The Japan aloe vera extract market size was valued at USD 361.26 million in 2023 and is expected to be worth USD 387.92 million in 2024. The market is projected to reach USD 676.74 million by 2032, recording a CAGR of 7.20% during the forecast period.
Aloe vera has been used for centuries in various applications, particularly in traditional medicine and skincare. Aloe vera is well known for soothing skin irritations, burns, and healing wounds. In Japan, consumers have been using aloe vera in culinary preparations. Aloe vera is processed by extracting gel and water from the plants' leaves and is utilized in industries such as food & beverage, cosmetics, and pharmaceuticals. These industries have seen significant investments in research and development for aloe vera extract applications, driving market growth in the country.
The COVID-19 pandemic had a significant impact on the Japan aloe vera extract market. It led to disruptions in research and development, manufacturing activities, and project delays, severely impacting global food and beverage sectors. Despite these challenges, the surge in demand for aloe vera extract is expected to fuel the global market growth due to health benefits and consumer preference for natural products. The market witnessed strong growth in 2021 due to the high demand for products containing natural ingredients.
Information Source: https://www.fortunebusinessinsights.com/japan-aloe-vera-extract-market-110319
Segmentation:
Liquid Segment Holds Dominant Share Due to its Growing Demand in Cosmetic Products
Based on product form, the market is segmented into gel, liquid, and powder. The liquid form holds the dominant share of the market due to the growing demand for aloe vera water in cosmetic products.
Cosmetics Segment Dominated Market Due to Rapid Introduction of New Products by Leading Companies
Based on application, the market is segmented into food & beverages, cosmetics, and pharmaceuticals. The cosmetics segment holds the highest market share and has gained significant popularity due to the rapid introduction of new products by leading companies.
Offline Segment Dominates Market Due to its Ability to Offer Hands-On Product Experiences
Based on distribution channel, the market is segmented offline and online. The offline segment dominates the Japan aloe vera extract market share due to its ability to offer hands-on experience of products and personalized service to the customers. This resonates well with consumers seeking trust, value, and product quality verification.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, product forms, distribution channels, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Greater Preference for Healthy Food Products to Fuel Market Expansion
The rising demand for natural and functional food as well as the growing number of health-conscious consumers in Japan, has led to significant investment in launching and developing functional food products. Evolving consumer preferences and a greater preference for healthy food products, are propelling the demand for aloe vera extract among various food manufacturers. Consequently, the market is expanding, with many cosmetic companies focusing on developing new formulations to meet the increasing demand for natural and effective skincare solutions. All these factors contribute to the increasing demand for aloe vera extract in the country.
However, the labor-intensive manufacturing process makes these products more expensive, which poses a challenge for the Japan aloe vera extract market growth.
Competitive Landscape:
Key Players to Focus on Investments in R&D Activities to Strengthen its Market Share
The key players operating in this market include Forever Living Products International, Nature Republic, Kobayashi Pharmaceutical Co., Ltd. (Aloe Garden Co., Ltd.), Aloe Honpo, and MORINAGA MILK INDUSTRY CO.,LTD. These players are focusing on making significant investments in research and development activities to create new and exceptional aloe vera extract alternatives in order to strengthen its market share.
Notable Industry Development:
March 2024: Aloins Cosmetics Co., Ltd. introduced its new acne care treatment product, the Acune Medicated Wipe-Off Lotion. This product aims to prevent acne during adolescence and improve rough skin. The launch reflects the company’s commitment to broadening its skincare product offerings across various segments.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Kobayashi Pharmaceutical Co., Ltd. (Aloe Garden Co., Ltd.) (Japan)
- Aloins Co. Ltd. (Japan)
- Nihon Aloe Center (Japan)
- Tokyo Aloe Co., Ltd. (Japan)
- Aloe Honpo Co., Ltd. (Japan)
- Morinaga Co., Ltd. (Japan)
- Nature Republic (South Korea)
- Enprani Co., Ltd. (Holika Holika) (South Korea)
- Botanic Healthcare (India)
- Forever Living Products International (U.S.)
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