What Has Been the Progress and Growth of the Aloe Vera Extract Market in Recent Years?
The aloe vera extract market has seen considerable growth due to a variety of factors.
•In recent times, the market size for aloe vera extract has seen a substantial increase. Estimated at $2.85 billion in 2024, it's expected to soar to $3.1 billion by 2025, demonstrating a compound annual growth rate (CAGR) of 8.8%.
This notable surge during the historic period is largely due to increased consumer awareness about its health benefits coupled with growth in its demand in the cosmetics and personal care sector. The expanding reputation of aloe vera extract in nutraceuticals and dietary supplements, along with its growing use in the food and beverage industry, also contribute to this upward trend.
What Can Be Expected from the Aloe Vera Extract Market in the Coming Years?
The aloe vera extract market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the aloe vera extract market is anticipated to experience substantial growth, expanding to $4.45 billion by 2029 with a compound annual growth rate (CAGR) of 9.4%.
The projected growth within this period can be ascribed to ongoing fascination with natural beauty and skincare products, exploration into medicinal uses of aloe vera, extended utilization in health and functional drinks, growing acceptance in organic and herbal medications, as well as global sustainability and the trend for eco-friendly products. On the radar for the forecast period are major trends such as emphasis on organic and sustainable procurement, aloe vera product innovation, growth of aloe vera farming and cultivation, penetration of the global market, and enforcing quality control and certification standards.
What Are The Leading Drivers Of Growth In The Aloe Vera Extract Market?
Growth in the aloe vera extract market is anticipated to be driven by the rising demand for natural and organic cosmetics, because organic cosmetics are created and produced using ingredients obtained from organic farming practices that don't include synthetic chemicals like pesticides, herbicides, or genetically modified organisms (GMOs). Aloe vera extract is a major component in the creation of these organic and natural cosmetics. As an example, a report published by the Soil Association (a UK-based organization promoting sustainable organic agriculture and food production) in March 2022 stated that certified organic and natural beauty and wellbeing products in the UK saw a rise of 15% in 2021, raking in €164 million ($179.35 million). Additionally, in 2021, the COSMOS (Cosmetic Organic and Natural Standard), an international standard for organic and natural cosmetics, certified roughly 50,000 products and ingredients, with sales of COSMOS-certified products witnessing a 32% surge in 2021 compared to 2020. Given these trends, the expanding demand for natural and organic cosmetics is seen to be fuelling the aloe vera extract market's growth.
How Are The Segments Defined Within The Global Aloe Vera Extract Market?
The aloe vera extract market covered in this report is segmented –
1) By Product Form: Liquid, Gel, Powder, Other Product Forms
2) By Distribution Channel: Offline, Online
3) By Application: Functional Food, Cosmetics, Pharmaceuticals, Beverages, Other Application Types
Subsegments:
1) By Liquid: Aloe Vera Juice, Concentrated Aloe Vera Liquid
2) By Gel: Pure Aloe Vera Gel, Aloe Vera Gel With Additives
3) By Powder: Freeze-Dried Aloe Vera Powder, Spray-Dried Aloe Vera Powder
4) By Other Product Forms: Aloe Vera Capsules, Aloe Vera Granules, Aloe Vera Creams And Lotions
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How Are New Trends Expected To Influence The Growth Of The Aloe Vera Extract Market?
A significant trend in the aloe vera extract market is the focus of major players on creating innovative products and improving existing ones. For instance, aloe vera is being infused in nutritional drinks to cater to the increasing consumer preference for natural, wellness-promoting cuisines, and skincare ingredients. A case in point is a pineapple-flavoured aloe vera beverage that blends the hydration capacity of aloe vera with the unique and tropical pineapple taste, thereby providing a refreshing and nutritious drink choice. This beverage is also promoted for its health advantages, like digestive aid and hydration. Kelly Loves, a US-based food manufacturer, took note of this trend and launched a new pineapple-flavoured aloe vera drink in September 2023. This 500ml beverage is not only filled with natural aloe gel but is also devoid of sugar and gluten, and is vegan-friendly. The essence of the drink is to provide an exquisite taste whilst harnessing aloe vera's health benefits, thus being a popular choice among health-conscious customers seeking both taste and nutrition.
Who Are the Key Players in the Aloe Vera Extract Market?
Major companies operating in the aloe vera extract market include:
• Herbalife International Inc.
• Ashland Inc.
• Patanjali Ayurved Ltd
• NOW foods
• LR Health And Beauty Systems GmbH
• Aloecorp Inc.
• Lily of the Desert Organic
• Warren Laboratories LLC
• Pharmachem Laboratories Inc.
• Active Organics Inc.
• Botanic Healthcare LLC
• Aloe Laboratories Inc.
• Camden-Grey Essential Oils Inc.
• Foodchem International Corporation
• Green Leaf Naturals
• Aloe Plus Lanzarote S.L
• Calmino Group AB
• Aloe Queen Inc.
• Forever Living Products Inc.
• Terry Laboratories Inc.
• Tropical Products Inc.
• Aloe Farms Inc.
• Natural Aloe Costa Rica SA
• Pokonobe Industries Inc.
• Cady Products LLC
What Is The Most Dominant Region In The Aloe Vera Extract Market?
Asia-Pacific was the largest region in the aloe vera extract market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the aloe vera extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
