Mango Butter Market By Type (Purified, Unprocessed/Unpurified), By Form (Powder, Cream), By Packaging (Aerosol cans, Jars, Polyethylene terephthalate (PET), Packaging Folding cartons & Others), By Distribution Channels (Retail outlets, Online platforms), By Application (Food products, Beauty & Cosmetics, Pharmaceutical industry) - Global Opportunity Analysis & Industry Forecast, 2022-2027
Mango Butter Market Overview
Mango Butter Market size is estimated to reach $128.9 million by 2027, growing at a CAGR of 6.3% during the forecast period 2022-2027. Mango butter can be delineated as mango kernel butter as it is a mango kernel fat derived from the seeds. Mango butter usually comes in a semi-solid arrangement but on smearing it turns out to be liquid. Mango butter has abundant applications in diverse industries ranging from food to cosmetics. It is widely used in the synthesis of cosmetics products like suncare balms, and hair products because it encompasses fats and antioxidants. It extends skin benefits like reducing acne, clearing the skin, stop aging. Moreover, it acts as a sealant and locks moisture, therefore it’s quite cooperative in dealing with dandruff and coarse hair complications. Besides, oils extracted from seeds are widely used as an alternative to vegetable oils like cocoa, and soybean oil. Intensification in the geriatric population around the globe, and broadening awareness of skincare are factors set to drive the growth of the Mango Butter Industry for the period 2022-2027.
The report: “Mango Butter Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Mango Butter Market.
By Type: Purified, Unprocessed/Unpurified.
By Form: Powder, Cream.
By Packaging: Aerosol cans, Jars, Polyethylene terephthalate (PET), Packaging Folding cartons and Others.
By Distribution Channels: Retail outlets, Online platforms.
By Application: Food products, Beauty and Cosmetics, Pharmaceutical industry.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).
- Geographically, the North America Mango Butter Market accounted for the highest revenue share in 2021. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
- Accruing applications in beauty products is said to be the preeminent driver driving the growth of the Mango Butter Market. The increasing cost of cosmetic products due to high inflation post-COVID-19 is said to reduce the market growth.
- Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Mango Butter Market report.
Mango Butter Market- Geography (%) for 2021.
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Mango Butter Market Segment Analysis-By Application
The Mango Butter Market based on the application type can be further segmented into food products, beauty, and cosmetics, pharmaceutical industry. The beauty and cosmetics segment held the largest share in 2021. The growth is owing to proliferating insecurities among people regarding their outer beauty. The plunging number of people inflicted with anxiety because they think they look bad are the factors fueling the demand for cosmetics and beauty products. Besides the increasing application of mango butter in cosmetic creams and powders because it is really helpful in smoothening of skin, reducing acne and dryness. Mango butter produces salicylic acid when it interacts with oxygen. Salicylic acid helps in protecting skin from ultraviolet rays. Furthermore, the cosmetic and beauty segment is estimated to be the fastest-growing with a CAGR of 7.8% over the forecast period 2022-2027. This growth is owing to its anti-aging properties. The world’s elderly population is heightening day after day. Therefore, the overall demand for mango butter-associated beauty products is enhanced.
Mango Butter Market Segment Analysis-By Distribution Channel
The Mango Butter Market based on distribution channels can be further segmented into retail outlets and online platforms. The retail segment held the largest share in 2021. The growth is owing to the far-reaching occurrence of offline facilities in cities as well as rural areas where the consumer can make such purchases. According to a report, more than 14 million retail store outlets are operating in the Republic of India, and these stores employ around 38-40 million individuals which is 3.3% of the country’s population. However, the online segment is estimated to be the fastest-growing with a CAGR of 7.4% over the forecast period 2022-2027. This growth is owing to instantaneous digitalization in the developed and developing world. According to a report, there are 7.1 billion mobile phone users in the world as of 2021. The number is likely to intensify in upcoming years. On another hand, expanding presence of eCommerce platforms like Amazon across the continents.
