Aloe Vera Extract Market Size to Hit USD 4.55 Billion by 2030 | With a 8.0% CAGR
Fortune Business Insights
Updated 5 min read
Fortune Business Insights
Companies covered in Aloe Vera Market are 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), and more players profiled.
Pune, India, March 31, 2023 (GLOBE NEWSWIRE) -- 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.
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 the population suffering from diabetes. It lessens dental plaque, helps in treating canker sores, reduces constipation, relieves gum inflammation, and lowers blood sugar levels. The increasing popularity of aloe vera extract as a natural and herbal ingredient in skincare and cosmetics is expected to propel market growth.
However, the 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 witnessed 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 the 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.
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.
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Overview of the Parent/Related Markets
Industry SWOT Analysis
Supply Chain Analysis
Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
Qualitative Analysis Related to COVID-19
Impact of COVID-19 on the Market
Supply Chain Challenges amidst Pandemic
Potential Opportunities due to this Global Crisis
Global Aloe Vera Extract Market Analysis, Insights, and Forecast, 2019-2030
Key Findings / Summary
Market Size Estimates and Forecast
By Product Form
Liquid
Gel
Powder
Others
By Application
Food & Beverages
Cosmetics
Pharmaceuticals
By Distribution Channel
Offline
Online
By Region
North America
Europe
Asia Pacific
South America
Middle East & Africa
TOC Continued…!
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.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
