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Crude Shea Oil Prices, Demand and Supply Overview
India paid the most for crude shea oil in Q3 2026: USD 2,250/MT, down 1.0% from USD 2,273/MT in Q2. Import costs, refining needs and steady demand from cosmetic and food makers keep Indian prices above the other three markets. Worldwide, the average fell 1.2% to USD 1,918/MT from USD 1,942/MT, mostly because larger supplies of shea nuts and olein led processors and importers to lower offers in all four markets. What about Q4 2026? We expect a global average somewhere in the USD 1,830-1,985/MT range, with shea nut harvest, processing margins, prices of palm olein and demand from cosmetic and food makers doing most of the work.
Crude shea oil, also called shea olein, is the liquid fraction separated from shea butter by cooling and filtering. It stays liquid at room temperature and is used in cosmetics, soaps, chocolate fats and food products. Prices in this report refer to crude shea olein in bulk and are quoted per metric ton. They depend on the shea nut harvest, processing margins, prices of palm olein and demand from cosmetic and food makers.
Shea olein is produced alongside stearin at fractionation plants in Ghana, Burkina Faso, Nigeria, India and Europe, using crude butter as the raw material. The stearin is sold to chocolate makers, and the olein goes to cosmetic and soap users or into blends of cooking fats. Palm olein is the main competing oil, so shea prices follow palm prices to some degree.
Crude Shea Oil Price Forecast for 2026
Prices should ease slightly through the rest of 2026. Nut supplies are larger and stocks of olein are ample, but steady demand from cosmetic makers limits the size of the decline. Against USD 1,894/MT in Q3 2025, the current global average of USD 1,918/MT represents an increase of 1.3%.
Risks to the Q4 outlook lean to the downside. What could push prices higher? A poor nut harvest, higher palm olein prices or stronger demand from cosmetic makers would lift prices. What could pull them lower? A large nut harvest, lower palm olein prices or weaker demand from soap makers would lower prices.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 1,830 - 1,985 | Larger supplies limit prices |
| Ghana | 1,575 - 1,710 | Large processing output keeps prices lowest |
| Burkina Faso | 1,740 - 1,885 | Local processing limits declines |
| Nigeria | 1,860 - 2,020 | Currency and transport costs support prices |
| India | 2,150 - 2,330 | Import costs and refining needs keep prices highest |
For the Quarter Ending September 2026
Crude Shea Oil Prices Q3 2026:
- Ghana: USD 1,650/MT
- Burkina Faso: USD 1,820/MT
- Nigeria: USD 1,950/MT
- India: USD 2,250/MT
Crude Shea Oil Prices in Ghana
The Q3 2026 average for Ghana stood at USD 1,650/MT, a decrease of 1.5% on the USD 1,675/MT recorded in Q2. Ghanaian prices fell as the supply of shea oil increased. The Q3 2026 average is 1.5% above the USD 1,626/MT recorded in Q3 2025. Ghana ended the quarter 14.0% below the group average of USD 1,918/MT.
Why did the price of Crude Shea Oil change in Q3 2026 in Ghana?
Ghana declined. Supply of shea oil increased, processors lowered offers, and demand from cosmetic makers was soft. The cumulative 2026 change for Ghana is a 0.5% increase, from USD 1,642/MT to USD 1,650/MT, while the global average shows a 0.4% gain over the same period. For comparison, the global average moved 1.2% lower over the same quarter.
Crude Shea Oil Prices in Burkina Faso
Burkina Faso registered a 1.4% decrease in Q3 2026, taking the average to USD 1,820/MT from USD 1,846/MT in Q2. Burkinabe prices fell as output of shea oil increased. Compared with Q3 2025, when Burkina Faso averaged USD 1,796/MT, the current price is 1.3% higher. The price in Burkina Faso was 5.1% below the group average of USD 1,918/MT in Q3 2026.
Why did the price of Crude Shea Oil change in Q3 2026 in Burkina Faso?
Burkina Faso declined. Output of shea oil increased, processors lowered prices, and demand from exporters was soft. At USD 1,820/MT, Burkina Faso is 0.4% higher than in Q4 2025, when the average was USD 1,813/MT, and the global average is 0.4% higher over the same period. The global average shifted 1.2% lower in the same quarter.
Crude Shea Oil Prices in Nigeria
Nigeria eased 1.2% to USD 1,950/MT in Q3 2026, from USD 1,974/MT in Q2. Nigerian prices fell as the supply of shea oil increased. Measured against Q3 2025, when the average stood at USD 1,928/MT, the market is 1.1% higher. The gap to the four-market average of USD 1,918/MT was 1.7% above for Nigeria.
Why did the price of Crude Shea Oil change in Q3 2026 in Nigeria?