Mango Butter Market Segment Analysis-By Geography
The Mango Butter Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 34% of the overall market in 2021. The growth in this segment is owing to the factors such as high responsiveness among the general public regarding aesthetics in North American countries. On another hand, full-fledged chains of online and offline distribution channels encourage people to make purchases without giving them a second thought. However, the Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period 2022-2027. This growth is owing to augmenting demand ascribing to a humongous population. 59.7% of the world’s population resides in the Asian continent and as of 2021 Asian population stands around 4.5-4.6 billion. Therefore, with a massive population comes massive demand. On another hand, the swelling old-age faction driving the demand for anti-aging procedures and products.
Mango Butter Market Drivers
Accruing the old-age population and elevating consciousness regarding skincare is Anticipated to Boost Product Demand.
The overall population on planet earth is mounting steadily, especially the old-age population. As of now out of 7.9 billion, the geriatric faction stands around 600-700 million. Moreover, the number will cross 1 billion marks in the foreseeable future as the total population is estimated to reach 8.5-9 billion by 2030. Therefore, considering the anti-aging properties of mango butter the demand for its products is sky-rocketing. Besides shooting up awareness among people regarding skin care practices, and other benefits extended by mango butter-like UV rays protection, acne, and dryness reduction is driving the market.
Growing online platform and smartphone users is Expected to Boost Product Demand.
The world we are living in is changing due to rapid modernization. Advanced technologies play a big role in day-to-day activities. Similarly, the presence of e-commerce platforms like Amazon, Flipkart, and many more are changing consumers' buying behavior. Amazon has more than 300 million customers around the globe, and the company ships to more than 100 nations which include mighty economies like the US, Germany, UK, Japan, France, India, etc. Additionally, smartphone users are shooting up. Asian nations dominate the west in this aspect. China has 783 million smartphone users. Whereas India has 300-350 million which is expected to cross 600 million within a few years.
Mango Butter Market Challenges
Increasing prices and a few side-effects linked with the over-use of mango butter as a health and skincare product is Anticipated to Hamper Market Growth.
Many countries in the world are facing inflation challenges in 2021 ascribing to hampered economic activities due to the COVID-19. The prices of raw materials sky-rocketing, eventually resulting in soaring prices of end products. This one aspect can turn consumers half-hearted to make such buying which can be a big challenge in front of the Mango Butter Market. On another hand, overuse of mango butter may result in rashes and redness. These are the few factors supposed to barricade the steady growth of the aforementioned market. Further, as per USDA data revelation, the cost of fresh mangoes has increased by around 10% from 2018-2021.
Mango Butter Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Mango Butter top 10 companies include:
- Australian Chemical Suppliers
- Mountain Fresh
- Natural Pigments
- Organic Creations
- Mountain Rose Herbs
- Monterey bay Herb Company
- G. Baldwin & Co.
- Jarchem Industries
- Alzo International
- Joseph Flach & Sons
- On January 5, 2022, restorative body butter has been rolled out from the brand Kopari. The beauty brand has been known for its cult-favorite coconut-based products. The product features a heavenly scent and luscious texture, allowing for moisturizer combatting goodness thereby hydrating. This moisturizer is cruelty-free and recyclable, and it’s packed with active ingredients that benefit your body: restoring prickly pear flower extract, moisture-retaining hyaluronic acid, vitamin B5, hydrating coconut oil, and soothing mango butter.
- On January 10, 2022, A limited-edition multipurpose balm from the Vancouver brand Okoko Cosmétiques. This green balm features mango butter, coconut MCT, Acai oil, a blend of blue camomile, calendula, and more to soothe and moisturize skin. Full proceeds from the sale of each Émeraude Balm will go to the Beauty Night Society, a local non-profit that helps women and youth living in poverty. The following product has been launched by Okoko Cosmetics.
- On January 11, 2021, a Chicago-based company “Frontenac” announced that it has successfully acquired the “Monterey Bay Spice Company”, a botanicals distributor firm based in the United States. The price of the acquisition is not disclosed by the company. Frontenac is already having deep proficiency in the food and beverages industry and this step will provide it with an opportunity to expand its market swiftly.