Global Aloe Vera Extract Market Research Report: Forecast (2023-2028)
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 & Analysis: Global Aloe Vera Extract Market (2023-28)
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 increase the market size in the globe in recent coming years.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|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.
Key Drivers: Shifting Consumer Preferences toward Naturally-Derived Products owing to their Health Benefits
For a few years, especially after the advent of Covid-19, the world is witnessing a rising interest of people of all age groups toward natural products, including aloe vera extracts. The major driving force for this trend is the increasing awareness among consumers of the various health benefits these plant extracts offer. As a result, there's the mounting utilization of aloe vera gels, whole leaf extracts, etc., to improve the skin & hair texture and reduce weight loss, among other health purposes, i.e., propelling the Global Aloe Vera Extract Market.
Growth Restraint: Growing Prevalence of Adulterated Products owing to Low Availability & High Costs of Original Aloe Vera Extracts
The world is witnessing a growing prevalence of adulterated products that do not exhibit the actual properties of pure aloe vera. Many synthetic extracts made of toxic chemicals that manufacturers add for the fragrance are penetrating globally. The prime reason behind this is the significantly low availability of original aloe vera extracts and, consequently, their high prices due to more demand. Hence, the high adulteration rate of these products is the most prominent growth restraint for the Global Aloe Vera Extract Market during 2023-28.
Based on Form:
Of them all, gels hold the prominent share in the Global Aloe Vera Extract Market, and the same trend is likely during 2023-28. It ascribes to their ever-increasing use to treat sunburns & other such injuries and the mounting consumer demand for unprocessed aloe vera-based products that are free from ammonia, sulfur, & paraben.
Derived from the plant's inner leaf and comprising massive amounts of essential minerals, hormones, enzymes, vitamins, & amino acids, aloe vera gels in their topical application have demonstrated significant efficacy in treating numerous skin-related problems, including but not limited to pimples, acne, etc.
It is auxin & gibberellins hormones in these gels that aid in skin hydration, soothing, & nourishing. With rare allergies, safety in external use, and no reported reactions when used with other medications, aloe gels are the most preferred choice of consumers worldwide and thus hold a major share in the Global Aloe Vera Extract Market.
Based on Application:
Here, the personal care & cosmetic applications hold the majority market share. It owes to the mounting use of aloe vera extracts in skin, hair, & body care products, the shifting consumer preferences toward herbal & organic products, and the increasing incidence of skin-related issues worldwide.
More & more consumers are becoming aware of the harmful effects of chemically-derived cosmetics & personal care products and, in turn, showing a greater inclination toward natural & organic products that exhibit medicinal & herbal properties. In view of this, companies operating in these industries have started including naturally-derived ingredients like aloe vera extracts in their product offerings to cater to the burgeoning consumer requirements, thereby driving the industry.
Geographically, the Global Aloe Vera Extract Market expands across:
Among all regions globally, Asia-Pacific is the clear leader in the Aloe Vera Extract Market. In the region, China, India, Thailand, & Australia are the major contributors to the regional market growth owing to the mounting demand for aloe vera extracts in the pharmaceutical & cosmetics sectors, increased consumer spending on functional foods, and natural cosmetic & personal care products, coupled with the rising incidence of skin-related diseases across these countries.
India is evolving as the fastest-growing cosmetics industry with the growing penetration of herbal cosmetic product manufacturers across the country. On the other hand, more & more people are focusing on their fitness and hence are increasingly adopting aloe vera-based nutritional supplements & health drinks as they promote digestive health, reduce inflammation, & enhance immunity.
On the other hand, China has an extensive presence of aloe vera producers and a vast population of aloe juice consumers. The increasing health consciousness among the Chinese people and their willingness to spend extra on health products are creating new avenues for the Asia-Pacific Aloe Vera Extract Market to expand its size in the coming years.
Recent Developments in the Aloe Vera Extract Market
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Frequently Asked Questions
A. The Global Aloe Vera Extract Market is expected to record around 8.8% CAGR during 2023-28.
A. The growing interest of consumers in naturally-derived products, coupled with their increasing awareness about the health-benefiting properties of aloe vera, are the prime factors projected to drive the Global Aloe Vera Extract Market during 2023-28.
A. 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, and Yunnan Evergreen Biological Corporation are the key players operating in the Global Aloe Vera Extract Market.
A. The rising prevalence of adulterated products owing to low availability & high costs of original aloe vera extracts is the major aspect projected to hinder the growth of the Global Aloe Vera Extract Market through 2028.
A. The personal care & cosmetics application is projected to provide profitable prospects to the major companies in the Global Aloe Vera Extract Market during 2023-28.
A. Asia-Pacific would continue creating new avenues for the Aloe Vera Extract Market to expand at a considerable growth rate in the years ahead.