The Asia Pacific Shea Butter Market would witness market growth of 7.5% CAGR during the forecast period (2022-2028).
Companies present in the beauty and personal care industry are launching more and more products formulated with shea butter. This rise is mainly accountable to the growing demand of consumers for natural, organic, and sustainable products. In addition, the high anti-inflammatory and antioxidant profile of shea butter make it ideal for developing body creams, lip balms, and hand creams. This further establishes the prominence of shea butter as an essential ingredient for the development of various skincare and cosmetic products.
Rising demand for substitutes for cocoa butter and increasing consumption of bakery and cocoa products are evolving as the major contributor to the market expansion. Shea butter is considered to be healthier than cocoa butter, and as a result, its use in the food industry has increased primarily as a substitute for edible vegetable fats and oils.
This region is one of the most dynamic and diverse markets in the beauty and cosmetic industries in the world. This is in regard to general categories like sun care, skin care, color cosmetics, hair care, fragrances, and deodorants which are the most demanded products by the consumers of the region. Consumers in the Asia Pacific region have become more conscious of synthetic chemicals used in toiletries and cosmetics. Hence, they are turning to organic and natural cosmetics as such products are seen as authentic and premium products.
The China market dominated the Asia Pacific Shea Butter Market by Country in 2021; thereby, achieving a market value of $266.8 million by 2028. The Japan market is anticipated to grow at a CAGR of 6.9% during (2022 - 2028). Additionally, The India market would experience a CAGR of 8.1% during (2022 - 2028).
Based on Product, the market is segmented into Raw & Unrefined and Refined. Based on Application, the market is segmented into Cosmetics & Personal Care, Food and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Shea Butter Market is Projected to reach USD 3 Billion by 2028, at a CAGR of 7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AAK AB, Bunge Limited, BASF SE, Archer-Daniels-Midland Company, Clariant AG, Croda International PLC, Cargill, Incorporated, Stern-Wywiol Gruppe GmbH & Co. KG, OLVEA Group, 3F Industries Ltd.
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