Impact Assessment of COVID-19 Outbreak on Shea Butter Market

 

Shea Butter Market: Overview

The shea fruit is a non-timber forest product that is native to the ecosystems of the semi-arid regions of Western Africa. Shea butter (Butyrospermum parkii) is the fat derived from the nuts/kernels of the shea fruit, also known as Vitellaria paradoxa. Shea butter finds use as an alternative to vegetable oil in various applications such as food processing, cosmetics, pharmaceuticals, and retail.

In terms of value, the global shea butter market is expected to reach a market value of US$ 3,566.1 Mn by the end of 2028, with an expected CAGR of 5.2% over the forecast period.

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The key factors driving growth of the shea butter market include the growing demand for cocoa butter alternatives in chocolate and confectioneries, increasing consumption of chocolate and bakery products, rise of product premiumization in the food and beverages industry, and soaring shea butter consumption by cosmetics and personal care products manufacturers.

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Gradually Rising Preference for Shea Butter as a Potential Alternative to Vegetable Oil, over Rather Expensive Cocoa Butter

Cocoa butter is used in chocolates and confectioneries as a fat source, to give the products luster, texture, and snap. The demand for cocoa butter is increasing with the growing demand for chocolates and confectioneries. However, cocoa butter is witnessing supply constraints due to the declining yields of cocoa in major producing countries. Therefore, the price of cocoa butter is increasing rapidly, which is compelling manufacturers of chocolates and confectioneries to opt for other alternatives or equivalents to cocoa butter.

Shea butter is being increasingly used by manufacturers as a potential replacement for the costlier cocoa butter for application in chocolates and confectioneries. Leading manufacturers such as The Hershey Company and Mondel?z International, Inc. are using shea butter as an alternative source of fat to replace cocoa butter.

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Increasing Chocolate Consumption to Fuel the Growth of Shea Butter Market

The consumption of chocolate follows dichotomy in world regions due to its Western origin. While some regions present timid demand for chocolate, growing economies and globalization have increased its consumption in the recent past. Over 50% of chocolate consumption occurs in Europe, and around 20% in the United States.

Asian countries are emerging as significant chocolate consumers due to changing socio-economic demographics. The growing demand for chocolate is fuelling the demand for fat sources such as shea butter. Shea butter is used to provide and enhance the texture, consistency, and other properties of chocolate, and thus, is anticipated to witness proliferating demand with the ever-growing chocolate market.

Growing Application of Shea Butter in the Bakery Industry Is a Strong Booster

Shea butter is used as a raw material for margarine and shortening for the manufacturing of several bakery products such as dough, puff pastries, croissants, and others. Margarine is nothing but a copy of butter made from vegetable oil and water.

The production of margarine requires solid fats. Hence, manufacturers have used the process of hydrogenation to harden vegetable oil. However, the hydrogenation of vegetable oil results in the generation of trans unsaturated fatty acids, which have a negative impact on cardiovascular health. This is pushing manufacturers towards using shea butter for the processing of margarines and shortenings.

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