by Aloe vera is a succulent plant species of the genus Aloe. It grows in tropical climates around the world and is cultivated for agricultural and medicinal uses. The clear inner gel of its leaves contains various vitamins, minerals, sugars, enzymes, amino acids and anthraquinone compounds that are widely used in cosmetic, pharmaceutical and food industries. Aloe vera extract soothes skin irritations, speeds healing of minor burns and wounds, possesses antimicrobial properties and moisturizes dry skin.
The Global Aloe Vera Products Market is estimated to be valued at US$ 2.23 Billion in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Aloe Vera Products Market Companies are Forever Living Products, LR Health and Beauty Systems, Herbalife International, Aloecorp, Inc., Aloe Laboratories, Inc., Lily of the Desert and Terry Laboratories. The growing popularity of natural ingredients based cosmetic and skin products among consumers is fueling the demand for aloe vera extract. Organic aloe vera products are gaining traction as consumers shift towards chemical-free personal care solutions. Most of the leading personal care brands are incorporating aloe vera in their offerings to capitalize on the trend. Aloecorp, Forever Living Products and Aloe Vera Laboratories are focusing on expanding their geographic footprint in Asia Pacific and Latin America. Rising health-conscious population, growing middle class and urbanization are expected to drive the aloe vera products market growth in emerging economies.
Market Key Trends
The addition of aloe vera to functional food and beverage products is one of the key driver witnessed in the Aloe Vera Products Market Growth. Manufacturers are introducing aloe vera infused fruit juices, syrups, yogurts and nutraceuticals due to its nutritional properties. Aloe vera has high antioxidant content and stabilizes glucose levels in the body. Beverage companies such as Aloe Gloe, Oasis and Alo are promoting the various physiological benefits of aloe vera that support overall health and wellness. The booming functional foods and beverages industry will further propel the adoption of aloe vera extracts in the coming years.
Porter’s Analysis
Threat of new entrants: High capital requirements for cultivation and processing of aloe vera plant acts as a barrier for new players. Bargaining power of buyers: Buyers have moderate bargaining power. Variety of product choices across brands increases competition in the market. Bargaining power of suppliers: Suppliers have moderate bargaining power. Easy availability of raw material i.e. aloe vera plant across regions provides alternatives to buyers. Threat of new substitutes: Low threat as aloe vera has distinctive medicinal and therapeutic properties not easily substitutable. Competitive rivalry: Intense competition amongst existing players to gain market share. Players focus on expanding their product portfolio and entering new geographical markets.
Geographical Regions
In terms of value, North America region currently holds the largest share of aloe vera products market owing to growing health and wellness trends. Major aloe vera cultivating countries like USA, Mexico contribute to regional market growth.
Asia Pacific region is emerging as the fastest growing geographical market for aloe vera products. Increasing demand from countries like India, China, Japan is driving regional market expansion. Rise in health consciousness among consumers and development of herbal cosmetic industries drives the aloe vera market in Asia Pacific.
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About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
