During the projected period, the Aloe Vera Extracts market is expected to grow at a CAGR of 6.5%. The market value is projected to increase from USD 3.5 billion in 2023 to USD 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.
What are the different uses for Aloe vera extract?
It can be taken orally as a supplement or applied topically to the skin. It is also used in cosmetic products, such as shampoo and lotion. Aloe vera extract has various benefits, including reducing inflammation, boosting immunity, and promoting healthy skin growth.
Is aloe vera extract the same as aloe vera gel?
Aloe vera gel is the clear, jelly-like substance found in the inner portion of the Aloe vera leaf. This gel has been used for centuries to treat various skin conditions. On the other hand, Aloe vera extract is a concentrated form of a gel that contains all its active ingredients.
So, while aloe vera gel can be used topically to soothe burns and other skin irritations, aloe vera extract is typically taken orally to promote digestive health. Some people also believe aloe vera extract can help boost the immune system.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6.5% |
| Market Valuation (2023) | USD 3.5 billion |
| Market Valuation (2033) | USD 7.3 billion |
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The global market is anticipated to witness a momentous CAGR of 2.4%, with a valuation of USD 1.9 billion in 2018 and USD 3.3 billion in 2022. Factors such as increased consumer preferences for a healthy lifestyle and the escalating usage of aloe vera extract as an ingredient by food, pharmaceutical, and cosmetic industries fuel the market development cycle.
The current trends in the global market include using aloe vera to sweeten zero-sugar beverages and examining the use of new aloe vera species.
The global market is segmented based on product type into aloe vera gel extracts, aloe vera whole leaf extracts, and others. In 2021, these segments collectively accounted for a majority of the total value and volume. They are expected to remain dominant over the forecast period. Meanwhile, the aloe vera whole leaf segment is expected to expand at a higher growth rate in terms of value over the forecast period.
In this segment report, the aloe vera extract market is segmented based on form into concentrates, gels, powders, capsules, and drinks. In 2023, among the various forms, the drinks segment accounted a significant market share in the global market.
The globaL market is classified as food, pharmaceutical, and cosmetic products based on end-use. Among these segments, the cosmetics sub-sector dominated the global market in terms of value in terms of volume in 2023, but this is anticipated to grow at a CAGR of 7.7% over the forecast period.
| Countries | Market Value Share in 2023 |
|---|---|
| United States | 25.6% |
| Germany | 3.7% |
| Japan | 5.2% |
| Australia | 2.7% |
| Countries | Market CAGR Value in 2023 |
|---|---|
| China | 5.5% |
| India | 21.6% |
| United Kingdom | 6.9% |
The United States market is growing rapidly by securing a share of 25.6% and is expected to continue doing so in the coming years. This growth can be attributed to the increasing popularity of aloe vera as a natural ingredient in cosmetics and skincare products. The rising demand for organic and natural ingredients in personal care products is also driving the growth of the market.
In India, the market is forecast to grow at a CAGR of over 20% during the forecast period. The rising demand for aloe vera-based products, such as cosmetics and food & beverages, drives the market.
The Indian market is segmented into three major categories: food & beverages, cosmetics, and pharmaceuticals. Among these, the food & beverages category accounts a significant share, followed by cosmetics and pharmaceuticals.
The rising awareness about the benefits of aloe vera extracts is one of the key factors driving the market's growth. Aloe vera extracts have numerous health benefits, such as boosting immunity, improving digestion, and reducing inflammation. They are also used in skin care products for their soothing and anti-aging properties.
The market for aloe vera extracts is growing rapidly, with the majority of growth coming from Asia. China is one of the promising markets for aloe vera products and estimated to capture a CAGR of 5.5% in the global market by 2033. Companies need to understand the Chinese consumer and create products that meet their needs to tap into this market.
Several factors make China an attractive market for aloe vera extracts:
Aloe vera extracts have become increasingly popular in Japan due to their many benefits. The plant extract improves skin health, hair quality, and digestion. Aloe vera extracts can also boost the immune system and help fight inflammation. As a result of these benefits, Japan has become one of the fast-growing markets for aloe vera extracts.
The popularity of aloe vera extracts has increased in recent years. It is likely due to an increase in health consciousness among Japanese consumers. Additionally, the availability of quality products has also increased. Many different brands of aloe vera extracts are now available on the market. As a result, Japanese consumers have more choices when selecting a product that meets their needs.
The global market for Aloe Vera Extracts could be more cohesive and competitive due to several local and regional rivals. Key players employ various marketing strategies, including partnerships, expansions, mergers and acquisitions, and collaborations.
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.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Product, Form, End Use Industry, Region |
| Key Companies Profiled | Aloe Farms Inc.; Terry Laboratories Inc.; Foodchem International Cooperation; Natural Aloe Costa Rica S.A.; Pharmachem Laboratories Inc.; Aloecorp Inc.; Aloe Laboratories Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
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The aloe vera extracts market is valued at USD 3.5 billion in 2023.
Growing wellness consciousness, surging interest in natural remedies, and versatile applications fuel the demand for aloe vera extracts.
The aloe vera extracts market in India is anticipated to demonstrate a robust 21.6% CAGR through 2033.
Aloe vera whole leaf extracts excel in the market due to their diverse therapeutic, cosmetic, and health-related applications.
Leading competitors in the aloe vera extracts market are Lily of the Desert Organic Aloeceuticals, Aloe Farms, Foodchem International Cooperation, and others.
| Estimated Market Size 2024 | USD 345.6 million |
|---|---|
| Projected (2034) Market Size | USD 758.7 million |
| Value CAGR (2024 to 2034) | 8.2% |
| Market Value for 2024 | USD 684.54 million |
|---|---|
| Projected Market Value for 2034 | USD 1,412.23 million |
| Value-based CAGR of Market for 2024 to 2034 | 7.6% |
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Aloe Vera Extracts Market
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