Nigeria declined. Supply of shea oil increased, processors lowered offers, and demand from soap and cosmetic makers was soft. This leaves Nigeria 0.4% higher than at the end of 2025, when the average was USD 1,942/MT, while the global average is 0.4% higher over the same period. Across the four markets the average was 1.2% lower on the quarter.
Crude Shea Oil Prices in India
In Q3 2026, the average price in India fell 1.0% to USD 2,250/MT, compared with USD 2,273/MT in Q2. Indian prices eased as arrivals of shea oil increased. In Q3 2025 the average was USD 2,225/MT, so the market is 1.1% higher on a yearly basis. Relative to the four-market average of USD 1,918/MT, India traded 17.3% above in Q3 2026.
Why did the price of Crude Shea Oil change in Q3 2026 in India?
India eased. Arrivals of shea oil increased, importers lowered prices, and demand from cosmetic and food makers was soft. From USD 2,241/MT at the close of 2025 to USD 2,250/MT in Q3 2026, the price in India has risen 0.4%, and the global average has risen 0.4%. On the global measure the average was 1.2% lower over the quarter.
For the Quarter Ending June 2026
Crude Shea Oil Prices Q2 2026:
- Ghana: USD 1,675/MT
- Burkina Faso: USD 1,846/MT
- Nigeria: USD 1,974/MT
- India: USD 2,273/MT
Crude Shea Oil Prices in Ghana
In Q2 2026, the average price in Ghana rose 1.1% to USD 1,675/MT, compared with USD 1,657/MT in Q1. Ghanaian prices rose as the demand from cosmetic makers strengthened. The current level is 4.6% above the Q2 2025 average of USD 1,601/MT. Ghana finished Q2 2026 13.7% below the four-market average of USD 1,942/MT.
Why did the price of Crude Shea Oil change in Q2 2026 in Ghana?
Ghana rose. Demand from cosmetic makers strengthened, nut costs went up, and processors lifted offers. Q1 had brought a 0.9% gain, and by the end of Q2 the price was 4.6% above the Q2 2025 average of USD 1,601/MT. The price then partly reversed in Q3, to USD 1,650/MT. On the global measure the average was 0.9% higher over the quarter.
Crude Shea Oil Prices in Burkina Faso
Burkina Faso's average moved up 1.0% in Q2 2026, to USD 1,846/MT from USD 1,828/MT in Q1. Burkinabe prices rose as the demand from exporters strengthened. A year earlier, in Q2 2025, the average stood at USD 1,768/MT, which makes the current price 4.4% higher. The four markets averaged USD 1,942/MT in the quarter, so the price in Burkina Faso was 4.9% lower.
Why did the price of Crude Shea Oil change in Q2 2026 in Burkina Faso?
Burkina Faso rose. Demand from exporters strengthened, transport costs went up, and processors lifted prices. Coming after a 0.8% gain in Q1, the Q2 figure sits 4.4% above the USD 1,768/MT of Q2 2025. Part of the move was reversed in Q3, leaving the price at USD 1,820/MT. For comparison, the global average moved 0.9% higher over the same quarter.
Crude Shea Oil Prices in Nigeria
Prices in Nigeria firmed 0.9% in Q2 2026 to USD 1,974/MT, compared with USD 1,956/MT in Q1. Nigerian prices rose as the demand from soap makers strengthened. Taking Q2 2025 as the base, at USD 1,906/MT, the latest quarter is 3.6% higher. In comparison with the average of USD 1,942/MT across the four markets, the price in Nigeria was 1.6% higher.
Why did the price of Crude Shea Oil change in Q2 2026 in Nigeria?
Nigeria rose. Demand from soap makers strengthened, transport costs went up, and processors lifted offers. The 0.7% gain in Q1 set the base, and Q2 finished 3.6% above the USD 1,906/MT recorded a year earlier. Q3 reversed some of the change, with the price at USD 1,950/MT. The global average shifted 0.9% higher in the same quarter.
Crude Shea Oil Prices in India
India recorded a 0.8% gain in Q2 2026, with the average reaching USD 2,273/MT against USD 2,255/MT in Q1. Indian prices rose as the demand from cosmetic makers strengthened. Against the USD 2,199/MT recorded in Q2 2025, the current average represents a 3.4% increase. India ended the quarter 17.0% above the group average of USD 1,942/MT.
Why did the price of Crude Shea Oil change in Q2 2026 in India?
India rose. Demand from cosmetic makers strengthened, import costs went up, and importers lifted prices. This followed a 0.6% gain in Q1 and left India 3.4% above its Q2 2025 average of USD 2,199/MT. The price then partly reversed in Q3, to USD 2,250/MT. Across the four markets the average was 0.9% higher on the quarter.
