Newark, June 16, 2022 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global aloe vera market is expected to grow from USD 1.8 billion in 2021 to USD 3.4 billion by 2030, at a CAGR of 7.6% during the forecast period 2022-2030.
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Aloe Vera is a herbal and medicinal plant widely used for its treatment and healing properties. Primarily the plant contains gel and latex, which is rich in various vitamins, enzymes, hormones, minerals, amino acids, and sugars. The aloe vera plant belongs to the Liliaceae family with thick green leaves. Investment in research and development activities by most companies is being made to launch innovative aloe vera products to gain a competitive advantage and expand their global presence. At present, aloe vera is widely used for making sugar-free drinks which increases the application scope of the product. Countries like China, the U.S., and India are some of the significant manufacturing markets for aloe vera, owing to rising awareness about healthy lifestyles. Aloe vera is widely used in various industries such as cosmetics, food and beverages, pharmaceutical industry, and toiletries.
Competitive Strategy
To enhance their market position in the global aloe vera market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
Extracts from aloe vera are widely used to treat several health issues, such as hair loss, skin problems, cancer, and gum diseases. Hectic lifestyle and increasedpollution have increased the prevalence, propelling the market's growth. Rising cases of diabetes are also expected to open new avenues for the market's growth, as most diabetic patients are increasingly using herbal and sugar-free drinks to treat the diseases, which propels the market's growth. However, the long-term consumption of aloe vera is considered harmful to health, which hampers the market's growth. Multiple application of aloe vera is an opportunity for the market's growth. Furthermore, aloe vera is widely used to provide instant relief from different burn problems like chemical burns, sunburns, fire burns, etc., which adds impetus to the market's growth.
Key Findings
● In 2021, the gel segment dominated the market with the largest market share of 36% and market revenue of 0.6 billion.
The product type segment is divided into gels, powder, capsules, and liquid. In 2021, the gel segment dominated the market with the largest market share of 36% and market revenue of 0.6 billion. The increasing use of aloe vera gel in the cosmetics industry will propel the segment's growth. Aloe vera gel is widely used to treat skin burns and other burn injuries, driving the segment's growth.
● In 2021, the online segment accounted for the largest share of the market, with 83% and a market revenue of 1.49 billion.
The distribution channel segment is divided into online and offline. In 2021, the online segment accounted for the largest share of the market, with 83% and a market revenue of 1.49 billion. Increasing penetration of the internet and the outbreak of the Covid-19 pandemic increased online shopping among consumers, which increased the segment's growth.
● In 2021, the cosmetic segment accounted for the largest share of the market, with 43% and market revenue of 0.77 billion.
The application segment is divided into food, pharmaceutical, and cosmetic. In 2021, the cosmetic segment accounted for the largest share of the market, with 43% and market revenue of 0.77 billion. The increasing use of aloe vera in the cosmetic industry to treat hair, skin, and body problems drives the market's growth in the segment. Furthermore, aloe vera is also used as sunscreens propelling the market's growth.
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Regional Segment Analysis of the Aloe Vera Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global aloe vera market, with a market share of around 38% and 0.68 billion of the market revenue in 2021. Growth in the pharmaceutical and cosmetic industry in the region propels the market's growth. The growing population combined with rising per capita income in the region is expected to add impetus to the growth of the market in the region. Countries like India and China are continuously involved in research and development activities to find more aloe vera applications, driving the market's growth.
Key players operating in the global aloe vera market are:
● Aloe Farms, Inc.
● Lily of the Desert Organic Terry Laboratories, Inc.
● Pharmachem Laboratories, Inc.
● Aloe Costa Rica S.A.
● International Corporation
● Aloe Laboratories, Inc.
● Aloecorp, Inc.
● Ashland Global Holdings Inc.
● Herbalife International of America, Inc.
● Terry Laboratories
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global aloe vera market based on the below-mentioned segments:
Global Aloe Vera Market by Product Type:
● Gel
● Powder
● Capsule
● Liquid
Global Aloe Vera Market by Distribution Channel:
● Online
● Offline
Global Aloe Vera Market by Application:
● Food
● Pharmaceutical
● Cosmetic
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About the report:
The global aloe vera market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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