Shea Butter Market Industry Outlook
Global Shea Butter Market Size is estimated to be valued at USD 1,048.2 Million by 2026, registering a CAGR of 5.40% during the forecast period. The declining production of cocoa beans and the escalating demand for cocoa butter alternatives are supporting the growth of the global shea butter market. Few other factors that have lowered the cocoa products include pests and diseases (that damages 30% of annual production globally), volatile raw material prices, competition from other crops, aging trees reducing productivity, etc. Hence, with the decreasing cocoa bean production, manufacturers are moving towards cocoa butter alternatives that generate higher revenue.
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The market is appraised to be stimulated by an increased development upsurge that is bracing the contenders who are active in the market. The competition in the market is estimated to flare-up following the disruption created by the COVID- pandemic. The increased contribution of online channels towards the swell in transactions is predicted to further encourage the advancement of the market in the future. The government intervention in the creation of opportunities that can incentivize the development of key regions in the market is predicted to further add an optimistic touch to the proceedings in the market. The emphasis on ensuring sustainability in long-term operations is estimated to be a key cause for development in the upcoming period. The trends in the market are estimated to bolster the progress in the worldwide market. The tendency to invest and expand capacities is estimated to create a promising scope for the market in the impending years. The change in several regulations that are running the development of the market is estimated to impact the innovations that can be seen in the global market.
The notable contenders in the shea butter market Size are Bunge Ltd (US), AAK AB (Sweden), Ghana Nuts Company Limited (Ghana), Vink Chemicals GmbH Co. KG (Germany), Cargill, Incorporated (US), Sophim S.A (France), BASF SE (Germany), Shea Radiance (US), The Organic Shea Butter Company (US) and The Savannah Fruits Company (Ghana).
The regional investigation of the shea butter market Size includes Europe, North America, Asia Pacific, and other prominent regional markets. The European region’s shea butter market reported for the central share of the worldwide market in 2019, as it is a major consumer of shea butter. Mounting shopper predisposition towards baked products and confectionery is anticipated to boost the European region’s shea butter market Industry in the forecast period. Additionally, it is anticipated to be the most profitable regional market for shea butter manufacturers throughout the forecast period. The shea butter market Industry in North America also reported an important share in 2019. The US is an important supplier to the North American regional market growth. Segmental Analysis
The segmental study of the shea butter Industry market Size is carried out based on type, category, application, and region. The application segment of the shea butter Industry is segmented into personal care, food beverages, and pharmaceuticals. The regions included in the shea butter Industry market are Europe, North America, Asia Pacific, and other prominent regional markets. The type of segment of the shea butter market is segmented into unrefined/raw and refined. The category segment of the shea butter market is segmented into organic and conventional.
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