The global aloe vera extract market revenue size was valued at USD 2.65 billion in 2023 and is projected to grow from USD 2.86 billion in 2024 to USD 5.34 billion by 2032, registering a CAGR of 8.1% during the forecast period.
Europe led the market in 2023, holding a dominant share of 34.04%, while the U.S. market is anticipated to experience substantial growth, reaching an estimated value of USD 952.81 million by 2032. This growth is largely attributed to the rising demand for aloe vera extract as a natural and herbal ingredient across various food and non-food industries.
Aloe vera, a succulent plant from the lily family, originates from the Arabian Peninsula and has been valued for centuries for its therapeutic properties in treating numerous disorders and diseases. It is extensively applied in the food & beverage, pharmaceutical, and cosmetic industries. The aloe vera leaf is rich in a wide array of phytochemicals, including phytosterols, polyphenols, fatty acids, alkanes, indoles, pyrimidines, alkaloids, aldehydes, organic acids, ketones, alcohols, and dicarboxylic acids, enhancing its versatility and demand across various sectors.
Information Source: https://www.fortunebusinessinsights.com/aloe-vera-extract-market-103893
List of Key Players Profiled in the Report: -
- Aloe Farms, Inc. (U.S.)
- Lily of the Desert Organic (U.S.)
- Terry Laboratories, Inc. (U.S.)
- Pharmachem Laboratories, Inc. (U.S.)
- Natural Aloe Costa Rica S.A. (Costa Rica)
- Foodchem International Corporation (China)
- Aloe Laboratories, Inc.(U.S.)
- Aloecorp, Inc.(U.S.)
- Calmino Group AB (Sweden)
- Roche (Switzerland)
SEGMENTATION:
Liquid Segment to Dominate Owing to Its Growing Use in Cosmetic Products
The market is segmented by product form into liquid, gel, powder, and others. The liquid segment led the market in 2019, primarily due to its widespread application in cosmetics products such as hair, body, and skin care items. The gel segment is also gaining traction, driven by its use in addressing issues like chemical injuries and sunburn.
Cosmetic Industry Leads Due to Diverse Product Applications
Based on application, the market is divided into food & beverages, cosmetics, and pharmaceuticals. The cosmetics segment dominated in 2022, benefiting from the extensive use of aloe vera in various cosmetic products. The rising prevalence of skin diseases and associated issues has further fueled demand for aloe vera-based cosmetics.
Offline Channels Lead Distribution Due to Accessibility and Variety
By distribution channel, the market is categorized into online and offline. Offline channels, including convenience stores, hypermarkets/supermarkets, and specialty stores, dominated the segment owing to their broad range of options and easy accessibility.
Geographical Insights
The market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
REPORT COVERAGE:
The report offers a comprehensive analysis of key market segments and emerging trends. It examines the driving and restraining factors, the impact of COVID-19 on the industry, regional developments, and strategies implemented by leading market players.
DRIVERS AND RESTRAINTS:
Increasing Demand for Organic Healthcare Products Drives Market Growth
The rising demand for organic healthcare products is expected to propel market growth. Aloe vera’s therapeutic properties make it valuable for managing diabetes, skin, and hair conditions. It also offers benefits such as reducing dental plaque, treating canker sores, alleviating constipation, relieving gum inflammation, and lowering blood sugar levels.
The increasing use of aloe vera extract in skincare and cosmetics as a natural and herbal ingredient is another key driver.
Potential Side Effects May Hamper Growth
Despite its benefits, adverse effects associated with aloe vera extract could hinder market expansion.
REGIONAL INSIGHTS:
Europe Leads Market Share Due to Nutritional Health Supplement Demand
Europe holds a significant share of the aloe vera extract market, driven by demand for nutritional health supplements in countries like Germany, the U.K., and France. Companies are increasingly integrating natural and organic ingredients into their products to expand their portfolios.
Asia Pacific to Witness the Highest CAGR
Asia Pacific is poised for robust growth, particularly in India and China, which play major roles in aloe vera imports and exports.
North America Shows Significant Growth
North America is a notable market due to the use of aloe vera for treating hair loss, gum diseases, and even cancer. In Mexico, aloe vera cultivation is widespread across the Yucatán Peninsula.
COMPETITIVE LANDSCAPE:
Celebrity Endorsements Drive Market Demand
The growing preference for natural and organic ingredients offers lucrative opportunities in the aloe vera extract market. Celebrity endorsements of beauty products containing aloe vera extract significantly influence consumer buying decisions. For instance, in October 2019, Rob Lowe launched Cobalt, a skincare product line featuring aloe vera extract as a key ingredient.
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KEY INDUSTRY DEVELOPMENT:
July 2022: Organic Harvest Expands Product Line with Aloe Vera Gel
Organic Harvest, an organic beauty and personal care brand, launched a new range of organic aloe vera gels in four variants, enhancing its product portfolio to meet growing consumer demand.
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