The new report by Expert Market Research titled, ‘Global Aloe Vera Gel Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global aloe vera gel market, assessing the market based on its segments like applications, manufacturing process and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 649.41 million
- Forecast CAGR (2022-2028):2%
- Forecast Market Size (2028): USD 1.23 billion
The growing use of aloe vera gel in various application sectors, the growing population, and the growing awareness of the benefits are significant factors enabling the aloe vera gel industry to expand. The market for aloe vera gel is expected to grow due to population expansion, rising consumer health awareness, and expanding uses across various industries. Furthermore, several scientific studies undertaken by various institutes regarding the benefits of aloe vera have increased consumer confidence in the use of aloe vera products, resulting in increased global demand for aloe vera gel.
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Aloe Vera extracts are commonly used to cure various ailments, including skin disorders, hair loss, gum disease, and cancer. Increased pollution combined with a fast-paced lifestyle has resulted in a rise in such health problems, fueling market expansion. With the increasing demand for aloe vera gel in health and pharmaceutical products, the cosmetic industry is expected to drive market growth in the coming years.
Industry Definition and Major Segments
Aloe Vera is one of the most effective, natural, and well-known therapeutic plants. Aloe vera is a succulent plant species belonging to the Aloe genus. Aloe is a widespread plant with over 500 species and is considered an invasive species in many parts of the world. Aloe vera gel is a viscous, colorless liquid derived from the aloe vera plant. It is found in the aloe plant’s inner leaf section. Aloe vera gel now has a strong global presence as a result of its widespread use as a commercial ingredient in a variety of industrial products.
By application, the market is divided into:
- Pharmaceutical Industry
- Cosmetic Industry
- Food Industry
By region, the industry is categorised into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
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Aloe vera gel has several health benefits, including increased energy, reduced premature aging, improved vision, immune system stimulation, and reduced cancer risk and heart disease. Consumer awareness of these health benefits is a major driver of market expansion. One of the primary factors driving the market’s growth has been the increasing number of applications for palm kernel oil. In addition, the demand for aloe vera gel is expected to increase globally due to the growing popularity of herbal cosmetics.
Aloe vera gels are widely used for facial regeneration, hair growth, and skin moisturization, and this application should account for a significant portion of aloe vera gel’s recent global growth. As a result, organic products will play a greater role in the growth of the global aloe vera gel industry in the coming years. Additionally, as the popularity of aloe-vera beverages has grown, so has the market for aloe-vera gels. Furthermore, the purchasing power and disposable income of the masses have increased significantly in recent years. This, too, is projected to have a major impact on the global market’s overall growth.
Asia-Pacific now dominates the global market for aloe vera extracts, owing to increased awareness of the benefits of aloe vera extracts. In addition, countries such as China and India push the region’s industry forward due to rising demand in the pharmaceutical and cosmetics industries. The second-largest market was North America. The region is expected to grow over the forecast period due to a significant number of major product manufacturers, particularly in the United States.
The regional market is being driven by an increase in products to treat cancer, diabetes, and other diseases. Furthermore, Europe is one of the most promising markets, with significant growth anticipated over the forecast period. Demand for aloe Vera products is expected to increase as more people become aware of the potential health benefits. Additionally, the growing consumer preference for natural and herbal cosmetics will expand market opportunities.
Key Market Players
The major players in the market are Forever Living Products, Herbalife International, Aloecorp Inc, Aloe Laboratories Inc., Aloe Vera Australia, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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