Aloe Vera Market Synopsis
Aloe is a cactus-like plant that grows in hot, dry climates. It is cultivated in subtropical regions around the world. An evergreen perennial, it originates from the Arabian Peninsula. It is cultivated for commercial products, mainly as a topical treatment used over centuries.
- The botanical name of Aloe vera is Aloe barbadensis miller. It belongs to Asphodelaceae (Liliaceae) family and is a shrubby or arborescent, perennial, xerophytic, succulent, pea-green color plant. It grows mainly wild in tropical, semi-tropical, and arid climates around the world in the dry regions of Africa, Asia, Europe, and America.
- In India, it is found in Rajasthan, Andhra Pradesh, Gujarat, Maharashtra, and Tamil Nadu. The species is attractive for decorative purposes and succeeds indoors as a potted plant.
- It is used in many consumer products, including beverages, skin lotions, cosmetics, ointments, or in the form of gel for minor burns and sunburns. There is little clinical evidence for the effectiveness or safety of Aloe vera extract as a cosmetic or topical drug and oral ingestion have a risk of toxicity.
Top Key Players
Forever Living Com L.L.C. (U.S.), Herbalife International Inc. (U.S.), Aloecorp Inc (U.S.), Aloe Laboratories Inc. (U.S.), Aloe Vera Of Australia Pty Ltd (Australia), Ashland Inc. (U.S.), Terry Laboratories L.L.C. (U.S.), Fruit Of The Earth (U.S.), Edgewell Personal Care (U.S.), Lily Of The Desert (U.S.), Aloe Plus Lanzarote S.L (Spain), Lily Of The Desert (U.S.), Now Foods (Ind), Real Aloe Solutions Inc (U.S.), Patanjali Ayurved (Ind), Sarvliving (Ind), Green Leaf Naturals (Ind), Warren Laboratories LLC (U.S.), Lakewood Inc (U.S.), Lr Health & Beauty (Germany) And Other Major Players.
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Aloe Vera Market Trend Analysis
Increasing Use Due to Health Benefits
Aloe vera is a succulent plant that has been used as medicine for centuries, most commonly to treat sunburn, rashes, burns, wounds, and other skin conditions. It may also help ease digestion problems like heartburn and constipation, reduce blood sugar in people with diabetes, fight cavities, and condition and strengthen hair.
- The aloe vera plant has long, thick triangular leaves and is relatively easy to grow. The thick outer layer is the rind, the middle layer is a bitter yellow sap, and at the center is a gel that can be applied directly to the skin.
- In traditional and folk medicines, aloe vera has been used internally and externally to treat a wide range of unrelated medical conditions. There are aloe vera supplements, juices, and skin and hair care products that are thought to have therapeutic effects. Aloe Vera contains healthful plant compounds, it has antioxidant and antibacterial properties, it accelerates wound healing, reduces dental plaque, helps treat canker sores, reduces constipation, may improve skin and prevent wrinkles, and lowers blood sugar levels. These key benefits are driving factors in the Aloe Vera market.
Rising Demand for Aloe Vera Products in European Countries
Europe has a prospective market for Aloe vera products because consumer demand for natural health products is growing. Aloe vera is used in supplements to promote digestive and overall immune well-being, which is in high demand.
- The aging population in Europe, as well as rising consumer interest in health and wellness products, is stimulating demand. The European market for food supplements is expected to grow in the future. According to the Medical Nutrition Industry, 33 million people in Europe are affected by malnutrition. It is estimated that around EUR 170 billion a year is spent on malnutrition in European countries.
- Moreover, European consumers are becoming more health conscious. Consumers are looking for ways to improve their health and well-being. Increasing life expectancy and the rise in chronic disease are stimulating demand for nutraceuticals and dietary supplements.
- The European dietary supplements market is projected to reach USD 20.9 billion by 2026. The European market offers good opportunities to Aloe vera suppliers in developing countries.
