The global aloe vera gel market, valued at USD 337.7 million in 2022, is anticipated to escalate to USD 712.3 million by 2032, showcasing a 7.8% CAGR from 2022 to 2032. This trajectory is estimated to yield an absolute $ opportunity of approximately USD 374.6 million by 2032 on a global scale.
A recent half-yearly analysis by FMI reveals promising growth prospects for the global Aloe vera gel market. While the overall market witnessed a healthy increase of 7.7% in the first half of 2021 (H1 2021), the report highlights key trends shaping the industry’s future.
Factors Influencing Market Growth:
- Demographic Shifts: Growing health consciousness and a rising population in developing regions are fueling demand for natural and organic products like Aloe vera gel.
- Focus on Innovation: Market players are constantly innovating, introducing new product formulations and applications for Aloe vera gel, catering to diverse consumer needs.
- Macroeconomic and Industry Trends: Overall economic conditions and developments within the health and wellness industry also play a significant role in market growth.
Developing Markets Take the Lead:
The report underscores a disparity in growth rates across regions. Developing markets are experiencing a surge in demand for Aloe vera gel, with H1 2021 recording an impressive growth rate of 8.6%. This outpaces the projected growth for mature markets, indicating a potential shift in market dynamics.
Key Takeaways
- Due to changing consumer preferences towards healthy lifestyles and inclination towards practices such as gyming, yoga, and healthy food consumption. These factors have surged the demand for health-related products including organic food and natural ingredient-based cosmetics.
- Aloe vera gel is widely used in ample industries including food & beverage, healthcare, and cosmetic industries. There is a surge in aloe vera-infused products owing to its several benefits and the potential opportunity offered by this consumer segment.
- Backed by several health benefits offered by aloe vera gel containing significant amounts of essential nutrients such as vitamins, amino acids, enzymes, sugars, and hormones is expected to drive the market growth.
- Aloe vera gel is drastically gaining traction owing to its medicinal, herbal, and remedial properties as it is derived from the inner leaf of the plant, comprising majorly of water content and minerals, hormones, enzymes, vitamins, amino acids, and sugars in small amounts.
- The surging consciousness among consumers to look good and enhance their outer appearance has majorly led to the growth of the cosmetics and personal care industry that is in return paving the way for the aloe vera gel market.
- Emerging economies such as India and China are witnessing an increase in consumption patterns which is resulting in increased demand for the Aloe Vera Gel market. In addition to that, various other market segments are expected to have a fair performance and attain promising growth prospects in the next half of the projection period.
Competitive Landscape
- Terry Laboratories, Inc.,
- Aloe Laboratories Inc.,
- Lily of the Desert,
- Patanjali Ayurved Ltd.,
- Aloecorp, Inc.,
- L’Oréal S.A.,
- Herbalife International, Inc.,
- Aloe Farms, Inc.,
- Natural Aloe De Costa Rica, S.A,
- Real Aloe Solutions Inc.,
- Now Health Group, Inc.,
- Aroma Treasures,
- Fruit of the Earth, Inc.,
- Nature’s Essence Pvt. Ltd.,
- Forever Living Products International, Inc.,
- Nature Republic Co., Ltd.
are some of the key companies profiled in the full version of the report.
There are immense opportunities for market participants in the aloe vera gel market, owing to the enormous use of aloe vera gel as a dietary supplement and as an ingredient in the cosmetic industry for the removal of acne, revitalizing skin, smoothing the skin and hair, for skin treatments, and more. Aloe vera gel is also used for juices and as a food ingredient for providing additional nutritional supplements and instant energy.
Due to various applications, an increase in the consumption of aloe vera gel can be predicted in the coming years. This is expected to provide opportunities for the aloe vera gel manufacturers to expand their operations in order to meet the uplifting demand in the market.
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More Insights into the Aloe Vera Gel Market
The APAC region is expected to dominate the global aloe vera gel market throughout the forecast period with a robust CAGR of 8.8%. Developing countries like China and India are projected to be 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.
The United States has been a prominent supplier of aloe vera gel raw material and the end product as well. The key market players in the aloe vera gel market are based in the North American region. Owing to the high presence of market players in the region is expected to boost the sales of aloe vera gel over the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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