Global Shea Butter Market Expected to Generate a Revenue of $2,281,864.90 thousand by 2028, Growing at a CAGR of 14.0% From 2021 to 2028 - Exclusive COVID-19 Impact Analysis [144 Pages] Report by Research Dive
The global shea butter market is expected to witness progressive growth by 2028, owing to their medicinal benefits. The unrefined sub-segment is expected to be most profitable. The Europe region is expected to dominate the market.
NEW YORK, Nov. 16, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Shea Butter Market by Type (Unrefined and Refined), Application (Cosmetics & Personal Care, Food & Beverages, and Pharmaceuticals), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
According to the report, the Global Shea Butter Market is expected to generate a revenue of $2,281,864.90 thousand by 2028, growing exponentially at a CAGR of 14.0% during the forecast period 2021-2028.
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Impact of COVID-19 on the Shea Butter Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global shea butter market, owing to the occurrence of lockdowns in various counties across the globe. Lockdowns closed the manufacturing plants of various industries which gravely affected the distribution and supply chain. The regular shops and convenience stores were also shut down, which resulted in the decreased demand for shea butter. Thus, the pandemic has had a negative impact on the shea butter market.
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Dynamics of the Shea Butter Market
People across the globe are increasingly incline towards vegan, plant-based products, owing to the increase in the standard of living among people. In addition, their medicinal benefits like protection of skin from inflammatory sensations and reduction of skill allergies and dryness are further expected to drive the growth of the shea butter market during the forecast period, Furthermore, introduction of new shea butter products by prominent companies is expected to create ample opportunities for the growth of the market during the forecast period. However, high cost of shea butter is expected to hinder the growth of the market during the forecast period.
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Segments of the Shea Butter Market
The report has divided the market into various segments based on type, application and region.
- By type, the unrefined sub-segment is expected to be most profitable, and generate a revenue of $1,680,499.60 thousand during the forecast period. Unrefined shea butter has a number of favorable ingredients that aid in preventing skin dryness. This factor is expected to drive the growth of the she abutter market sub-segment during the forecast period.
- By application, the food and beverage sub-segment is expected to be most lucrative, and generate a revenue of $2,022,945.20 thousand during the forecast period. Shea butter is extensively used in the confectionery industry for the manufacturing of chocolate. This factor is expected to bolster the growth of the sub-segment during the forecast period.
- By region, the European region is expected to dominate the market, and generate a revenue of $978,920.00 thousand during the forecast period. Utilization of shea butter in place of cocoa butter for the manufacturing of chocolates in this region is expected to drive the growth of the market. In addition, wide prevalence of cosmetic industries in this region is expected to bolster the growth of the regional shea butter market during the forecast period.
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Top 10 Key Players of the Shea Butter Market
- Empower Village LLC.
- Bulk Apothecary
- Baraka Shea Butter
- Vink Chemicals GmbH & Co. KG
- The Savannah Fruits
- Clariant
- Jedwards International, Inc.
- Akoma Cooperative Multipurpose Society
- Ghana Nuts Company Limited
- The Organic Shea Butter Company.
- Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in June 2021, AAK, a Sweden-based company and manufacturer of vegetable oils and fats, collaborated with Mars, a global confectionery, food, and pet care company, in a mutually agreed sustainable shea initiative plan so as provide economic and social benefits to the 13,000 women in the program and advocate environmental improvements for the shea tree parklands.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments
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