Quarterly Crude Shea Oil Price Trends
Crude Shea Oil prices rose through 2025 and the first half of 2026 before easing in the third quarter in all four markets. The global average moved from USD 1,846/MT in Q1 2025 to 1,868 in Q2, 1,894 in Q3 and 1,910 in Q4, then 1,924 in Q1 2026, 1,942 in Q2 and 1,918 in Q3, a net gain of roughly 3.9% across the window. Higher nut costs and steady demand from cosmetic makers lifted prices for five quarters, and larger supplies of nuts and olein caused a decline in the third quarter.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q3 2026 | 1,918 | -1.2% | ↓ Falling |
| Q2 2026 | 1,942 | +0.9% | ↑ Rising |
| Q1 2026 | 1,924 | +0.7% | ↑ Rising |
| Q4 2025 | 1,910 | +0.8% | ↑ Rising |
| Q3 2025 | 1,894 | - | - Stable |
| Q4 2026 | In Progress | - | - In Progress |
What was Crude Shea Oil Price in 2025?
2025 was a year of gradual increases for crude shea oil, with prices rising in each quarter in all four markets. Starting near USD 1,846/MT in Q1, the global average finished the year at 1,910 in Q4, a gain of about 3.5%. Higher nut costs and steady demand from cosmetic makers supported processors throughout the year.
Crude Shea Oil Prices in Ghana in 2025
In Ghana, prices moved from about USD 1,579/MT in Q1 2025 to USD 1,642/MT by Q4, up roughly 4.0%. Ghanaian prices rose gradually as nut costs and demand from cosmetic makers increased. By Q3 2026 the average for Ghana had reached USD 1,650/MT, 0.5% above the Q4 2025 close. The same regional pattern is carried into the quarterly analysis above, where the quarter-by-quarter figures can be traced.
Crude Shea Oil Prices in Burkina Faso in 2025
In Burkina Faso, prices moved from about USD 1,743/MT in Q1 2025 to USD 1,813/MT by Q4, up roughly 4.0%. Burkinabe prices rose gradually as transport costs and demand from exporters increased. The latest quarter places Burkina Faso at USD 1,820/MT, which is 0.4% above the level at which 2025 ended. The quarterly sections above show how the annual average developed over the year.
Crude Shea Oil Prices in Nigeria in 2025
In Nigeria, prices moved from about USD 1,886/MT in Q1 2025 to USD 1,942/MT by Q4, up roughly 3.0%. Nigerian prices rose gradually as transport costs and demand from soap makers increased. Since the 2025 close of USD 1,942/MT, the price in Nigeria has moved up 0.4%, reaching USD 1,950/MT in Q3 2026.
Crude Shea Oil Prices in India in 2025
In India, prices moved from about USD 2,176/MT in Q1 2025 to USD 2,241/MT by Q4, up roughly 3.0%. Indian prices rose gradually as import costs and demand from cosmetic makers increased. At USD 2,250/MT in Q3 2026, India stands 0.4% above its Q4 2025 close. The same regional pattern is carried into the quarterly analysis above, where the quarter-by-quarter figures can be traced.
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We keep a continuous eye on crude shea oil prices wherever it is produced or consumed at scale, tracing causation through nut harvest, processing margins, free fatty acid levels, prices of palm olein and demand from cosmetic makers. Our forecasts draw on production data, trade flows, input cost trends and demand indicators across all reporting regions, so subscribers see why a price moved and not just that it did. Need pricing data, bespoke market analysis, or procurement advisory? Reach out to our team.
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Frequently Asked Questions About This Report
Cosmetics, soaps, skin care, chocolate fats and food blends.
In Q3 2026, it averaged USD 1,650/MT in Ghana, USD 1,820/MT in Burkina Faso, USD 1,950/MT in Nigeria, and USD 2,250/MT in India. India was the priciest market.
The global average went from USD 1,910/MT in Q4 2025 to 1,924 in Q1, 1,942 in Q2 and 1,918 in Q3, up 0.4% overall. Gradual increases through 2025 and early 2026 gave way to a decline in the third quarter.
Larger supplies of nuts and olein led processors to lower offers.
We expect a global average somewhere in the USD 1,830-1,985/MT range. Larger supplies limit prices, leaving a flat to slightly lower range.
India sits at the top and Ghana at the bottom. India pays the most on import costs and refining needs, while Ghana sits lowest on large processing output.
Monthly. Need something more current? The Expert Market Research team is available directly.
Nut harvest, processing margins, palm olein prices and cosmetic demand drive the volatility.
Ghana, Burkina Faso, Nigeria and India lead supply of crude shea oil.
Agree contracts with processors, check acidity levels and compare prices with palm olein.
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