Market Overview
The aloe vera extract market size was USD 2.82 billion in 2022 and is expected to grow with a CAGR of 8.5% from 2024 to 2028.
The international market for Aloe Vera extract is witnessing rapid growth due to the rising demand for herbal and natural products in diverse industries such as cosmetics, pharmaceuticals, and food and beverages. Aloe Vera, a well-known succulent plant that is highly prized for its several health and skincare advantages, has become immensely popular as a multifunctional ingredient.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 (Enter Corporate Email ID’ for a Free Sample Report):https://www.marketinsightsresearch.com/request/download/29/55682/aloe-vera-extract-market
Key Market Challenges
1. Quality Control and StandardizationEnsuring consistent quality and strength of Aloe Vera extracts is challenging because of differences in growing conditions, processing methods, and extraction processes. Standardizing these parameters across various suppliers and geographies is a must.
2. Regulatory ComplianceRegulatory compliance in the market for Aloe Vera extracts is a complicated challenge because of differences in regulations and standards between different countries and geographies.
3. Market Saturation and CompetitionThe market is increasingly competitive and saturated, which is making it difficult for brands to differentiate their products. There must be effective branding, differentiation by formulation, and value propositions that are well articulated.
4. Price VolatilityPrice volatility in the Aloe Vera extract industry can be triggered by many different factors that can affect both producers and consumers.
Key Market Players
- Aloe Farms, Inc.
- Natural Aloe Costa Rica S.A.
- Foodchem International Corporation
- Aloecorp, Inc.
- Aloe Laboratories, Inc.
- Terry Laboratories, Inc.
- Pharmachem Laboratories, Inc.
- Aloecorp, Inc.
- Ashland LLC.
- Lily of the Desert Organic
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Key Market Trends
1. Natural and Clean BeautyThe trend of natural and clean beauty products has significantly impacted the Aloe Vera extract market. The increase in consumers’ demand for products free from artificial chemicals has driven demand for Aloe Vera-based products.
2. Digital Transformation and E-commerceDigital platforms and e-commerce mechanisms have revolutionized the consumer experience beyond geographical locations. Aloe Vera products have capitalized on this to offer their products globally.
3. Wholistic Well-beingAloe Vera’s versatility fits well within the wholistic well-being movement, since consumers are ever more interested in products that give them overall good health internally as well as on the outside.
4. Combination of Aloe Vera in Food and Drink ItemsAn interesting development is the use of Aloe Vera in functional food and drinks, targeting customers who are interested in holistic products for their physical and mental health.
Product Insights
The liquid segment led the market and had a market revenue share of 63.9% in 2023. Liquid extracts can be easily blended into juices, drinks, cosmetics, and drugs. This flexibility has increased the potential uses of liquid aloe vera extract, which is appealing to more industries and consumers. Moreover, aloe vera juice, which has hydrating capabilities and health benefits, is gaining popularity among consumers who are concerned about their health. It is traditionally taken for its ability to improve digestion, stimulate the immune system, and heal the skin.
The gel segment is poised to achieve the highest CAGR of 9.9% over the forecast period. Aloe vera gel is renowned for its calming, hydrating, and healing features, which qualify it as the most popular product in skincare systems. Consumers are increasingly aware of the negative impacts of synthetic chemicals and are actively looking for effective and natural products. Aloe vera gel, with its high water content and low processing, fits well into this clean beauty and organic skincare trend.
Application Insights
Cosmetics segment held the biggest market share in terms of revenue in 2023. Aloe vera extract contains extraordinary moisturizing capabilities, and hence it is a highly desired active ingredient used in cosmetics as well as skincare products. People are giving more importance to natural and organic ingredients in their beauty regimens, so demand for aloe vera extract used in cosmetics has been enhanced. Its moisturizing and calming properties have popularized it as an ingredient in moisturizers, lotions, and face masks, propelling the aloe vera extract market in the cosmetic industry.
Regional Insights
1. European RegionThe European region is becoming a most vibrant and fastest-growing segment of the global Aloe Vera extract market. Growing awareness among consumers in the European market regarding Aloe Vera’s skincare, health, and nutritional values has fueled its prominence in several industries. The region’s strong regulatory environment and openness toward nature-based and sustainable products make it a primary driver of the Aloe Vera extract market.
North America aloe vera extract market had a significant market revenue share in 2023. North American consumers are increasingly health-conscious and actively looking for natural and organic products to sustain their well-being. Aloe vera is highly regarded for its properties, such as skin hydration, digestive benefits, and immune system boost. As health blogs, social media influencers, and educational campaigns propagate the benefits of aloe vera, there is an increasing demand for aloe vera products like juices, gels, and supplements.
U.S. Aloe Vera Extract Market Trends
The market for U.S. aloe vera extract is expected to develop at a robust rate during the forecast period. The increased movement towards natural products and clean label is driving demand for aloe vera extract in the U.S. There is a rise in demand for products that do not contain artificial ingredients and chemicals, which has compelled consumers to shift towards aloe vera-based products for personal care and skincare, as well as dietary supplement requirements.
Europe’s Aloe Vera Extract Market Trends
The Europe aloe vera extract market was recognized as a profitable area in the year 2023. Europe’s food and beverage sector is adopting natural ingredients such as aloe vera extract to achieve the demand for healthier products from consumers. With its nutritional value and functional features, aloe vera extract is being added to different types of food and beverages like juices, yogurts, and dietary supplements.
The UK aloe vera extract markets that will develop at a fast pace in the next few years. The rise of e-commerce and online shopping platforms has increased the UK aloe vera extract market substantially. The transition from physical brick-and-mortar shops to online shopping has provided consumers with easier access to different aloe vera products. Online stores sell a wide variety of products, ranging from juices and gels of aloe vera to dietary supplements and skincare products, in accordance with different consumer requirements. The ease of shopping online, coupled with internet marketing strategies like targeted advertisements, offers, and influencer associations, has promoted the visibility of aloe vera products.
Asia Pacific Aloe Vera Extract Market Trends
Asia Pacific aloe vera market held the biggest market revenue share of 31.5% in 2023. Aloe vera has been utilized for centuries in conventional drug systems like Ayurveda in India and Traditional Chinese Medicine (TCM). The growth in demand for these traditional methods makes the customers seek and invest in natural cures like aloe vera. Today’s consumers are going back to these traditional ways and blending them with modern health solutions, hence broadening the market for aloe vera extracts in medicinal as well as dietary forms.
Recent Developments
In September 2021, Desert Harvest, a nutritional supplement company with a high concentration of aloe vera extract, got FDA approval, to utilize their superior medicine, aloe vera capsules, for the treatment of interstitial cystitis (IC), a long-term bladder health condition that impacts almost 12 million individuals.
Organic cosmetics and personal care company Organic Harvest introduced a new line of organic aloe vera gel in July 2022. It comes in four different variants.
In May 2022, Juicy Chemistry rolled out a new range of innovative products for the Indian consumer, such as a multi-tasking Aloe Vera Gel and Aloe Vera Juice.
