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Aloe Vera Extract Market Size, Share & Industry Analysis, By Product Form (Liquid, Gel, Powder, and Others), By Distribution Channel (Offline and Online), By Application (Food & Beverages, Cosmetics, and Pharmaceuticals), and Regional Forecast, 2024-2032

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI103893

 

KEY MARKET INSIGHTS

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The global aloe vera extract market size was valued at USD 2.65 billion in 2023 and The market is projected to grow from USD 2.86 billion in 2024 to USD 5.34 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period.


Aloe vera is a succulent plant belonging to the lily family originating from the Arabian Peninsula. It has been used for centuries against several disorders and diseases owing to its therapeutic properties. Aloe vera is also widely utilized in applications such as food & beverage, pharmaceutical, and cosmetic industries. Moreover, a large number of phytochemicals has been recognized in the aloe vera leaf including several phytosterols, polyphenols, fatty acids, alkanes, indoles, pyrimidines, alkaloids, aldehydes, organic acids, ketones, alcohols, and dicarboxylic acids.


The COVID-19 outbreak severely affected the global consumption of the food and beverage industry. Since the beginning of 2020, the sector has exhibited a decline in the growth rate in the first quarter. Aloe vera has already been established in the natural products industry. Since the coronavirus outbreak, demand for it has increased in regions such as Europe and North America. Growing consumer awareness regarding the antiviral and antibacterial properties is making the natural ingredient prevalent. Its applications have also prolonged from cosmetic and personal care products, supplements, and natural remedies, to hand sanitizers and homemade drinks during the course of the pandemic. Therefore, increasing demand for aloe vera extract, owing to its health benefits and consumer inclination toward natural products amid the pandemic is likely to favor the global aloe vera extract market growth.


Aloe Vera Extract Market Trends


Increasing Use of Aloe Vera Extracts in Aloe-based Drinks to Propel the Market Growth


Growing adoption of a healthy lifestyle across all age groups, consumers nowadays are progressively determining natural, organic, and more nutritional beverages. Additionally, changing consumer inclination toward high-calorie carbonated drinks to favorable plant-based drinks poses lucrative opportunities for the market. Moreover, the primary element of the Aloe plant is its water content, which ranges from 99% to 99.5%. Therefore, these aloe-based drinks are favorable for hydration during the summer season. Furthermore, augmenting demand for weight management solutions among consumers nowadays has been one of the significant factors propelling the demand for the market over the past few years. The global market is projected to aid these consumer trends. Rising demand for extracts of aloe vera from the food and beverage industry such as aloe-based drinks for making aloe vera-based products is anticipated to foster the industry growth over the forecast period.


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Aloe Vera Extract Market Growth Factors


Rising Demand for Aloe Vera in Healthcare to Boost the Market Growth


The increasing demand for healthcare products made from aloe vera extract is another substantial factor propelling the market growth. Aloe vera offers remedies for various and diabetic, skin, and hair diseases. Especially, natural, organic, and herbal extracts are utilized nowadays to treat a huge number of the population suffering from diabetes. In addition, it lessens dental plaque, helps treat canker sores, reduces constipation, relieves gum inflammation, and lowers blood sugar levels. Augmented pollution, coupled with a shift in lifestyle, has caused an increased predominance of such health issues, aiding the industry's growth.


Increasing Popularity of Aloe Extract as a Natural and Herbal Ingredient in Skincare and Cosmetics to Fuel the Market Growth


Extracts of aloe vera are used in the skincare and cosmetics industry as a hydrating ingredient in products such as creams, shaving creams, sun lotions, healing ointments, face packs, and lip balms. Aloe extracts, such as aloe vera juice and gel, deliver vitamin C and E, anti-oxidants, and hydrate the skin, enhancing its elasticity with regular application. As a natural moisturizer, it brings oxygen to the skin, strengthening it from within. Wider adoption of natural and organic beauty products among consumers is driving the market growth. Furthermore, growing consciousness among consumers on personal grooming has led to the development of natural and organic skincare and cosmetic industry, consequently paving the way for the market.


