effects.
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Growing Awareness about Anti-Aging Drugs Is Driving A Large Demand For Natural And Organic Cosmetics
The rising number of aging population, growing demand for anti-aging drugs, and primal demand to be young coupled with the changing social and attitudinal aspects towards cosmetics and the influence of media and fashion industry is driving a massive market.
The World Health Organization (WHO), projects that the world’s population over 60 years by 2050 will almost double from 12 % to 22 %. Alliance and support from Global Shea Alliance and the United States Agency for International Development (USAID), which signed a USD 13 million, five-year agreement to promote Shea markets worldwide, is expected to drive demand and export.
Definition Ambiguity of Cosmeceuticals and Spurious Products May Harm the Market
Critical market constraints include skepticism, concerns of safety, stringent regulations and definition ambiguity of cosmeceuticals and others. The growing menace of spurious products with misleading claims that are difficult to validate may hamper the market.
Top Key players Analysis:
Key players profiled in the report are VINK CHEMICALS GMBH & CO. KG, The Organic Shea Butter Company, The Savannah Fruits Company, Ghana Nuts Limited, The Hershey Company, Star Shea Ltd., Shea Therapy Ltd., Shea Radiance, Churchwin Trading, Barry Callebaut Group, and others.
Segments:
To gauge an accurate understanding of the market potentiality, the report is segmented by species, applications, certification, and regions.
Based on the species, the market is bifurcated as vitellaria paradoxa and vitellaria nilotica.
Based on the applications, the market is composed of food, cosmetics, medicines, and others.
Based on certification, the market is segmented into certified, uncertified and others.
Based on geographical regions, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa.
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Regional analysis:
The Middle East and Africa is the largest market for Shea butter owing to its traditional popularity and the copious consumption of Shea butter as oil in African nations. However, almost half of the Shea production never reaches the international market and is consumed locally. Nigeria contributes more than 50 % of the global Shea exports followed by Mali, Burkina Faso, Ghana, Côte d’Ivoire, Benin, and Togo. The Middle East and Africa are increasingly being skewed in favor of the Gulf nations owing to growing adoption of natural cosmetics in Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Europe, led by France and Germany accounts for the second largest market owing to the high presence of global players such as L’Oreal S.A. and sizeable cosmetic industry of France. Europe is followed by North America.
However, Asia Pacific region led by Japan, China and India are expected to attract the most significant market share shortly. India is expected to top the list of the fastest growing markets in the world owing to its fast-developing cosmetics sector and the substantial investment made by cosmetic giants such as Lakme and Revlon in the Indian market.
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