Worldwide Market Reports added Latest Research Report titled “Shea Butter Market”to its Large Report database.
Shea butter is an edible vegetable oil or fat, extracted from sun-dried kernels of the African shea tree. It is extensively used in cosmetics, health products and in the confectionery and chocolate industry. Shea butter and its fractions can also replace other edible vegetable oils or fats in other food applications. Moreover, it is used for body, hand, and facial products because of its nonsaponifiable content. Shea butter contains ester resins recommended for damaged skin repair, cleansing, and the sun’s protection.
The continuous increasing demand for cocoa equivalent products due to rising chocolate consumption by world population and rising market demand for natural products based cosmetics and skin care products are major factors driving growth of shea butter market. The demand for shea butter is increasing, owing to consumer awareness about hydrogenated oils that contain trans fats.
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However, cost of shea butter, which is higher than that of the substitute products such as palm oil and olive oil, used in soap and other skin care products is a factor restraining growth of shea butter market.
Key Developments in Shea Butter Market
Key players are adopting various strategies such as mergers, acquisitions, new product launches, expansions, collaborations, partnerships, approvals, and joint ventures to retain its position in the shea butter market. On February 15, 2018, IOI Loders Croklaan partnered with Kerry Group, Wild Asia and the Fortuna Palm Oil Mill in Sabah for the implementation of a 3-year Small-Growers Support Program. On February 28, 2018, Bunge announced its acquisition of a 70% ownership interest in IOI Loders Croklaan from IOI Corporation Berhad.
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Furthermore, on March 5, 2018, Wilmar International Limited and the Malaysian Palm Oil Certification Council (MPOCC) joined hands to assist all of Wilmar’s suppliers in Malaysia to obtain the Malaysian Sustainable Palm Oil (MSPO) certification by the end of 2019.
Some of the key players operating in the market include IOI Loders Croklaan, Wilmar Africa Ltd/ Ghana Specialty Fats, Ghana Nuts Ltd, Shebu Industries, Timiniya Tuma Company Ltd, The Pure Company, The Savannah Fruits Company, VINK CHEMICALS GMBH & CO. KG, Akoma Cooperative, StarShea, and International Oils & Fats Limited among others.
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