Aloe Vera Extract Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 2.87 Billion
Forecasted Value (2030)
USD 4.76 Billion
CAGR (2023 - 2030)
Fastest Growing Region
Liquid, Gel, Powder, Others
Food & Beverages, Cosmetics, Pharmaceuticals
The global Aloe Vera Extract Market was valued at USD 2.87 billion in 2022 and is projected to reach USD 4.76 billion by 2030, growing at a CAGR of 8.40% from 2023 to 2030.
The market is expanding as a result of growing awareness about the medicinal and health benefits of aloe vera extract, which is increasingly in demand in the pharmaceutical industry due to its usage in the treatment of ailments like diabetes, hair, and skin disorders. In addition, it is used as an ingredient in some food and beverage products such as healthy drinks, ice-creams, yogurt, and others. Furthermore, it is also used in personal care products such as lotions, creams, shampoo, and soaps.
Moreover, favorable initiatives by government bodies such as the International Aloe-Science Council provide certification for growers, processors, testing laboratories, and marketing companies in order to encourage them to increase the production and sales of aloe-vera. Government bodies are also promoting the widespread usage of aloe-vera that includes skincare products, and supplements, among others. However, fluctuations in prices may hamper the growth of the market.
Analyst’s Review on Aloe Vera Extract Market
Aloe-vera extracts exhibit wide application in various industries, especially in the medical & healthcare industry in the treatment of many health issues, such as hair problems, skin problems, cancer, and gum diseases. The increase in pollution, hectic lifestyle, high stress, and other factors is escalating the prevalence of these diseases, which is supporting the growth of the market.
In addition, the improved research & development activities, investments, and introduction of new products in the market in order to gain new customers and to expand the companies is creating opportunity for the market. In addition, the growing trend of using aloe-vera extracts in various sugar-free drinks and other products is expected to expand the scope and application of aloe-vera in the market.
Aloe vera extract is derived from the gel-like substance found inside the leaves of the aloe vera plant. It has been used for centuries for its medicinal properties and is known for its soothing and healing effects on the skin. The extract is rich in vitamins, minerals, and antioxidants, making it a popular ingredient in skincare and health products. Its versatile nature allows it to be used topically as well as ingested for various health benefits.
Some of the common uses of aloe vera extract include treating sunburns, moisturising the skin, reducing inflammation, and promoting wound healing. When applied topically, it can provide relief from itching, redness, and irritation. Ingesting aloe vera extract can also help with digestion, boost the immune system, and promote overall gut health. With its numerous benefits and natural properties, aloe vera extract continues to be a popular choice for both skincare and health purposes.
Increased usage of aloe-vera extracts in various applications such as healthcare, personal care, cosmetics, and food, among others is driving the growth of the market. As aloe-vera extracts are used in a variety of ailments that includes skin, hair, and internal body disorders, among others.
In addition, the fast-paced, & hectic lifestyle, along with the increased level of pollution, has resulted in the occurrence of numerous health problems, which is propelling market progress. Furthermore, the growing cases of diabetes cases re expected to create new opportunities in the market, as many diabetic patients are progressively demanding herbal extracts to treat their health conditions, which is driving the growth of the market. For instance, in 2022, according to World Health Organization (WHO), diabetes was the ninth major cause of death, which is responsible for an estimated 1.5 million fatalities.
Moreover, rise in demand for aloe-vera extract in personal care and cosmetic industries, owing to increased awareness about the benefits of natural, and organic products is creating an opportunity for manufacturers to introduce new products in the market, thereby fueling industry expansion.
The global aloe vera extract market is segmented based on product, application, distribution channel, and geography.
Based on product, the aloe vera extract market is bifurcated into liquid, gel, powder, and others. The Liquid segment held the largest market share in year 2022. This is due to the rise in awareness about the benefits associated with herbal extracts among consumers. It is most usually used when it is in the form of liquid, as people become more aware of the importance of skin health, and liquid form is more convenient to use, which is driving the segment growth. In addition, aloe vera extract can be used to treat sunburns or burn injuries, which is projected to boost the demand for liquid products.
Based on application, the aloe vera extract market is bifurcated into food & beverages, cosmetics, and pharmaceuticals. The pharmaceutical segment is expected to hold the largest market share in the year 2022. This is due to the demand for products in the pharmaceutical sector is increasing as more people turn to herbal remedies to treat a range of health conditions, including diabetes, numerous skin illnesses, and hair-related problems. In addition, aloe vera juice is extensively used as immunity booster, for weight loss, and also to improve digestion, along with this, the increased knowledge about healthy lifestyle practices is expected to drive product demand in the pharmaceutical sector.
Based on regional analysis, the global aloe vera extract market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
The Asia-Pacific will dominate the market due to the growth of the cosmetic and pharmaceutical sectors is the major factor driving the growth of the market. In addition, the increased demand for skincare, haircare, and cosmetic products, in countries such as India, and China is driving the growth of the market in the region.
Furthermore, India has the world's fastest-growing cosmetics market. Notably, the growing concentration of herbal product producers such as Patanjali, Dabur, and Himalaya Drug Company of India are driving the product demand in the region.
The global aloe vera extract industry study will provide valuable insights with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major players in the aloe vera extract market are:
- Aloe Farms, Inc.
- Lily of the Desert Organic
- Terry Laboratories, Inc.
- Pharmachem Laboratories, Inc.
- Natural Aloe Costa Rica S.A.
- Foodchem International Corporation
- Aloe Laboratories, Inc.
- Aloecorp, Inc.
- Calmino Group AB
- April 2021- Veganic, which is a Dublin-based company, has launched their 100 percent organic and plant-based Aloe Vera with Apple juice across the United States. Aloe vera fruit juices can be traced back to ancient Egypt, where it was known as the "plant of immortality.
The global Aloe Vera Extract Market is segmented as:
By Product Type
- Food & Beverages
By Distribution Channel
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America