Aloe Vera Market Outlook
According to a new report by Expert Market Research titled, “Aloe Vera Market Share, Size, Analysis, Report and Forecast 2023-2028″, the global aloe vera market reached a value of almost USD 708.69 million in 2022. Aided by aloe vera’s therapeutic properties and rising application of aloe vera in the production of different products, the market is projected to further grow at a CAGR of 8.5% between 2023 and 2028 to reach a value of almost USD 1,156.51 million by 2028.
Aloe vera, a succulent plant species renowned for its myriad health benefits, has been a coveted ingredient across cultures and centuries. Widely recognised for its therapeutic qualities, it finds predominant use in products ranging from skincare to dietary supplements. Replete with enzymes, vitamins, salicylic acids, and minerals, aloe vera is considered a panacea for a plethora of skin ailments and health conditions. Moreover, its hydration, anti-inflammatory, and soothing characteristics make it an invaluable component across a spectrum of industrial applications, spanning from cosmetics to the beverage industry.
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Growing inclination towards holistic health and organic wellness is considered as one of the major aloe vera market trends. Consumers today, more than ever, are pivoting towards natural remedies and herbal products, with aloe vera being a significant choice. Whether it’s the surge in demand for aloe-infused beauty products or the burgeoning popularity of aloe vera juices, this potent plant is enjoying heightened reverence in contemporary markets.
The aloe vera market growth is propelled not only by consumer inclination but also by innovations in product formulation. The cosmetics and skincare sector, in particular, is witnessing influx of products that highlight aloe vera as their main ingredient. From facial creams to sunscreens, aloe vera’s moisturising and skin-healing properties are making it a popular choice. Additionally, in the nutrition sector, aloe vera supplements and juices are being promoted for their digestive benefits and immunity-boosting properties.
Shifting preference towards organic and sustainably sourced products is further bolstering the aloe vera market demand globally. With the green revolution permeating consumer consciousness, the preference is for aloe vera products that are free from artificial additives, chemicals, and are ethically harvested. This conscious consumerism is thereby enhancing greater transparency in sourcing and production processes, with many brands flaunting their organic certifications and sustainable practices.
A comprehensive aloe vera market analysis indicates the emerging applications of aloe vera across various sectors. For instance, the pharmaceutical industry is increasingly studying aloe vera’s potential in wound healing, diabetes management, and its anti-carcinogenic properties. The food and beverage sector, too, is expanding its range of aloe vera-infused products, beyond just juices, encompassing gels, desserts, and health shots.
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Aloe Vera Market Segmentation
The market can be divided based on product, form, end use industry, and region.
Market Breakup by Product
- Aloe Vera Gel Extract
- Aloe Vera Whole Leaf Extract
- Others
Market Breakup by Form
- Concentrates
- Gels
- Drinks
- Powders
- Capsules
Market Breakup by End Use Industry
- Pharmaceutical Industry
- Cosmetic Industry
- Food Industry
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global aloe vera market. Some of the major players explored in the report by Expert Market Research are as follows:
- Aloe Farms, Inc.
- Aloe Laboratories
- Terry Laboratories
- Aloecorp.
- Ashland Global Holdings Inc.
- Herbalife International of America, Inc.
- Others
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