Segmentation Analysis of The Aloe Vera Market
The Aloe Vera Market segment covers the Type, Application, Form, Product, and Distribution. By application, the Cosmetic segment is anticipated to dominate the market over the forecast period.
- Growth in consciousness about external beauty along with an individual’s internal intellect has become one of the major driving factors for the use of cosmetics in the global market.
- It’s a well-known plant that has been a successful, effective skincare ingredient for a long time. The plant offers great benefits for the skin and hair and its properties have been recognized for thousands of years in traditional medicine. As a cosmetic ingredient, aloe vera is widely used in many mainstream skincare and cosmetics products.
- The plant leaves contain numerous vitamins, minerals, enzymes, amino acids, natural sugars, and other bioactive compounds with emollient, purgative, anti-microbial, anti-inflammatory, antioxidant, aphrodisiac, anti-helminthic, antifungal, antiseptic and cosmetic values for health care. These are the drivers for future scopes for aloe vera in cosmetics.
- North America accounted for 24% of the global cosmetics market in 2020. Current numbers place the Asia Pacific as the largest consumer of cosmetics as a region.
Regional Analysis of The Aloe Vera Market
Asia Pacific is Expected to Dominate the Market Over the Forecast Period.
- Asia Pacific has emerged as the world’s largest Aloe Vera Market. Growth in the region’s pharmaceutical and cosmetic industries drives the market growth. The region’s expanding population, paired with rising per capita income, is predicted to lend fuel to market expansion. Countries such as India and China are constantly engaged in research and development operations to uncover additional aloe vera uses, which is driving the market growth.
- Thailand represents the leading producer of aloe vera, holding more than a third of the total global production. On the other hand, the Asia Pacific represents the largest consumer of the product, accounting for the majority of the total global consumption.
- Additionally, the Aloe Vera Extract Market growth is being further fuelled by the rapidly expanding functional food industry.
- In the Asia-Pacific region, there is also a demand for expanding the aloe vera extract market due to factors including rising expenditure on functional foods, cosmetics, and personal care products.
- Moreover, factors like rising consumer expenditure on functional foods, cosmetics, and personal care items have led to an increase in demand for aloe vera extract in the Asia-Pacific area. These factors are driving the Asia Pacific Aloe Vera Market during the forecast period.
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Top Key Players Covered in The Aloe Vera Market
- Forever Living.com L.L.C. (U.S.)
- Herbalife International Inc. (U.S.)
- Aloecorp Inc (U.S.)
- Aloe Laboratories Inc. (U.S.)
- Aloe Vera of Australia Pty Ltd (Australia)
- Ashland Inc. (U.S.)
- Terry Laboratories L.L.C. (U.S.)
- Fruit of the Earth (U.S.)
- Edgewell Personal Care (U.S.)
- Lily of the Desert (U.S.)
- Aloe Plus Lanzarote S.L (Spain)
- Lily of the Desert (U.S.)
- Now Foods (IND)
- Real Aloe Solutions Inc (U.S.)
- Patanjali Ayurved (IND)
- Sarvliving (IND)
- Green Leaf Naturals (IND)
- Warren Laboratories LLC (U.S.)
- Lakewood Inc (U.S.)
- LR Health & Beauty (Germany) And Other Major Players.
Key Industry Developments in The Aloe Vera Market
- In January 2023, Forever living products international announces a new president. Forever Living Products International, a direct sales health and beauty company with a presence in over 160 countries, recently named Aidan O'Hare its new President. O'Hare takes on the role after working in management at Forever Living for 26 years, overseeing global sales strategies as the Executive Vice President of Sales.
- In March 2023, Herbalife looks to ride on IPL to reach out to smaller towns. Nutrition Multinational Herbalife hopes its partnership with the Indian Premier League (IPL) will help with its ambitious expansion in tier 2 and tier 3 cities in India. The Board of Control for Cricket in India (BCCI) had on Wednesday announced its partnership with Herbalife for the Tata IPL 2023, to be played in the country from March 31 to May 28.
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