New York, United States, March 20, 2024 (GLOBE NEWSWIRE) -- The Global Aloe Vera Extract Market Size is expected to Grow from USD 3.35 Billion in 2023 to USD 7.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.63% during the projected period.
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Aloe vera, a succulent plant species belonging to the Aloe genus, produces two substances- clear gel and yellow latex. The clear aloe gel is commercially used in topical products such as creams and ointments to treat skin burns, wounds, frostbite, rashes, psoriasis, cold sores, or dry skin. Aloe latex is used as a laxative for relieving constipation and is ingested in the form of resin or dried juices. Aloe vera has been widely used for the development of functional foods such as health drinks, ice creams, yogurt, probiotic dahi, jam, etc. Aloe vera extracts are available in the form of powders, gels, capsules, drinks, and concentrates. Aloe vera has been widely used as an active ingredient in cosmetic products such as facial creams, skin lotions, and sunscreens. Aloe vera has been traditionally used to treat skin injuries and digestive problems because of its anti-inflammatory, antimicrobial, and wound-healing properties. The widespread application of aloe vera in cosmetics, food & beverages, and medicinal sectors propels the market growth of aloe vera extract. Additionally, regulatory bodies are encouraging the usage of aloe vera extracts in a wide range of products. The increasing prevalence of health disorders and rising demand for aloe vera for treatment are likely to propel the aloe vera extract market in the healthcare industry. In addition, the rising consumer inclination towards personal grooming has led to an increasing application of aloe vera extract in personal care products which in turn driving the global aloe vera extract market. In contrast, the rising awareness about the clinical adverse effects and possible carcinogenic effects of aloe vera likely to hamper the market growth of aloe vera extract.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Aloe Vera Market Size, Share, and COVID-19 Impact Analysis, By Product Form (Liquid, Gel, Powder, and Others), By Distribution Channel (Offline and Online), By Application (Food & Beverages, Cosmetics, and Pharmaceuticals), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The liquid segment dominates the market with the largest revenue share through the forecast period.
Based on product form, the global aloe vera market is segmented into liquid, gel, powder, and others. Among these, the liquid segment is dominating the market with the largest revenue share through the forecast period. The liquid aloe vera extract is the commercially most common and accessible product in the market. The aloe vera liquid extract has beneficiary effects on teeth and gum problems, constipation, diabetes, ulcers, protes and UV irradiation, and other skin problems thus its liquid extract is used in several medication products.
The cosmetic segment is witnessing significant CAGR growth through the forecast period.
Based on the application, the global aloe vera market is segmented into food & beverages, cosmetics, and pharmaceuticals. Among these, the cosmetic segment is witnessing significant growth through the forecast period. The growth of the aloe vera extract market is influencing in cosmetic industry due to its moisturizing and healing effect on skin. Additionally, the medicinal property of aloe vera extract makes it an ideal ingredient to indulge in cosmetic products.
The offline segment is witnessing significant CAGR growth through the forecast period.
Based on the distribution channel, the global aloe vera extract market is segmented into online and offline. Among these, the offline segment is witnessing significant growth through the forecast period. The aloe vera extract-based products are more accessible at offline distribution channels such as convenience stores, hypermarkets & supermarkets, and specialty stores. Thus, there is an increase in the market share of aloe vera extract in the offline segment.
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Europe dominates the market with the largest market share over the forecast period.
Europe dominates the market with the largest market share over the forecast period. Consumers are inclined towards a healthy lifestyle, thus shifting their preferences for natural and organic based products to maintain their health and wellness. Aloe vera extract is also used for the prevention and treatment of diseases. Thus, companies are seeking aloe vera extract-based products to provide their applications in the consumer's lifestyle which in turn propels the market growth of aloe vera extract in the region. Therefore, the rising demand for the application of aloe vera extract in various products increasing the aloe vera extract market in the region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The rising industrial application of aloe vera extract in developing countries such as India and China is expected to propel the market growth. The increasing number of herbal product manufacturers such as Patanjali, Dabur, and Himalaya companies, fueling the aloe vera market in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global aloe vera market are Aloe Laboratories, Inc., Aloe Farms Inc., Terry Laboratories Inc., Pharmachem Laboratories Inc., Aloecorp Inc., Lily of the Desert Organic, Foodchem International Corporation, Natural Aloe Costa Rica S.A., Calmino Group AB, Roche, Aloe Queen Inc., Patanjali Ayurved Ltd., Okyalo Co., Ltd., Real Aloe Solutions Inc., and Other Key Players.
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Recent Developments
- In April 2021, Veganic, a Dublin-based company, recently revealed plans to introduce Ireland's 100% organic and plant-based Aloe Vera fruit juices to US markets. According to company officials, they will launch their 100% organic and plant-based Aloe Vera with Apple juice in the United States. Aloe vera fruit juices date back to ancient Egypt, where it was known as the "plant of immortality."
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global aloe vera extract market based on the below-mentioned segments:
Global Aloe Vera Extract Market, By Product Form Analysis
- Liquid
- Gel
- Powder
- Others
Global Aloe Vera Extract Market, By Distribution Channel Analysis
- Offline
- Online
Global Aloe Vera Extract Market, By Application Analysis
- Food & beverages
- Cosmetics
- Pharmaceuticals
Global Aloe Vera Extract Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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