The Europe Shea Butter Market would witness market growth of 6.4% CAGR during the forecast period (2022-2028).
Shea butter enhances texture and taste, increases shelf-life, and decreases the formation of bloom in the final product, its use in the chocolate industry has increased as well. Moreover, the rising awareness of the benefits of shea butter among the general populace has increased the use of shea butter in daily life as well, either as a skincare treatment or cooking oil. The low cost and increased use of this product in the bakery and confectionary foods are further aiding in the expansion of the shea butter market.
Moreover, the fast pacing modernization and urbanization trends of emerging economies have bolstered the food and beverage industry. This has led to the rise of premiumization demands in the industry and accelerates the adoption of techniques that make the product of superior experience and high quality. Premiumization is driven by the increased demands of consumers that go beyond the price factor to appreciate value-added products with better quality ingredients that extend numerous health benefits. Since consumers are ready to pay more for premium products that offer observable health benefits, it has prompted many manufacturers to incorporate unique ingredients that meet their health and basic dietary needs. As a result, premiumization leads to an increase in demand for shea butter.
The cosmetic industry generates the most demand for shea butter in this region. The product is used extensively in numerous European haircare and skincare products owing to its numerous advantages. Furthermore, the rising consumer awareness and the subsequent demand for its natural products’ development further increase the consumption of shea butter. European cosmetic companies develop moisturizing body lotions by utilizing either shea butter or shea butter-based derivative ingredients obtained from olein or stearin.
The Germany market dominated the Europe Shea Butter Market by Country in 2021; thereby, achieving a market value of $238 million by 2028. The UK market is estimated to witness a CAGR of 5.5% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 7.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Shea Butter Market will Hit $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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