RESTRAINING FACTORS


Adverse Clinical Effects of Aloe Vera Extract to Restrain the Market Growth


The extensive human exposure and its possible carcinogenic and toxic activities are raising safety concerns among consumers in the market. Chemical analysis reveals that the Aloe vera plant encompasses several phenolic and polysaccharide chemicals, particularly anthraquinones. Consumption of aloe preparations is related to hypokalemia, diarrhea, kidney failure, phototoxicity, hypersensitive reactions, and pseudo melanosis coli. According to the National Centre of Biotechnology Information, 2019, aloe vera whole leaf extract exhibited a strong indication of carcinogenic activity in animals such as rats. It was classified by the International Agency for Research on Cancer as a potential human carcinogen. Therefore, such factors are expected to create an adverse effect on market growth.


Aloe Vera Extract Market Segmentation Analysis


By Product Form Analysis


Increasing Demand for Aloe Vera Gel Products to Trigger the Demand


Based on product form, the market is segmented into liquid, gel, powder, and others. The liquid form accounted for the major share in 2019. The growth is attributed to the growing use of herbal and plant extracts in cosmetics products such as hair, body, and skin products. The product is measured as of more heightened quality in terms of nutritious content. According to the Aloe Science Council (IASC), the liquid ingredient is the most commonly used commercially accessible product. Furthermore, gel ingredients are experiencing robust demand owing to wide utilization in distinguished problems such as chemical injuries and sunburn.


By Application Analysis


Cosmetic to Hold Substantial Market Share Owing to Increased Use of Aloe Extracts in Beauty Industry


On the basis of application, the market is segmented into food & beverages, cosmetics, and pharmaceuticals. Cosmetics industry accounted for the largest market in 2022. Rapid utilization of herbal extracts in a wide range of cosmetics and personal care, such as hair, body care, and skin products, is stimulating the market growth. The predominance of numerous skin diseases and other associated problems has prompted the demand for aloe vera products from cosmetic product producers, which is expected to witness strong growth in the coming years.


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By Distribution Channel Analysis


Offline to hold Substantial Market Share Owing to Varied Availability of Distinguished Options


Based on distribution channel, the market is segmented into online and offline. Offline modes, such as convenience stores, hypermarkets/supermarkets, and specialty stores, are experiencing a major share due to the wide availability of distinguished options for extract products and easy accessibility for consumers to procure the product. Online channels are expected to witness strong gains over the forecast period due to growing internet penetration in several countries; online sales channels are experiencing significant growth.


Innovation in retail distribution continues to expand to provide customers with a better shopping experience. Among the many forms of smart retail, vending machines are the ones that are starting to be used by retailers, mainly in the Asia Pacific region, especially by local cosmetics companies.  This constant innovation impacts the way companies do their business and increases their customer base. Many retailers that were once limited to a single channel now use a multi-channel strategy. Many strategies have been developed by retailers to find the most effective way to sell products. One of the most attractive channels is smart retail. Smart retail is the use of smart technologies in the offline shopping scenario to give customers a better, faster and more convenient shopping experience. With innovations in distribution channels, the visibility of aloe vera products is expected to enhance, resulting in market growth.


REGIONAL ANALYSIS


Based on geography, the global market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.


Europe Aloe Vera Extract Market Size, 2023 (USD Million)

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Europe emerged as the largest market in 2022 and is one of the prominent consumers globally. Consumers in European countries, such as Germany, the U.K., and France, are increasingly pursuing nutritional health and supplements products. More buyers are shifting to natural and organic products and treatments for the prevention of disease as well as to enhance their health and wellness. Moreover, health and wellness companies seek organic and natural ingredients while improving and enhancing their product portfolio. Aloe vera extract-based health products are commonly known and demonstrated among European consumers.


Followed by Europe, Asia Pacific region is expected to witness the highest CAGR over the forecast period due to growing application industries in developing countries such as India and China. Moreover, China and India are among the major markets in terms of exports and imports. The Chinese consumer contemplates aloe vera as native to China and is prevalent in traditional medicine. The country has a resilient capacity to yield aloe vera extracts domestically. Nevertheless, lack of product differentiation may result in price competition. Therefore, all factors are expected to stimulate the regional market growth over the forecast period.


