According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of aloe vera gel are estimated to reach a value of USD 712.3 Mn by 2032, surging at 7.8% CAGR through the decade.
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Consumers are increasingly shifting their preferences to healthy lifestyles and habits such as fitness, yoga, and healthy eating. As a result, demand for health-related products such as organic foods and natural cosmetics is increasing.
One such product is aloe vera gel. Companies in the pharmaceutical, cosmetics, and food industries are increasingly launching products based on aloe vera gel to take advantage of the potential health benefits offered by aloe vera gel. I am. Vitamins and amino acids include acids, enzymes, sugars, and hormones.
The growing consumer awareness of improving the look and appearance has led to the growth of the cosmetics and personal care industry, paving the way for the aloe vera gel market. In addition, growing consumer awareness of the adverse effects of chemically formulated cosmetics has fueled the market for aloe vera gels with multiple medicinal properties and herbal properties.
2017-2021 Aloe Vera Gel Market Outlook in Comparison to 2022-2032 Growth Forecast
Future Market Insights projects the aloe vera gel market to remain steady, exhibiting growth at 7.8% CAGR between 2022 and 2032 in comparison to the CAGR of 6.6% posted between 2017 and 2021.
Rising consciousness among consumers to look good and enhance their outer appearance has led to the growth of the cosmetics and personal care industry, thus, paving the way for the aloe vera gel market. Further, increasing awareness among consumers about the ill-effects of chemically-composed cosmetic products has fuelled the market for aloe vera gel possessing several medicinal and herbal properties.
Despite having a lower market value share of about 20%, distribution through e-retail channel is projected to remain the fastest growing channel of aloe vera gel market with a CAGR of 10.4% over the forecast period (2022-2032). This can be attributed to upgrading technology and an increasing number of consumers using the Internet and smartphones for shopping varied products such as cosmetics, toiletries, food and beverages, and fast-moving consumer goods. All the above-mentioned factors are predicted to result in surging demand in half a decade.
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Key Takeaways from Market Study
- Distribution through e-retail channel is projected to remain the fastest-growing channel of the aloe vera gel market with a CAGR of 10.4% over the forecast period (2022-2032).
- The APAC region is projected to remain dominant in the aloe vera gel market throughout the forecast period, with a CAGR of 8.8%.
- Emerging countries such as China and India are expected to be the prominent players in the regional market owing to the rise in the cosmetic and healthcare industry in the region, increasing population, and the increasing spending capacity of consumers.
- North America has been a prominent supplier of aloe vera gel raw material as well as end products.
- The organic segment is expected to dominate the global market and is estimated to register a CAGR by a value of 8.9% over the forecast period (2022-2032).
Who is Winning?
Many CEOs re-checked their company’s portfolios and re-figured their strategy in 2020 and 2021 due to the global upheaval generated by COVID-19. Companies have worked on strategies such as marketing and packaging, adopted labels trends, and taken various steps to promote the product in different markets along with reaching new geographies.
Aloe vera gel is a major ingredient in the aloe vera gel market as it is used in large quantities as a dietary supplement and as an ingredient in the cosmetics industry to remove acne, rejuvenate the skin and smooth the skin and hair. You can get a chance. For skin treatments. Aloe vera gel is also used as a juice and food ingredient to provide additional nutritional support and instant energy.
Due to various uses, aloe vera gel consumption is expected to increase over the next few years. It is expected to provide aloe vera gel manufacturers with the opportunity to expand their business to meet increasing market demand. Leading manufacturers include Terry Laboratories Inc., Aloecorp Inc., Herbalife International Inc., Aroma Treasures, and Nature Republic Company Limited.
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