According to a new report published by Allied Market Research, titled, “Murumuru Butter Market," The murumuru butter market size was valued at $802.00 million in 2021, and is estimated to reach $1.8 billion by 2031, growing at a CAGR of 8.4% from 2022 to 2031.
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Murumuru butter is made from the fruit and fat of murumuru nuts. Nuts fall from tall palm trees that grow everywhere in moist soil and moist pools. They are usually made in Belem at the mouth of the Amazon and are abundant there. Similar to coconut oil, murumuru butter is known for its nutritious properties and it has multiple benefits for skin, hair, and lips. Murumuru butter is an effective moisturizing ingredient for dry and rough skin as an exceptional emollient. Clients can use murumuru butter to remove curly hair, similar to conditioners. Compared to coconut oil and cocoa butter, it is less prone to acne and can be used by people with acne-prone skin. Murumuru butter reduces signs of aging such as fine lines and wrinkles over time. It also treats skin conditions such as eczema and psoriasis.
Since murumuru butter is a moisturizing and healing ingredient, Garshick who is a board-certified general medical dermatologist and cosmetics dermatology says it can be stacked with most other ingredients. “When used with moisturizers such as hyaluronic acid and glycerin, it is especially effective because it helps absorb water and murumuru helps keep that water in place,” she says. Patel points out that murumuru butter also works well with other emollients such as cocoa butter, shea butter, avocado oil, vitamin E, and coconut oil. Murumuru is a light butter. Therefore, it is best used for the following hair types: wavy hair, fine hair, low porosity hair, and non-thick hair. the murumuru butter is expected to continue to rise as a result of the hectic lifestyle.
The availability of murumuru butter on any kind of online site, supermarket, hypermarkets, or cosmetics store is predicted to boost the global murumuru butter market. The murumuru butter entices customers with its wide range of products, propelling the global murumuru butter market. Furthermore, murumuru butter offers not only skin or air problems but also produces lots of makeup products, such as contour, and concealer, which contribute to the market growth.
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According to the global murumuru butter analysis, the market is segmented on the basis of nature, end user, distribution channel, and region. On the basis of nature, the market is classified into conventional and organic. The conventional segment occupied the major share of the market in 2020 and is projected to maintain their dominance during the forecast period. The organic segment of murumuru butter market is anticipated to grow at the highest CAGR in the future.
On the basis of end-user, the market is segmented into haircare, skincare, and lip care. The haircare segment is anticipated to grow at the highest rate during the forecast period, owing to the trend of using cosmetics for benefits. Moreover, the market for skincare and lip care products are anticipated to grow at the highest CAGR in future.
On the basis of distribution channel, it is categorized into B2B and B2C. The B2C segment is anticipated to dominate the market during the forecast period, due to the rise in online sites, variety stores and high disposable income of people.
In 2021, North America accounted for more than half the share of the global murumuru butter market and is expected to maintain its dominance during the forecast period. Moreover, Asia-Pacific and LAMEA are expected to possess the highest CAGRs, owing to the surge in demand for cosmetics products in the market.
Surge in demand for cosmetics due to hectic lifestyles, increase in the use of murumuru butter, rise in technological advancements, and surge in demand for murumuru butter from the retail industry and online sites are factors driving the growth of the global murumuru butter market.
Porter's five forces analysis for the murumuru butter market trends highlights market competition in terms of the power of buyers, suppliers, manufacturers, and new entrants.
Furthermore, a shift in the living standards of the consumers, as well as an increase in the per capita income of the consumers have resulted in the launch of new products and the entry of new players in the market during the forecast period.
The impact of the COVID-19 pandemic on the murumuru butter market growth was negative, due to the supply chain disruption. All manufacturing and production units were halted during the outbreak. In addition, trade restrictions and travel restrictions hindered the growth of the global murumuru butter market demand.
The major players analyzed for the global murumuru butter industry jarchem industries, Inc., Liberty Natural Products, Caribbean Natural Products Inc, BERACA INGREDIENTS NATURAIS SA, LUSH RETAIL LIMITED, NSI Group, LLC, Vigon International, Inc, Hallstar Company, H.F.Ed. Meyer GmbH & Co. KG , O&3 Limited . These major market players have adopted various strategies such as collaboration to expand their market reach. The new market players are also entering the market with the latest and advanced versions of murumuru butter products.
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KEY FINDINGS OF THE STUDY
- By nature, conventional murumuru butter was the highest contributors for the market in 2021, and is anticipated to grow at a significant CAGR of 8.3% during the forecast period.
- By end user, the haircare segment is expected to witness growth at a CAGR of 9.1%, in terms of value, during the forecast period.
- By distribution channel, the B2C segment is anticipated to witness growth at a CAGR of 8.9% during the forecast period.
- Region-wise, North America was the dominant region in 2021, occupying more than half of the murumuru butter market share
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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