Global Aloe Vera Extract Market, which was valued at approximately USD 1.85 Billion in 2019, and is slated to accrue revenue worth USD 3.13 Billion by 2026, is set to record the CAGR of nearly 7.8% over the period from 2020 to 2026
The global aloe vera extract market, which was valued at approximately USD 1.85 Billion in 2019, and is slated to accrue revenue worth USD 3.13 Billion by 2026, is set to record the CAGR of nearly 7.8% over the period from 2020 to 2026.
Global Aloe Vera Extracts Market: Overview
Aloe vera is a plant species of the aloe genus. Basically, it requires tropical climatic conditions for its growth. Generally, it is grown for cosmetics, food, and medicinal purposes. The leaves of aloe vera contain phytochemicals. Extracts of aloe vera have wide applications in various industries such as pharmaceutical, food, and cosmetics. These extracts are utilized for formulating aloe vera-based products including gels, powders, capsules, concentrates, and drinks. It is widely known for alleviating skin-related ailments, weight loss, cardiovascular diseases, and so on.
Global Aloe Vera Extracts Market: Growth Factors
Numerous product benefits owing to the richness of aloe vera results in wide range of applications across personal and medical care industry. This is anticipated to boost the global aloe vera market in the near future. Increasing product juice demand, particularly from the middle age segment of women and men as well as young age group, is expected to enhance the global market growth in the coming years. Easy availability of plant extracts all around the year mainly due to simple growth conditions will also propel the global market growth in future. Increasing consumer awareness regarding the side effects with the use of chemical-based products has made people opt for natural products. This is further having a positive impact on the global aloe vera market growth.
Global Aloe Vera Extracts Market: Segmentation
The global aloe vera market is segmented on the basis of product type, form, and end-use. Based on the product type, the global market is categorized as aloe vera whole leaf extracts, gel extracts, others. On the basis of form, the global market is segmented as powders, drinks, gels, capsules, and concentrates. Furthermore, based on the end use industry, the global aloe vera market is segmented as food, pharmaceutical, and cosmetics.
Global Aloe Vera Extracts Market: Regional Analysis
Changing consumer lifestyle mainly due to increasing socioeconomic aspects in Asia Pacific is the key factor increasing the demand for the product in this region. This is further expected to propel the global market growth in this region in the near future. Furthermore, growing concerns due to the chemical products use have enhanced the market growth in this region. Moreover, North America and Europe are also expected to witness considerable growth due to rising consumer awareness regarding few health benefits owing to the use of the aloe vera. Furthermore, the Middle East & Africa and Latin America are also anticipated to witness sluggish growth mainly due to price-sensitive consumers in these regions.
Global Aloe Vera Extracts Market: Competitive Players
Major players in the global aloe vera market are Aloe Laboratories Inc., Terry Laboratories Inc., Pokonobe Inc., Foodchem International Corporation, Lily of the Desert Organic Aloeceuticals, Aloe Farms Inc., Aloecorp Inc., Natural Aloe Costa Rica S.A., Houssy Global and Pharmachem Laboratories Inc., and Cady products LLC.
Global Aloe Vera Extracts Market: Regional Segment Analysis
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