Aloe Vera Extract Market Share, Demand and Forecast by Fortune Business Insights
The global aloe vera extract market size was valued at USD 2.46 billion in 2022. The market is projected to grow from USD 2.65 billion in 2023 to USD 4.55 billion by 2030, exhibiting a CAGR of 8.0% during the forecast period. Aloe vera is succulent, which is derived from the Arabian Peninsula and is known to treat numerous diseases and disorders. It is widely used in food & beverages, pharmaceuticals, and cosmetic industries. Increasing usage of the extract in aloe-based drinks is set to propel market growth. Fortune Business Insights™ shares this information in its report titled “Aloe Vera Extract Market, 2023-2030.”
COVID-19 Impact:
Supply Chain Challenges Impacted Market Growth
The COVID-19 pandemic affected the global consumption of the food and beverage industry severely. Supply chain challenges were also witnessed by the manufacturers, leading to the fluctuation in raw material prices. After the pandemic, the demand for aloe vera has been surging in regions such as Europe and North America. There is increasing demand for the extract, owing to its health benefits and consumer inclination toward natural products amid the pandemic.
Information Source: https://www.fortunebusinessinsights.com/aloe-vera-extract-market-103893
Segments
Liquid Segment to Dominate Due to Growing Use in Cosmetics Products
On the basis of product form, the market is divided into liquid, gel, powder, and others. The liquid segment led the market in 2019 owing to its growing use in cosmetics products such as hair, body, and skin products. Gel based form is also experiencing more demand due to wide utilization in distinguished problems such as chemical injuries and sunburn.
Cosmetic Industry to Lead the Segment Due to Wide Range of Cosmetic Products
On the basis of application, the market is divided into food & beverages, cosmetics, and pharmaceuticals. Cosmetic industry dominated the market share in 2022 owing to its use in a wide range of cosmetic products. The predominance of numerous skin diseases and other associated problems has prompted the demand for aloe vera products.
Offline Channel to Lead the Segment Due to Availability of Distinguished Options
On the basis of distribution channel, the market is classified into online and offline. Offline channel includes convenience stores, hypermarkets/supermarkets, and specialty stores. The offline channel dominated the segment due to wide availability of distinguished options and easy accessibility.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Demand for Organic Healthcare Products to Propel the Demand for the Product
Increasing demand for organic healthcare products is anticipated to drive the aloe vera extract market growth. Aloe vera is useful for various diabetic, skin, and hair diseases. Natural, organic, and herbal extracts are utilized nowadays to treat a huge number of population suffering from diabetes. It lessens dental plaque, helps in treating canker sores, reduces constipation, relieves gum inflammation, and lowers blood sugar levels. Increasing popularity of aloe vera extract as a natural and herbal ingredient in skincare and cosmetics is expected to propel market growth.
However, adverse effects of the extract are expected to hamper the market growth.
Regional Insights
Europe to Lead Market Share Due to the Demand for Nutritional Health Supplements
Europe is expected to have a high part in the aloe vera extract market share due to the demand for nutritional health and supplements products. The demand for such products is derived from various countries such as Germany, the U.K., and France. Health and wellness companies are incorporating organic and natural ingredients and enhancing their product portfolio.
After Europe, Asia Pacific to witness the highest CAGR due to growing applications in countries such as India and China. These countries are the major countries for imports and exports.
North America emerged as one of the significant markets due to usage of the product in utilization for treating hair loss, gum diseases, and cancer. In Mexico, the aloe vera plant is produced throughout the Yucatán Peninsula.
Competitive Landscape
Celebrity Endorsements of Beauty Products to Progress Market Growth
The global aloe vera extract market has lucrative opportunities due to upsurge in the coming years with the growing inclination toward natural and organic ingredients. Celebrity endorsements of beauty products infused with the extract are set to influence the buying decisions and simultaneously increase the demand for the extract. In October 2019, Rob Lowe launched a new skincare product line, Cobalt, a young preserving affordable luxury skincare products that has aloe vera extract as an ingredient.
Key Industry Development
- July 2022- Organic Harvest, an organic beauty and personal care company, launched a new range of organic Aloe Vera Gel, which is available in four different variants.
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)