In November 2021, Bunge Ltd., one of the major shea butter market players, secured a ‘no questions’ letter from the U.S. FDA in response to its GRAS (Generally Recognized as Safe) notice for a new shea ingredient. The letter permits the usage of shea olein, the soft fraction of shea butter, in a range of applications across the food and beverage sector.
These comprise sauces, baked foods, frozen dairy desserts, spreads, snacks, and others. Similar developments are set to drive shea butter market growth, the industry revenue of which is expected to exceed USD 3 billion by 2027, as cited by the latest study conducted by Global Market Insights Inc.
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Stated below are some of the key trends that are slated to propel industry outlook through the coming years:
Assessment of market landscape in Europe: Formulation of stringent regulatory guidelines to boost regional business prospects
Europe shea butter market size is poised to expand at a CAGR of around 7% from 2021 to 2027. This growth is being impelled by the entry of numerous players in compliance with the requirements set by the European Union.
Citing an instance, products from a shea butter exporter, hailing from a developing country, can only be exported into the European cosmetics industry provided they are compliant with EU’s mandatory legal requirements for natural ingredients for cosmetics.
The region’s central regulatory framework, dubbed Cosmetic Regulation (EC 1223/2009), covers the effectiveness and safety of cosmetic products. The regulation is particularly important for suppliers of cosmetic ingredients, such as shea butter, as well as importers and manufacturers of cosmetic products.
Raw and unrefined shea butter serves as a great moisturizer during pregnancy; helps in the reduction of itchy skin
Raw and unrefined shea butter market share accounted for USD 430 million in 2020 and is estimated to exhibit substantial growth through 2027. This rise can be attributed to the excellent moisturizing properties of the product and their benefits in pregnant women.
While the butter’s fat content supports its penetration through the skin pores without any clogging, its emollient and humectant properties help in locking in moisture in the skin, keeping it hydrated for a long period. Additionally, the fatty acids present in shea butter help in relieving itchiness when massaged into the skin.
The product, thus, helps in avoiding scaly skin and breakouts and provides natural skincare for staying moisturized through pregnancy.
Steps taken by prominent market players: a competitive analysis
Key participants in the shea butter industry comprise Bunge Limited, Croda International, AAK AB, The Savannah Fruits Company, Akoma International Ltd, OLVEA, and others. These companies are focused on the implementation of strategic initiatives including mergers, collaborative agreements, partnerships, and the development and rollout of new products for establishing a strong foothold in the market.
Considering an instance, in June 2021, AAK teamed up with food and pet care firm, Mars, numerous leading NGOs, and an impact investment fund for the creation of a public-private partnership. Running until the year 2030, the WISH (Women in Shea) initiative is intended at reaching 13,000 women shea collectors from over 150 communities from across the northern Ghana region.
In a nutshell, changing consumer dietary habits coupled with the surging demand for bakery, snacks, and confectionery products are touted to propel shea butter adoption through the forthcoming years.
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