CAGR: 7%Current Market Size: USD 735.88 MillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global aloe vera market is expected to grow from USD 735.88 million in 2022 to USD 1264.37 million by 2030, at a CAGR of 7% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising awareness about the medicinal properties of aloe vera.
Aloe vera is a succulent plant species of the genus Aloe and is widely distributed. It is also considered an invasive species in many world regions. It is famous for its healing and regenerative properties, with thick, succulent leaves covered with latex and gel. In the gel, the majority of ingredients are water, with the rest comprising vitamins, enzymes, vitamins, hormones, minerals, amino acids, and carbohydrates, most of which are present in the body of humans. The use of aloe vera extract has increased in recent years as its medicinal benefits have increased. Furthermore, favourable regulatory guidelines have contributed to the market's growth. For instance, FDA approved aloe vera ointment as a skin burn treatment in 1959, leading to significant growth in the industry. Since aloe vera extraction techniques have advanced, it is now possible to use it in its purest form, and with better preservatives, manufacturers are able to extend the shelf-life of their products to meet customer expectations. Increasingly, developing-country aloe vera gel manufacturers are introducing products containing artificial sweeteners and fiber. Furthermore, consumers worldwide are becoming more health-conscious as lifestyle-related disorders increase. As a result of this trend, natural components, such as aloe vera, are regarded as safe and healthier than processed and artificial components. The high level of customer acceptance is another major factor driving the growth of the aloe vera market.
Sample Request: - Global Aloe Vera Market
Market Dynamics:
Drivers:
There is a great deal of research being done to study the benefits of aloe vera. This will lead to the discovery of many more benefits, resulting in an increase in the market for aloe vera. Aside from being safer and healthier than processed or alternative forms of aloe vera, it also has a number of positive health-associated properties that have an impact on the market as a whole. Moreover, aloe vera is playing a key role in the cosmetics as well as food and beverage industries.
Restraints:
Aloe vera can sometimes be regarded as harmful to the health if consumed for an extended period of time since it contains a latex-like substance, which when consumed in large quantities, can cause heart problems, muscle weakness, low potassium, diarrhea, and blood in the urine. This decreases the demand for aloe vera. Aloe vera's growth is hampered by problems related to overconsumption.
Opportunities:
The prevalence of lifestyle-related diseases is increasing all over the world, which has led consumers to become more health-conscious. As a result, people view natural products like Aloe Vera as a safer and healthier option than chemical or processed products. Moreover, the high level of consumer acceptance is another important factor driving the Aloe Vera market's growth. Its benefits and applications have been well-known to consumers all over the world for a long time. Due to this, manufacturers do not have to spend as much money educating consumers about its applications and benefits.
Challenges:
There is a risk that the market growth will be hindered by the initial high costs and low returns on investment associated with the cultivation of aloe vera plants on small land plots. A lack of access to advanced technology for maintaining aloe vera extract plants at the commercial stage will also limit growth. Aloe vera-based products are anticipated to face price fluctuations and complex manufacturing procedures, which are expected to hinder the market's development.
Segmentation Analysis:
The global aloe vera market has been segmented based on product type, application, distribution channel, and region.
By Product Type
The product type segment includes capsules, powder, liquid and gels. The gels segment led the largest share of the aloe vera market with a market share of around 40.4% in 2022. A market share of 36% was held by the gel segment in 2021, boosting its growth, the increasing use of aloe vera gel in the cosmetics industry will drive its growth. Aloe vera gel is widely used to treat burn injuries and skin burns, which will drive the segment's growth in the coming years. Additionally, sulfur, paraben-free and ammonia-free products are likely to fuel the segment's growth.
By Application
The application segment includes cosmetics, food and pharmaceutical. The cosmetic segment led the largest share of the aloe vera market with a market share of around 49.3% in 2022. It is expected that the segment will grow as herbal extracts are increasingly used in cosmetics, such as hair, skin, and body care products, and that consumer preferences for herbal and organic products will also drive the demand. Additionally, there are several factors driving the segment growth, including the rising geriatric population base and cases of skin problems. Furthermore, aloe vera can also be used in sunscreens, which is another driving force.
By Distribution Channel
The distribution channel segment includes offline and online. The online segment led the largest share of the aloe vera market with a market share of around 21.8% in 2022. The online segment is expected to exhibit the fastest growth at a high CAGR, over the Projection period, because of the increasing internet penetration in various countries, online sales channels are experiencing significant growth. Moreover, online retailers like Flipkart, eBay, amazon etc., are focusing on this packaging category as well.
Global Aloe Vera Market- Sales Analysis.
The sale of aloe vera expanded at a CAGR of 6.4% from 2016 to 2022.
Due to consumers' awareness of aloe vera's many health benefits, it is in high demand throughout the world, which benefits the manufacturers as well. As aloe vera has a variety of therapeutic properties, a variety of products containing aloe vera are being developed, creating opportunities for different aloe vera products.
Additionally, the growing demand for products made with aloe vera extract is driving market growth, as the product is known to treat many health conditions, such as diabetes, skin diseases, etc. Today, a large number of diabetic patients are treated with organic or herbal extracts, which are proven to be a major driving force behind the market’s rapid growth.
Furthermore, the growing awareness of health among consumers is driving aloe vera consumption, and a shift from chemical-based products to herbal or organic products is offering manufacturers lucrative growth opportunities. In addition, personal grooming products are increasingly formulated with the product, boosting market growth.
