With myriad use of shea butter mainly in the food and cosmeceuticals sector, shea butter market is predicted to rise at a stellar pace in the forecast period between 2018 and 2028, says Transparency Market Research (TMR) in one of its recent market publications.
Shea butter is considered a super ingredient for modern cosmetic and personal care products accounting for mammoth growth of shea butter market, says a TMR analyst. Obtained from the kernels of the shea fruit, shea butter finds wide use for health and beauty products such as skin soothing and healing products.
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Furthermore, vast rise in demand for naturally sourced cosmetic products is another key factor providing fillip to the shea butter market. Individuals today prefer all-natural cosmetic products witnessing long-term ill-effects of chemical based cosmetics. All-natural cosmetic products such as the ones of shea butter are mostly suitable for all skin types and have practically zero side effects on the skin. For such reasons, shea butter cosmetics are finding way in beauty kits of men and women despite their high costs. This is a key factor driving the shea butter market.
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Substituting Cocoa for Bakery Products, Food Sector to display accentuated Share
The food industry is another key end user of shea butter. Shea butter finds use in bakery products wherein it is mainly used as a substitute of vegetable oils for chocolates and confectioneries. Besides this, shea butter is increasingly finding use as a substitute of cocoa. Such expanding use of shea butter is translating into growth for shea butter market.
In the pharmaceutical sector, shea butter finds use as a base ingredient for pharmaceutical formulations. Availability of shea butter in various grades is another key factor for its expanded use. Collectively, this bolsters growth of shea butter market.
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Finding extensive applications across prosperous end-use industries, demand for shea butter is set to continue to grow. This validates growth of shea butter market at 5.2% between 2018 and 2028, adds the TMR report.
The shea butter market is classified with respect to nature, grade, end use, and region. By end use, key segments of the shea butter market are food processing, pharmaceuticals, cosmetics and personal care, and retail. Among them, cosmetics and personal care segment commands share in the overall shea butter market. Cosmetics and personal care held a whopping 52.9% of the shea butter market in 2018, says the TMR report. Vast use of shea butter in cosmetic and personal care products is due to high composition of palmitic acid, stearic acid, and arachidnic non saponifiable fatty acids that impart skin smoothening, moisturizing, and anti-inflammatory properties.
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Powered by Spending in the U.S., North America remains at fore
North America displays substantial demand for shea butter via cosmetic and personal care products. High spending capacity of individuals and fancy for naturally sourced personal care products makes the U.S a key consumer of shea butter. This fuels growth of North America shea butter market.
Meanwhile, Asia Pacific is emerging as a key consumer of shea butter. Vast rise in disposable income and increasing spending on beauty products to stay competitive at all fronts is resulting in proliferation of demand for shea butter in developing countries.