Market Definition
Aloe Vera, also known as “the plant of immortality,” is a short-stemmed shrub that contains more than 500 species of flowering-succulent plants and has been used for centuries owing to its medicinal benefits. Originating from the Arabian Peninsula, this genus is grown commercially in warm tropical areas and finds varied applications in industries like personal care & cosmetics, food & beverage, and healthcare, among others.
Market Insights
The Global Aloe Vera Extract Market is poised to grow at a CAGR of around 8.8% during the forecast period, i.e., 2023-28. The growth of the market is projected to be propelled mainly by the ever-increasing consumer interest in natural & organic products and the growing awareness among people about the medicinal properties of aloe vera that help treat various illnesses, especially skin conditions like acne & pimples. The rising pollution levels, hectic lifestyles, and poor eating habits are stimulating several health issues worldwide. As a result, more & more people are adopting healthy lifestyles and consuming naturally-derived products, including aloe vera.
Globally, aloe vera gel or leaves are being used extensively for quick relief from fire burns, chemical injuries, & sun exposure. Massive investments by companies in R&D to introduce innovative products in order to gain an edge over their competitors and expand their global presence are also being observed worldwide, especially in India, China, & the US, i.e., contributing to the market growth. Among the emerging trends in the industry is the mounting use of aloe vera extracts in sugar-free beverages and their penetration in pharmaceuticals & supplements, which is creating new directions for the market to expand significantly in the coming years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2022-2027) | 8.8% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Argentina, Rest of South America | |
| Europe: The UK, Germany, France, Spain, Italy, Russia, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| Middle East & Africa: Saudi Arabia, The UAE, South Africa, Turkey, Egypt, Rest of Middle East & Africa | |
| Key Companies Profiled | Aloe King, Aloe Laboratories, Aloe Vera Australia, Aloe Vera Farm Mallorca S.L., Aloevera Fertilizer, Alpspure Lifesciences Pvt. Ltd., Ashland, Botanica Healthcare, Finca Canarias, Forever Lifestyle Products, Nature’s Essence Pvt. Ltd., PIJ Holdings Sdn Bhd, Terry Laboratories, Taishan AGHG Aloe Products Co., Ltd., Verdeaurora, Yunnan Evergreen Biological Corporation |
| Unit Denominations | USD Million/Billion |
In addition, the increasing use of aloe vera-based cosmetic & personal care products like lipsticks, stretch mark creams, lotions, soaps, shampoos, etc., is another propellant for the industry. Moreover, the healthcare, cosmetic, and food & beverage sectors are excessively launching aloe-based products owing to the benefits of essential nutrients like vitamins, amino acids, enzymes, & sugars present in them, i.e., another notable aspect projected to drive the aloe vera extract market through 2028.
