Transparency Market Research (TMR) is out with its latest report on global cosmetic shea butter market. The report projects a consistent growth for the market in the forecast period of 2018 to 2026. The projected sustainability of global shea butter market is the result of promotional support offered by agencies such as Global Shea Alliance and International Cocoa Organization. It has improved mutual partnership between various manufacturers, wholesalers, distributors, and suppliers of cosmetic shea butter globally. This overall results in strengthening of supply chain of cosmetic shea butter. According to the TMR report, there are approximately 450 active participants in global shea butter market which are fragmented over 33 countries and are associated with Global Shea Alliance (GSA).
TMR report estimates that the global cosmetic shea butter is expected to rise to the point of US$ 1.14 billion during the forecast period of 2018 to 2026. In terms of value, the market is projected to show a growth of 4.5% by the end of 2026.
The analysis of cosmetic shea butter market by TMR reports that unrefined shea butter segment shall be the leading segment throughout the forecast period. The segment is likely to grow at compound annual rate of 5%. This growth in the segment is attribute of growing preference of chemical-free cosmetic products by end-users.
The geographical analysis of global cosmetic shea butter market done by TMR indicates that Asia Pacific shall experience highest growth in forecast period. The report projects a compound annual growth of 5.2% during the tenure. This hike shall be the result of increasing color cosmetics in the region. Also, favorable policies by various government regarding trade of these cosmetic products shall help the region to excel extensively amongst other regions across the globe.
Rising Demand of Quality Skincare Products Hikes Cosmetic Shea Butter Market Growth
The report by TMR enlists multiple driving factors that helps shea butter market to grow globally. It also states that the increasing consciousness for attaining perfect skin and body with the help of multi-benefiting cosmetic products is one of the factors that drives growth of shea butter market. Over the period of time, users have become more aware about the hygiene and beauty elevates the demand of less chemical-based products such as shea butter products. This hiked demand has risen the necessity of research and development by manufacturers to provide new skincare products containing shea butter. This overall development is most influencing driving factor of the growth for global shea butter market. Increasing demand for organic specialized products such as anti-aging creams, sunscreen, and whitening products is yet another growth driving factor for global cosmetic shea butter market.
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Major Opportunities for Players of Cosmetic Shea Butter Market
As a result of the hygiene and beauty products, the market of cosmetic shea butter offers ample opportunities to the players. Rising demands of natural products is creating a market for themselves where these players can score major success. However, the cost of producing and collecting shea butter may damp the growth of the global cosmetic shea butter market, being a major ingredient of many major beauty products shall keep the market progressing in forecast period.