The global Aloe Vera market size is expected to reach close to USD 712.3 Mn by 2029 with an annualized growth rate of 7.8 % through the projected period.
Increasing occurrences of diseases have made consumers more aware of their health. Driven by this trend, products containing natural ingredients like Aloe Vera are supposed to be healthier and safer than their chemical alternatives. This combined with various health benefits of Aloe Vera is expected to create a positive impact on global Aloe Vera market.
Other key factors driving the Aloe Vera market is high demand from the consumer side. Several consumers are already aware of the benefits of Aloe Vera. As a result, manufacturers have a lesser need to educate and promote consumers about its applications and benefits. Though demand for Aloe Vera is higher across the world, growth rates in emerging countries such as China, India, and the Middle East are expected to be extremely high. Rising disposable incomes, developing markets, rising economic growth and less market penetration levels are some major drivers fueling the growth of global Aloe Vera market.
Furthermore, there is a number of benefits and applications of aloe vera in industries such as cosmetics, pharmaceuticals, beverages, food etc. Studies have found Aloe Vera to be a strong agent in solving issues related to teeth and gum problems, diabetes, constipation, protection from UV radiation, skin problems, antimicrobial properties, etc. This is estimated to further widen the spectrum of applications of Aloe Vera and roll out gates of opportunity for the launch of new products.
Asia pacific holds the largest Aloe Vera market analysis. North America and Europe have robust growth due to higher awareness among consumers about associated health benefits. The Middle East & Africa and Latin America will have slow and steady growth rate. However, higher incidences of adulteration have been encountered resulting in stringent government regulations and hiked prices of premium aloe-vera extract products that may dampen the growth of aloe vera industry.
The global aloe vera market is categorized by major segments, products, applications, distribution channel, and geography. Based on the segment, the market is characterized by flavor type, flavored, and non-flavored. Furthermore, on the basis of product the market is divided into ready-to-drink juice, crush, and pulp. Whereas, based on the applications the market is driven by food & beverages products, cosmetics, and medicine. Based on the distribution channel, the market is segmented to hypermarket/supermarket, online retail, medical stores and departmental stores. Geographically, the market widely ranges to North America, U.S., Canada, Mexico, Europe, Germany, Spain, UK, Italy, France, Rest of Europe, Asia-Pacific, China, India, Japan, Australia, Korea, Rest of Asia-Pacific, LAMEA, Brazil, KSA, South Africa, Rest of LAMEA.
Leading players of the global aloe vera market include Terry Labs, Arisun ChemPharm, Aloe Deca Aborescens, Natural Aloe Costa Rica S.A., Iris Biotech GmbH, Hangzhou New Asia International, Aloe Farms, Foodchem International Corporation. Whereas the key players of aloe vera juice market include OKF Corporation, ALO Drink, Keumkang B&f Co., Lotte Chilsung Beverage Co., Tulip International Inc., Medicaps Ltd., Aloe Farms, Forever Living Products, Houssy Global, AMB Wellness, and more others.
Frequently Asked Questions (FAQ) :
Terry Labs, Arisun ChemPharm, Aloe Deca Aborescens, Natural Aloe Costa Rica S.A., Iris Biotech GmbH, Hangzhou New Asia International, Aloe Farms, Foodchem International Corporation are a few major players in aloe vera market.
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The base year for the report is 2018 in aloe vera market.
Over the past few years, Aloe Vera has gained popularity across the globe. Aloe vera is a versatile plant with many benefits health benefits. Traditional used for cuts and burns and other skin ailments it has returned traction in recent years. The main reason for its increasing popularity is the growing awareness about its several health benefits. Also, Aloe Vera juices are beneficial with various nutrients such as Potassium, Calcium, Zinc, Vitamin A, B, C, E, Manganese, and Zinc. Intake of Aloe Vera juice improves the immunity system and digestion, and helps to detoxify the body. The food & beverages industry is developing rapidly due to the rising demand for Aloe Vera juice from consumers.
Aloe Vera juice supply and demand is majorly driven by the rising inclination of end-users towards healthy drinks as alternatives to carbonated beverages and chemically synthesized juices. Aloe Vera contains high minerals which provide a number of health benefits and help to tackle several problems such as diabetes, high cholesterol, cardiovascular, and many others. Likewise, Aloe Vera helps in building the immunity system, detoxification, and weight management. These factors driving the demand for the popularity of Aloe Vera among end-users.
Among all the Aloe Vera products, Aloe Vera juice has the highest demand from the consumer side, and it is likely to grow rapidly. However, flavored juice accounted for the highest market share, in terms of revenue. As per geography, the Aloe Vera market in the Asia Pacific region is likely to be the highest share into coming years. Economic development has increased personal disposable incomes and urban population.
According to the UN report, in 2014, more than 55% of the global urban population existed in this region. More than 50% of the region will become urban by 2020. Likewise, Nigeria, China, and India are expected to contribute more than 37% to the estimated urban population growth. This will help to grow consumer awareness and expand the Aloe Vera juice market in the region. Furthermore, various health issues such as diabetes and cholesterol have also increased, further propelling the Aloe Vera juice market growth in the region.
Due to the number of benefits of Aloe Vera in the cosmetic and skin care industry is expected for the highest share in Aloe Vera market into the prediction period. However, the highest growth is anticipated to rise from the food industry, which is estimated to witness high growth during the forecast period.