The global aloe vera extracts market is estimated to register a CAGR of 6.5% during the forecast period. The market is predicted to secure a valuation of US$ 3.5 billion in 2023 and US$ 7.3 billion by 2033
Aloe vera is a succulent plant of the genus Aloe. It grows in several tropical areas worldwide and is mainly cultivated for food, medicinal use, and cosmetic purposes. Aloe vera also contains substances that have been found to contribute to biological activity, such as strains of acetylated mannan and poly mannan. Aloe vera leaves are commonly used in the food, pharmaceutical, and cosmetics industries.
Aloe vera is extracted and used in powders, gels, capsules, drinks, and concentrates. Accordingly, consumption of Aloe vera-based products has risen in recent decades. As a result of these factors, aloe vera usage versus its competitors has increased.
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Key Opportunities Upsurge the Global Market
- Increasing Demand for Organic and Natural Products:Consumers’ growing demand for organic ingredients products in cosmetics, healthcare, and personal care. The demand for aloe vera extracts is widely used for healing and soothing properties in these industries.
- Health and Wellness Trends:Rising demand for health benefits such as skin care, immune system, and digestive health increase the adoption of aloe vera extracts. By focusing on wellness and health, the end-use industries such as food & beverages and dietary supplements increased demand.
- Cosmetic and Skincare Sector:The cosmetic and skincare industry is increasing the demand for aloe vera extracts due to their anti-aging properties, anti-inflammatory, and moisturizing properties. Consumers are growing their awareness to maintain their daily skin routine by adopting organic ingredients products based on aloe vera extracts.
- Pharmaceuticals Applications:Aloe vera extracts are widely used for medicinal properties such as wound healing. Pharmaceutical companies are adopting aloe vera extracts to develop new products and formulations to drive global market opportunities.
- Agriculture and Horticulture:Aloe vera is utilized in agriculture and horticulture practices to enhance soil health and crop yield. Aloe vera extracts find more acceptance to resist crop diseases fueling the market growth.
- Global Expansion: Key companies are more concerned about healthy lifestyles and are increasing the global market opportunities to expand their business portfolio. Their geographical reach through natural and organic aloe vera extract products fuel the market revenue.
- Research and Development Advancements:Key companies invest in research and development for better extraction techniques, formulations, and potentially lower costs.
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Key Takeaways
- The aloe vera extracts market is estimated to secure a CAGR of 6.5% with a valuation of US$ 7.3 billion during the forecast period.
- In the historical period, the market registered a CAGR of 2.4% with a valuation of US$ 3.3 billion in 2022.
- The United States is predicted to capture a share of 25.6% of the global market by 2033.
- With a share of 3.7%, Germany is significantly driving the global market during the forecast period.
- Japan is estimated to capture a share of 5.2% in the global market by 2033.
How Key Players Are Innovating Products to Drive the Global Market?
The market is highly fragmented by the present players that heavily invest in research and development activities to carry out ideas to develop innovative products. These players are developing cost-effective, high-quality organic products by adopting the latest technologies. Manufacturers and suppliers also focus on expanding the global market by investing in organic and herbal products.
Key players try to offer sustainable and wellness products by following government regulations. These players are adopting several marketing methodologies to drive the market size. These marketing tactics are mergers, acquisitions, collaborations, and product launches.
Some of the leading companies operating in the Aloe Vera Extracts market are Lily of the Desert Organic Aloeceuticals, Company Overview & Description, Product Offerings & Presence, Company Highlights/Key Developments, Aloe Farms Inc., Terry Laboratories Inc., Foodchem International Cooperation, Natural Aloe Costa Rica S.A., Pharmachem Laboratories Inc., Aloecorp Inc., Aloe Laboratories Inc.
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Recent Developments in the Global Market are:
In 2019, Aloe Farms announced implementing advanced technologies for aloe vera for better cultivation and processing. It allows them to maintain consistency and high-quality aloe vera products.
Aloe Vera Extracts Market by Category
By Product:
- Aloe Vera Gel Extracts
- Aloe Vera Whole Leaf Extracts
- Others
By Form:
- Gels
- Powders
- Capsules
- Drinks
- Concentrates
By End Use Industry:
- Pharmaceutical
- Food
- Cosmetics
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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