by The global Aloe Vera Extracts Market is estimated to be valued at US$ 2.81 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aloe Vera extracts are obtained from aloe vera leaves which have anti-inflammatory, antioxidant and wound healing properties. These extracts are used in various applications like food & beverages, pharmaceuticals and cosmetics industries due to their medicinal benefits.
Market key trends:
One of the major trends in the aloe vera extracts market is the increasing popularity and consumption of herbal products and supplements. Consumers are increasingly looking for natural ingredients in their food, cosmetics and healthcare products which is fueling the demand for aloe vera extracts. The various health benefits associated with aloe vera like moisturizing, antioxidant and anti-ageing properties have increased its consumption in personal care industry. Leading cosmetic companies are increasingly using aloe vera extract in various skin care creams and gels which is propelling the market growth. its demand in pharmaceutical industry is also growing at a significant rate due to its application in medication and treatment of various diseases like arthritis, diabetes, ulcers and wounds. The booming nutraceutical industry especially in emerging countries offer lucrative growth opportunities to aloe vera extracts market over the forecast period.
SWOT Analysis
Strength: Aloe vera extracts have various health benefits such as soothing sunburns, aiding digestion, and improving skin conditions. They are widely used in cosmetics, pharmaceuticals, and food & beverage industries.
Weakness: Quality and concentration of aloe vera extracts may vary significantly between products depending on extraction and processing methods. Excessive consumption of aloe vera can cause diarrhea and other side effects.
Opportunity: Increasing consumer awareness about the medicinal properties and health benefits of aloe vera is driving the demand for its extracts. Growing herbal and natural cosmetics industry also offers opportunities for aloe vera extract manufacturers.
Threats: Stringent regulations associated with marketing and labeling of herbal extracts. Competition from alternative natural ingredients that provide similar health benefits as aloe vera.
Key Takeaways
The global aloe vera extracts market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing demand for herbal cosmetic and skincare products. North America dominated the market in 2023 and is expected to continue its dominance over the forecast period, due to growing health-conscious population and established personal care industry in the region.
The global aloe vera extracts market size was valued at US$ 2.81 billion in 2023. Regional analysis The Asia Pacific region is expected to be the fastest growing market for aloe vera extracts during the forecast period. This is attributed to rising disposable incomes, growing millennial population, and increasing awareness about herbal products in countries like China and India. Europe is also anticipated to offer substantial growth opportunities owing to expanding nutraceuticals and cosmetic industries in countries like Germany, UK and France.
Key players operating in the aloe vera extracts market are Lily of the Desert Organic Aloeceuticals, Aloe Farms Inc., Terry Laboratories Inc., Foodchem International Cooperation, Natural Aloe Costa Rica S.A., Pharmachem Laboratories Inc., Aloecorp Inc., and Aloe Laboratories Inc. These players are focusing on new product launches, facility expansion and partnerships to strengthen their market presence.
