Aloe Vera Extracts Market Kaleidoscope: Shaping Sustainable Herbal Futures
Posted by Pearl Smith on November 30th, 2023
The Aloe Vera extracts market is estimated to be valued at US$ 2.81 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Aloe vera extracts are obtained from aloe vera plant leaves. It has various applications in food and beverage, pharmaceutical, and cosmetic industries. In food industry, aloe vera extracts are used to manufacture juices, drinks, yogurts and supplements due to its health beneficial properties. In pharmaceutical industry, aloe vera extracts are used in ointments, lotions and capsules for treating wounds, burns and indigestion.
The aloe vera extracts market is primarily driven by increasing use of aloe vera extracts in food and beverage industry. Aloe vera extracts help in improving digestion and boosting immunity. They are used as functional ingredients in supplements, drinks and yogurts. According to WHO, aloe vera extracts are generally recognized as safe for internal and external use. Further, increasing awareness about health benefits of aloe vera is also propelling the market growth. However, high prices of raw aloe vera leaves can hamper the market demand. Companies are focusing on improving production efficiencies to reduce raw material costs.
Strength: Aloe vera extracts have anti-inflammatory, antimicrobial, and wound healing properties that make them suitable for various applications in cosmetics, food and beverages, and pharmaceuticals industries. This has led to increasing demand. Aloe vera plants are also easily cultivated and processed.
Weakness: High dependency on climate and geographical conditions for aloe vera cultivation can affect the supply of raw materials. Processing aloe extracts requires advanced machinery and technical expertise.
Opportunity: Increasing consumer preference for natural and organic personal care and food products provides major growth opportunities. Rising health awareness is propelling the use of aloe vera extracts in various wellness applications.
Threats: Stringent regulations pertaining to the quality, safety, and efficacy of extracts may restrict the entry of new players. Substitutes such as hyaluronic acid also pose competition.
The global aloe vera extracts market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period, due to increasing demand from personal care and food & beverage industries. The market size is projected to reach US$ 2.81 Billion by 2030 from US$ 1.5 Billion in 2023.
North America dominates the aloe vera extracts market, accounting for over 30% share. This is attributed to rising health consciousness and increasing usage of aloe vera in various cosmetic, pharmaceutical, and food applications. Asia Pacific exhibits the fastest growth due to a growing population, rising incomes, and increasing preference for herbal products in countries such as China, India, and Japan.
Key players operating in the aloe vera extracts market are Lily of the Desert Organic Aloeceuticals, Aloe Farms Inc., Terry Laboratories Inc., Foodchem International Cooperation, Natural Aloe Costa Rica S.A., Pharmachem Laboratories Inc., Aloecorp Inc., and Aloe Laboratories Inc. They are focused on strategic collaborations and new product launches to bolster market presence.