Global Shea Butter Market 2019-2023 | New Product Launches to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Dec 5, 2018-- analysts forecast the global shea butter market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global shea butter market for the period 2019-2023. (Graphic: Business Wire)
The growing demand for cocoa butter alternatives is one of the major trends being witnessed in the . This is due to the increasing prices of cocoa butter (a significant ingredient that provides fat and texture to the chocolate). In addition, the increasing demand for chocolate products is primarily encouraging many significant chocolate manufacturers to focus on using cocoa butter alternatives such as shea butter to reduce the manufacturing costs. Many leading players such as Mondelez International and THE HERSHEY COMPANY use alternative sources of fat derived from shea butter, palm oil, or other sources to partially replace cocoa butter. The rising consumption of chocolate and the increasing supply constraints in cocoa-producing countries could augment the demand for shea butter, during the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the global shea butter market is the new product launches:
Global shea butter market: New product launches
Increasing new product launches by regional and international players may support the growth of the global shea butter market. The manufacturers of shea butter are adopting innovative and distributive strategies to increase the market size of these products. Successful new product launches are expected to accelerate the growth of competitors and the global shea butter market as well. The new product launches are not only increasing the market share of players but are also offering them with a competitive edge over other players in the market. For instance, in October 2017, L’OCCITANE launched two limited edition Shea Butter Trio Sets in collaboration with Rifle Paper. The new launches include Hand Cream Trio and Pure Shea Trio. Therefore, with such initiatives, the market is expected to register a positive outlook during the forecast period.
According to a senior analyst at Technavio for research on cosmetics and toiletry, “Apart from the product launches, other major factors boosting the global shea butter market include the rising level of lactose intolerance, expansion in the retail landscape, and the rise in demand for fair trade certified shea butter.”
Global shea butter market: Segmentation analysis
The global shea butter market research report provides market segmentation by application (food, personal care, and pharmaceuticals), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The EMEA region held the largest share of the market in 2018, accounting for over 57% share, followed by the Americas and APAC respectively. However, during the forecast period, the Americas is expected to register the highest incremental growth, followed by the APAC region.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 12/05/2018 11:44 AM/DISC: 12/05/2018 11:44 AM