USD 2 billion
Report ID: SQMIG30L2213 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 90 | Figures: 76
Aloe Vera Extract Market size was valued at USD 2 billion in 2021 and is poised to grow from USD 2.16 billion in 2022 to USD 4 billion by 2030, growing at a CAGR of 12% in the forecast period (2023-2030).
The growing recognition of the medicinal benefits of aloe vera in addressing conditions such as diabetes and skin ailments has led to an upsurge in the demand for natural and organic beauty products, incorporating aloe vera extracts. Many companies are dedicating resources to research and development, launching inventive products to gain a competitive edge and enhance their worldwide presence. Presently, a notable trend within the market involves the expanding utilization of aloe vera extracts in sugar-free beverages, which is projected to widen the product's range of applications. Noteworthy markets for manufacturers include India, China, and the U.S., driven by an increasing consumer consciousness regarding adopting a healthier lifestyle.
Aloe Vera extracts find extensive use in addressing a variety of health concerns, encompassing skin conditions, hair loss, oral health, and even cancer. Escalating pollution levels alongside a busy way of life have contributed to a higher incidence of these health issues, providing impetus to market expansion. Additionally, the rising instances of diabetes are poised to create fresh opportunities for the sector, as a growing number of diabetic individuals are turning to herbal extracts for managing their condition.
Moreover, the increased integration of aloe vera products in medical facilities is also a factor projected to drive the global market's growth in the near future. Furthermore, the use of aloe vera in a diverse range of cosmetic items like tanning creams, lipsticks, stretch mark creams, moisturizers, and soaps is likely to contribute to rapid market expansion.
US Aloe Vera Extract Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2 billion
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The global aloe vera extract market is segmented on the basis of product, application, distribution channel, region. By product, the market is segmented into capsules or tablet, powder, liquid, gels. By application, the market is segmented into food, pharmaceuticals, cosmetics. By distribution channel, the market is segmented into offline, online. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Aloe Vera Extract Market Analysis By Product
The liquid form of aloe vera products emerged as the dominant force within the market landscape, accounting for a substantial share of 63.82% of the overall market. This marked superiority is foreseen to extend its influence consistently over the envisaged period. Worth highlighting is the gels segment, which is projected to display a noteworthy CAGR of 8%. This growth trajectory finds its roots in the escalating awareness surrounding the significance of maintaining healthy skin, driving a notable surge in the adoption of skincare products enriched with herbal extracts. As a result, the gels segment stands poised to evolve and flourish.
Furthermore, the unique and inherent properties of aloe vera gel have positioned it as an effective remedy for mitigating the impact of sunburns and burn injuries. This inherent therapeutic capability adds impetus to the demand for products centered around aloe vera gel. This remarkable attribute is poised to function as a prime propellant for the expansion of the gels segment, as consumers increasingly seek natural remedies that offer tangible benefits.
Aloe Vera Extract Market Analysis By Application
The dominant player among these is the cosmetics segment, commanding a significant market share of 41.9% on a global scale. The driving force behind this segment's growth lies in the escalating integration of herbal extracts within cosmetic formulations, spanning skin, hair, and body care products. This trend aligns perfectly with the mounting consumer inclination towards products rooted in herbal and organic origins, thus underscoring the heightened demand within the cosmetics sector. Moreover, the surge in the elderly population and the surge in skin-related concerns further contribute to the robust expansion of this segment.
On a parallel note, the pharmaceutical sector is poised for notable advancement with an anticipated CAGR of 7.5%. This growth is substantiated by the escalating utilization of herbal products as therapeutic solutions for a diverse array of health conditions, including diabetes. The escalating prevalence of such herbal product usage within pharmaceutical contexts is anticipated to significantly spur demand within this segment. Moreover, the burgeoning awareness surrounding the adoption of healthier lifestyles is set to play a pivotal role in boosting the demand for aloe vera products within the pharmaceutical realm. This is particularly relevant given the wide-ranging utility of aloe vera juice, which is leveraged for weight management, enhancing immunity, and promoting improved digestion.
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The Asia Pacific region emerges as a prominent contender, securing a noteworthy 30.6% stake in the global market. This supremacy is projected to endure consistently throughout the envisaged forecast period. Notably, China and India stand out as pivotal revenue generators within the APAC context. The driving force behind this thriving market is the burgeoning pharmaceutical and cosmetic industries, which collectively steer the trajectory of market growth in this geographical zone. The confluence of increasing per capita income levels and a steadily expanding population augments the demand for skincare and cosmetic products, effectively contributing to the region's market dynamics. Remarkably, India has positioned itself as the world's fastest-growing cosmetics market, propelled by this very trend.
Furthermore, the surge in herbal product manufacturers, including renowned entities such as Patanjali, Dabur, and the Himalaya Drug Company, congregating within rural areas, exerts an additional impetus on product demand within the region.
Following the Asia Pacific's lead, North America emerged as the largest market. With an anticipated Compound Annual Growth Rate (CAGR) of 8.7% throughout the forecasted period, this region boasts a multitude of major product manufacturers, particularly concentrated in the United States. The elevated usage of aloe vera products for diverse applications, including addressing cancer and diabetes, notably drives the regional market dynamics.
Moreover, Europe emerges as another promising market, poised to experience substantial growth over the forecasted timeline. The escalating awareness concerning the prospective health advantages of aloe vera products is anticipated to underpin the heightened demand. In parallel, consumer preferences leaning towards natural and herbal cosmetics offer a fresh avenue of opportunity for the market to explore and expand.
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Aloe Vera Extract Market Drivers
Growing Awareness of Health Benefits
Rising Demand for Natural and Organic Products
Expanding Cosmetic and Personal Care Industry
Aloe Vera Extract Market Restraints
Limited Shelf Life
Quality Control Challenges
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The competitive landscape of the global aloe vera extract market is characterized by intense rivalry among key players striving to secure their positions in a rapidly expanding industry. Established companies and new entrants alike are vying to capitalize on the growing demand for natural and organic products. Innovation and product differentiation stand as central strategies as market participants race to develop novel applications for aloe vera extracts in diverse industries such as cosmetics, pharmaceuticals, and food.
Companies are investing significantly in research and development to formulate advanced products that harness the potential health benefits of aloe vera extracts, catering to consumer preferences for holistic well-being. Additionally, strategic partnerships, mergers, and acquisitions are common, facilitating the expansion of market presence and the acquisition of complementary capabilities.
Aloe Vera Extract Market Top Player’s Company Profiles
Aloe Vera Extract Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global aloe vera extract market analysis, the global aloe vera extract market exhibits a robust trajectory driven by surging consumer awareness regarding the health benefits of aloe vera across various applications. The market's competitive landscape is marked by intense rivalry, with companies striving to innovate and differentiate their products to cater to evolving consumer preferences for natural and organic solutions. Strategic partnerships, mergers, and acquisitions are pivotal for expanding market presence and capabilities. Quality control, sustainable sourcing, and adherence to regulatory standards are paramount in maintaining consumer trust and product integrity. The industry's evolution is influenced by factors such as shifting consumer trends, advancements in extraction technologies, and regulatory dynamics.
|Market size value in 2021||USD 2 billion|
|Market size value in 2030||USD 4 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Aloe Vera Extract Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aloe Vera Extract Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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