Karite (Shea) Nuts Market

The global market for karite (shea) nuts is forecasted to increase in both volume and value terms by 2030, driven by rising demand worldwide. Consumption, production, imports, and exports are analyzed from 2012-2022, with key insights on top consuming, producing, importing, and exporting countries. The market performance is projected to have a CAGR of +1.4% in volume and +2.7% in value from 2022-2030. Burkina Faso leads in production and exports, while Nigeria and Mali dominate in consumption and value terms. Prices show variation by country, with Benin having the highest export price and Mali the lowest.

Market Forecast

Driven by increasing demand for karite (shea) nuts worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 765K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $405M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Karite (Shea) Nuts

In 2022, consumption of karite (shea) nuts decreased by -0.3% to 687K tons, falling for the third year in a row after three years of growth. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak volume of 790K tons. From 2020 to 2022, the growth of the global consumption remained at a lower figure.

The global karite (shea) nuts market revenue shrank to $327M in 2022, falling by -4.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a mild setback. As a result, consumption reached the peak level of $429M. From 2015 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Nigeria (231K tons), Mali (207K tons) and Denmark (73K tons), with a combined 74% share of global consumption. Burkina Faso, Togo, the United States and Ghana lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Togo (with a CAGR of +13.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Nigeria ($177M) led the market, alone. The second position in the ranking was held by Mali ($72M). It was followed by Burkina Faso.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to -4.1%. In the other countries, the average annual rates were as follows: Mali (+5.8% per year) and Burkina Faso (+14.0% per year).

The countries with the highest levels of karite (shea) nuts per capita consumption in 2022 were Denmark (12 kg per person), Mali (9.6 kg per person) and Togo (7.1 kg per person).

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +10.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Karite (Shea) Nuts

In 2022, production of karite (shea) nuts decreased by -0.5% to 672K tons, falling for the third year in a row after three years of growth. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 18% against the previous year. As a result, production reached the peak volume of 780K tons. From 2020 to 2022, global production growth failed to regain momentum.

In value terms, karite (shea) nuts production reduced slightly to $380M in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 33% against the previous year. As a result, production attained the peak level of $458M. From 2015 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Nigeria (256K tons), Mali (255K tons) and Burkina Faso (147K tons), together accounting for 98% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Mali (with a CAGR of +8.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Karite (Shea) Nuts

In 2022, the amount of karite (shea) nuts imported worldwide declined modestly to 244K tons, remaining relatively unchanged against the previous year. In general, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when imports increased by 39% against the previous year. Global imports peaked at 254K tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, karite (shea) nuts imports declined to $70M in 2022. Over the period under review, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2019 when imports increased by 52% against the previous year. As a result, imports attained the peak of $83M. From 2020 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

In 2022, Denmark (73K tons), Togo (63K tons) and Ghana (56K tons) represented the largest importer of karite (shea) nuts in the world, generating 79% of total import. Burkina Faso (26K tons) held the next position in the ranking, followed by the United States (19K tons). All these countries together held near 18% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Burkina Faso (with a CAGR of +32.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest karite (shea) nuts importing markets worldwide were Ghana ($22M), Denmark ($21M) and Togo ($13M), with a combined 81% share of global imports. The United States and Burkina Faso lagged somewhat behind, together comprising a further 15%.

Burkina Faso, with a CAGR of +57.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average karite (shea) nuts import price stood at $285 per ton in 2022, with a decrease of -4.5% against the previous year. Overall, the import price saw a noticeable contraction. The pace of growth was the most pronounced in 2019 when the average import price increased by 25% against the previous year. Global import price peaked at $358 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($517 per ton), while Burkina Faso ($18 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+13.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Karite (Shea) Nuts

In 2022, the amount of karite (shea) nuts exported worldwide shrank to 230K tons, dropping by -2% against the year before. In general, total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -5.7% against 2019 indices. The pace of growth was the most pronounced in 2018 when exports increased by 51%. Over the period under review, the global exports hit record highs at 244K tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, karite (shea) nuts exports contracted slightly to $84M in 2022. Overall, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -9.8% against 2019 indices. The pace of growth appeared the most rapid in 2018 with an increase of 52% against the previous year. The global exports peaked at $94M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports By Country

Burkina Faso was the main exporting country with an export of about 106K tons, which recorded 46% of total exports. It was distantly followed by Mali (49K tons), Ghana (41K tons) and Nigeria (25K tons), together comprising a 50% share of total exports. Benin (7.8K tons) held a little share of total exports.

Exports from Burkina Faso increased at an average annual rate of +3.9% from 2012 to 2022. At the same time, Nigeria (+46.1%), Mali (+35.5%) and Benin (+14.8%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in the world, with a CAGR of +46.1% from 2012-2022. Ghana experienced a relatively flat trend pattern. From 2012 to 2022, the share of Mali, Nigeria and Benin increased by +19, +10 and +1.7 percentage points, respectively.

In value terms, Burkina Faso ($41M), Ghana ($21M) and Nigeria ($7.9M) appeared to be the countries with the highest levels of exports in 2022, together comprising 83% of global exports.

In terms of the main exporting countries, Nigeria, with a CAGR of +36.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average karite (shea) nuts export price amounted to $367 per ton, declining by -1.6% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 12%. The global export price peaked at $433 per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Benin ($896 per ton), while Mali ($131 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+10.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform