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Aloe Vera Extract ProdAloe Vera Extract Products Market Size, Share, & Trends Analysis Report (2023 – 2030)ucts Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global aloe vera extract products market was valued at USD 1.3 billion in 2022 and is projected to expand at a CAGR of 7.2% from 2023 to 2030. Aloe vera is a plant with a variety of health benefits, including moisturizing and healing properties. This has led to its increased use in skin care and hair care products. The burgeoning cosmetics industry and the rising demand for herbal and natural ingredients are major factors driving the market growth. Furthermore, the growing demand for aloe vera-based food and beverages is expected to drive the market in the coming years.
The increasing popularity of aloe vera-based products is evidenced by the launch of new products. For instance, in October 2021, a U.S.-based company, The Aloe Source, launched a range of organic aloe vera-infused skin care products, including face wash, face cream, and body lotion. This new range of products is formulated without parabens, sulfates, or phthalates, and is certified by the Natural Products Association.
The growing demand for aloe vera-based nutraceuticals is expected to drive the market in the coming years. Nutraceuticals are food-based supplements and products that provide health benefits. Aloe vera extract contains vitamins and minerals, which provide health benefits, such as reducing the risk of cardiovascular diseases, improving digestion, and boosting skin health. Furthermore, the rising popularity of dietary supplements, such as drinkable aloe vera juice, is expected to drive the aloe vera extract products market in the coming years.
In addition, the rising awareness about the health benefits of aloe vera extract is expected to boost the market in the coming years. For instance, in January 2022, the Dubai Health Authority organized an event to spread awareness about the health benefits of aloe vera. The event focused on informing the public about the numerous benefits of aloe vera extract, such as its anti-inflammatory, anti-bacterial, and antioxidant properties.
Furthermore, the increasing demand for aloe vera extract in the food and beverages industry is expected to drive the market in the coming years. For instance, in April 2021, a U.S.-based company, AloeVera, launched a range of aloe vera-infused drinks. The product line includes aloe vera juice, aloe vera smoothies, and aloe vera cocktails. The company claims that their drinks are made with the highest quality aloe vera extract, offering various health benefits. The company is targeting health-conscious consumers with their new product range.
Product Insights
The aloe vera extract segment accounted for the largest share of the market in 2022. Aloe vera extract is widely used in pharmaceuticals and food products due to its medicinal properties such as anti-inflammatory and antibacterial. According to an article published by the NCBI, in April 2019, aloe vera extract is used for the treatment of skin damage, wound healing, and bacterial infections. Furthermore, the rising demand for aloe vera extract in the cosmetics industry due to its moisturizing and skin healing properties is further propelling the demand for aloe vera extract.
The aloe vera gel segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. Aloe vera gel is used as a natural moisturizer and is also known to be beneficial for skin conditions such as psoriasis and acne. According to an article published by the NCBI, in April 2019, aloe vera gel is also used for the treatment of sunburns and other skin irritations. Further, the rising demand for natural and organic products in the cosmetics industry is driving the demand for aloe vera gel.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest share of the global aloe vera extract products market in 2022. The superiority of these stores regarding product availability, freshness, and price are the major factors that are driving the growth of this segment. These stores provide customers with a wide variety of products that are easy to access and compare. In addition, customers can physically inspect the product before making a purchase.
The e-commerce segment is anticipated to register the highest CAGR during the forecast period. The rising penetration of smartphones and increasing internet access in the developing countries are fueling the growth of the e-commerce segment in the aloe vera extract products market. Companies are focusing on developing e-commerce platforms to target potential customers. For instance, in October 2020, The Aloe Farms launched an online store to sell aloe vera extract products online. The online store offers a wide range of aloe vera extract products at competitive prices.
Type Insights
The food and beverage segment accounted for the largest revenue share of 63.3% in the year 2022. The increasing demand for aloe vera-based food and beverages such as juice, smoothie, and tea is driving the market growth. The growing trend of health awareness among the people has led to an increase in the consumption of aloe vera-based products. For instance, the rising demand for aloe vera-based health drinks such as aloe vera juice and aloe vera shots is fueling the market growth.
The cosmetics and personal care segment is estimated to exhibit the highest CAGR of 8.1% over the forecast period. The increasing demand for natural and organic products due to the growing awareness of health and wellness among consumers is driving the market growth. Moreover, companies are introducing aloe vera-based products such as shampoos, conditioners, and skin care products to meet the growing demand. For instance, in October 2020, The Body Shop, a beauty brand of Natura & Co., launched an Aloe Soothing range of products, which includes a shampoo, a conditioner, a body wash, and a gel.
Regional Insights
Asia Pacific is anticipated to be the fastest-growing region during the forecast period. India, China, and Thailand are the major markets for aloe vera extracts in the Asia Pacific. Growing demand for aloe vera products in the food and beverage, cosmetics, and healthcare industries is expected to drive the regional market. Moreover, awareness among consumers regarding the health benefits of aloe vera is driving the demand for aloe vera extracts in the region.
North America is expected to account for the second-largest market share in 2022. The U.S. and Canada are the major consumers of aloe vera extracts in the region. The increasing demand for skincare products and rising awareness about the health benefits of aloe vera are some of the key factors driving the regional market. Furthermore, the increasing demand for aloe vera extracts in the food and beverage industry is expected to propel the market growth in the region.
Financial Projections
In this part of the Aloe Vera Extract products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Aloe Vera Extract business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an Aloe Vera Extract products business comes from the sales of the extract products such as lotions, serums, creams, and other products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, product endorsements, and sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the Aloe Vera Extract products business running will be described. The list of operating expenses includes production costs, packaging and shipping costs, wages, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the aloe vera extract products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Forever Living Products launched its new range of aloe vera extract-based products such as aloe vera gel, aloe vera juice, aloe vera capsules, and aloe vera tablets.
– In August 2022, Herbalife International launched its range of aloe vera extract-based drinks and supplements.
– In October 2022, Unilever launched its range of aloe vera extract-based beauty and skincare products.
Some of the prominent players in the aloe vera extract products market include:
– Forever Living Products
– Herbalife International
– Unilever
– The Hain Celestial Group
– Amway
– Archer Daniels Midland Company
– Aloecorp, Inc.
– Nature’s Way Products, LLC.
– Fruit of the Earth
– Patanjali Ayurved Limited
Global Aloe Vera Extract Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global aloe vera extract products market based on product, distribution channel, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Aloe Vera Gel
– Aloe Vera Juice
– Aloe Vera Extract
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is driving the Global Aloe Vera Extract Products Market?
[A]: The rising usage of aloe vera extract products in the skincare and haircare industries is the major factor driving the global aloe vera extract products market. Aloe vera extract is used in a variety of skincare products, such as creams, lotions, and gels, as well as haircare products, such as shampoos and conditioners. Furthermore, the increasing popularity of herbal and natural products is also contributing to the growth of the market.
[Q]: Who are the Key Players in the Global Aloe Vera Extract Products Market?
[A]: Some of the key players in the global aloe vera extract products market include Forever Living Products, Aloecorp, Aloe Laboratories, Aloe Farms, and Aloe Vera Australia.
[Q]: What are the Benefits of Aloe Vera Extract?
[A]: Aloe vera extract has many benefits, such as moisturizing and hydrating the skin, reducing wrinkles and age spots, soothing sunburns and other skin irritations, and improving overall skin tone and texture. Additionally, it has anti-inflammatory and antibacterial properties that can help protect the skin from damage and infections.
[Q]: What are the Applications of Aloe Vera Extract?
[A]: Aloe vera extract is used in a variety of applications, such as skincare, haircare, cosmetics, pharmaceuticals, and food and beverages. In skincare and haircare products, aloe vera extract is used as an ingredient to nourish and protect the skin and hair. In cosmetics, it is used to improve the texture, appearance, and feel of the product. In pharmaceuticals, it is used to treat various skin conditions, such as burns, cuts, and bruises. Finally, in food and beverages, it is used as a natural sweetener and flavoring agent.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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