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North America reported to be a significant market. Growing product utilization for treating hair loss, gum diseases, and cancer is driving the market. In Mexico, aloe vera plant is found in an ideal environment, where it is produced throughout the Yucatán Peninsula. Conventionally, extracts of aloe vera are used to improve digestion and reduce minor burns. The plant includes minerals, vitamins, and antioxidants that have anti-inflammatory, antibiotic, and analgesic properties.


South American countries, such as Brazil, Argentina, and Chile, have grown considerably over the last decade. The growth is primarily elevated among consumers due to the growing per capita income levels and rapidly increasing middle-class population. Altering lifestyles owing to increasing socioeconomic factors, mainly in South America, are significant factors boosting the demand for extracts of aloe vera over the forecast period.


List of Key Companies in Aloe Vera Extract Market


New Product Launch was the Key Growth Strategy Adopted by Many Players in the Market


The global market is competitive with numerous key players operating globally and regionally. Some of the growth strategies adopted among manufacturers include new product launches, acquisitions, and expansion. For instance, in May 2022, Juicy Chemistry launched aloe extract-based products such as aloe vera gel and aloe vera juice in the Indian market. Similarly, in June 2020, Emami launched two variants such as organic aloe vera gel and organic aloe vera gel with Haldi Chandan Kesar under its BoroPlus brand. Therefore, the growing use of aloe extract in the making of different cosmetics and food products provide growth prospects for the market. In addition, the market holds lucrative opportunities to upsurge in the coming years due to the growing inclination toward natural and organic ingredients.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • July 2022: Organic Harvest, organic beauty and personal care brand, launched an all-new range of organic Aloe Vera Gel. The product is available in four different variants.

  • September 2021: Desert Harvest, a producer of nutritional supplements with a high concentration of aloe vera, has obtained approval from FDA to utilize their superior medicine, aloe vera capsules for treating Interstitial Cystitis (IC), which is a chronic bladder health condition nearly impacting 12 million people.


An Infographic Representation of Aloe Vera Extract Market

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REPORT COVERAGE


The research report analyzes the market in-depth and highlights crucial aspects such as prominent companies, product form, application, and distribution channel areas. Besides this, the research report covered insights into the aloe vera extract market trends and highlighted significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth in recent years.


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Report Scope & Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion)



Growth Rate



CAGR of 8.1% from 2024 to 2032



Segmentation



By Product Form



  • Liquid

  • Gel

  • Powder

  • Others



By Application



  • Food & Beverages

  • Cosmetics

  • Pharmaceuticals



By Distribution Channel



  • Offline

  • Online




  • North America (By Product Form, Application, Distribution Channel, and Country)

    • U.S. (By Application)

    • Canada (By Application)

    • Mexico (By Application)



  • Europe (By Product Form, Application, Distribution Channel, and Country)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Product Form, Application, Distribution Channel, and Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Rest of Asia Pacific (By Application)



  • South America (By Product Form, Application, Distribution Channel, and Country)

    • Brazil (By Application)

    • Argentina (By Application)

    • Rest of South America (By Application)



  • Middle East and Africa (By Product Form, Application, Distribution Channel, and Country)

    • Saudi Arabia (By Application)

    • UAE (By Application)



  • Rest of Middle East & Africa (By Application)






Frequently Asked Questions

Fortune Business Insights says that the worldwide market size was USD 2.65 billion in 2023 and is anticipated to reach USD 5.34 billion by 2032.

In 2023, the worldwide market value stood at USD 2.65 billion.

Growing at a CAGR of 8.1%, the global market will exhibit steady growth over the forecast period (2024-2032).

By product form, the liquid segment is expected to dominate the market throughout the forecast period (2024-2032).

Rising demand for aloe vera extract in the healthcare industry is accelerating the market growth.

Terry Laboratories, Aloe Farms, and Lily of the Dessert Company are key companies worldwide.

Europe dominated the global market in 2023.

Increasing popularity of aloe vera extract as a natural and herbal ingredient in skincare and cosmetics to accelerate the adoption in the near term.

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