Thus, owing to the aforementioned factors, the global aloe vera market is expected to grow at a CAGR of 7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the aloe vera market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the aloe vera market and held a 38.6% share of the market revenue in 2022.
Global Aloe Vera Market - Country Analysis:
Germany's aloe vera market size was valued at USD 55.17 million in 2022 and is expected to reach USD 95.5 million by 2030, at a CAGR of 7.1% from 2023 to 2030.
Nutritional supplements and health products are increasingly popular in Germany. Natural products and remedies are increasingly used to prevent and maintain diseases, as well as to improve health and wellness. As a result, health product companies are increasingly looking for natural ingredients when designing products, and aloe vera-based products are well known and well established.
China’s aloe vera market size was valued at USD 73.84 million in 2022 and is expected to reach USD 129.7 million by 2030, at a CAGR of 7.3% from 2023 to 2030.
The increasing use of the product in the healthcare sector has also been increasing the market growth, and Aloe vera gel has always played a key role in ancient herbal treatments in this country. In the Projection period, this is expected to continue.
India's aloe vera market size was valued at USD 56.8 million in 2022 and is expected to reach USD 99 million by 2030, at a CAGR of 7.2% from 2023 to 2030.
It is expected that the demand for skincare and cosmetic products in India will grow as per capita income levels and population growth. India is the world's fastest-growing cosmetics market. Additionally, the country's herbal product demand is being fueled by the growing concentration of manufacturers in rural areas, including Dabur, Patanjali, and Himalaya Drug Company.
Key Industry Players Analysis:
To increase their market position in the global aloe vera market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7% |
Market Size |
735.88 million in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Application, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Aloecorp, Inc., Aloe Farms, Inc., Terry Laboratories, Herbalife International of America, Inc., Ashland Global Holdings Inc., Aloe Laboratories, Pharmachem Laboratories, Inc., Lily of the Desert Organic, Inc., Aloe Costa Rica S.A., NOW Foods, Patanjali Ayurveda, and Lakewood Inc. |
By Product Type |
|
By Application |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Aloe Vera Market by Product Type:
Global Aloe Vera Market by Application:
Global Aloe Vera Market by Distribution Channel:
Global Aloe Vera Market by Region:
Global aloe vera market is expected to reach USD 1264.37 million by 2030, at a CAGR of 7% from 2023 to 2030.
Rising acceptability among consumers and used in numerous applications.
Asia Pacific region will witness more growth in the aloe vera market.
The segments covered in the aloe vera market are; product type, application, distribution channel, and region.
Leading players in the aloe vera market are Aloecorp, Inc., Aloe Farms, Inc., Terry Laboratories, Herbalife International of America, Inc., Ashland Global Holdings Inc., Aloe Laboratories, Pharmachem Laboratories, Inc., Lily of the Desert Organic, Inc., Aloe Costa Rica S.A., NOW Foods, Patanjali Ayurveda, Lakewood Inc among others.
Political Factors- Prior to 2014, the Indian government did not have a dedicated ministry for ayurvedic medicine and research. AYUSH - The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa Rigpa, and Homoeopathy - was established in 2014 to support research into alternative medicine. The government is also interested in supporting companies to create alternative treatments for allopathy. Baba Ramdev has his own political connections that help him stand out in the business world. Patanjali benefits the most from Make in India because it fulfills the entire notion of manufacturing most of the needs internally.
Economic Factors- The Indian population is looking for cheaper alternatives to products due to the country's rising inflation rate. Patanjali has effectively captured this need. Increasing tax and interest rates raises the cost of manufacturing things. Patanjali is known as an economical brand in the lower middle and middle classes, and it wishes to maintain this status. Currency exchange rates impact Patanjali less because it obtains its raw materials from within India. It has nothing to do with foreign imports. Patanjali has significantly benefited from the introduction of GST in India. Patanjali has benefited from the rising income capability of India's middle class.
Social Factors- Globally, people are increasingly more concerned about their health. Patanjali is an ayurvedic brand with no negative effects. Because the items are mineral and herbal, they are meant to be healthier. Another reason consumers prefer Patanjali goods is the rise in lifestyle-related health problems. The wrong work-life culture is a key cause of body pain, weakening bones, and so on. Baba Ramdev also has a large and loyal following for his yoga classes. He has held camps all throughout India and is a well-known and well-established face in the country. People wish to believe his brand since he has occasionally expressed his nationalist beliefs through the media.
Technological Factors- The most significant success for Patanjali has been the signing of the Transfer of Technology from DRDO, which will benefit the people of Leh because this technology will be used to produce products from berries cultivated in Leh. The government fully supports technological breakthroughs in medicine, particularly in the ayurveda profession. The establishment of the Patanjali Yogpeeth Trust in Haridwar is one such significant move towards research and development in the alternate medicine business.
Environmental Factors- Patanjali and its operations are governed by a number of laws. Among these is the Medicine Central Control Act of 1970, the Drug and Cosmetic Act of 1940, and the Drugs and Magic Remedies Act of 1954. There is also a severe punishment if Patanjali engages in illegal branding of its products in order to reach out to and attract a larger audience.
Legal Factors- Patanjali's most significant advantage is that it manufactures environmentally friendly items. They manufacture biodegradable items such as detergents. Their main goal is to supply clients with natural products that are free of artificial ingredients. They have also invested in bio-research to expand their product line.
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