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Aloe Vera Extract Market Trends, Growth & Opportunities 2024-2033
Aloe Vera Extract Market Trends
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According to The Business Research Company's, The aloe vera extract market size has grown strongly in recent years. It will grow from $2.62 billion in 2023 to $2.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to growth in consumer awareness of health benefits, increasing demand in cosmetics and personal care, rising popularity in nutraceuticals and dietary supplements, expanding applications in the food and beverage industry.
The aloe vera extract market size is expected to see strong growth in the next few years. It will grow to $4.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued interest in natural skincare and beauty, exploration of aloe vera's medicinal potential, expanding use in functional and health beverages, increased adoption in natural and herbal medicines, global sustainability and eco-friendly product trends. Major trends in the forecast period include focus on organic and sustainable sourcing, innovations in aloe vera-infused products, expansion of aloe vera farms and cultivation, global market penetration, quality control and certification standards.
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Market Drivers and Trends:
The increasing demand for natural and organic cosmetics is expected to propel the growth of the aloe vera extract market going forward. Organic cosmetics are cosmetic products formulated and manufactured using organic ingredients derived from organic farming practices. These products are made without synthetic chemicals, such as pesticides, herbicides, or genetically modified organisms (GMOs). Aloe vera extract is the key ingredient for natural and organic cosmetics manufacturing. For instance, in March 2022, according to a report issued by the Soil Association, a UK-based sustainable and organic agriculture and food production organization, certified organic and natural beauty and wellbeing products in the UK increased by 15% in 2021, pulling in €164 million ($179.35 million). Further, in 2021, around 50,000 products and ingredients were also certified by the COSMOS (Cosmetic Organic and Natural Standard), an international standard for organic and natural cosmetics, with sales of COSMOS-certified products up 32% in 2021 versus 2020. Therefore, the increasing demand for natural and organic cosmetics is driving the growth of the aloe vera extract market going forward.
Product approvals are the key trend gaining popularity in the aloe vera extract market. Major companies operating in the aloe vera extract market are developing innovative products and getting approvals to strengthen their position in the market. For instance, in September 2021, Desert Harvest, a US-based developer and distributor of pharmaceutical and nutritional products made from aloe vera extract, obtained approval from the U.S. Food and Drug Administration (FDA), a US-based federal agency, for the use of its super-strength Aloe Vera Capsules for the treatment of interstitial cystitis, also known as IC, a severe chronic bladder illness that affects up to 12 million men and women. The capsules help relieve bladder pain, urinary frequency, and urgency and reduce inflammation. Desert Harvest's product is the first FDA-approved IC treatment alternative to pentosan polysulfate sodium (Elmiron) and the first prescription IC medication not produced by a pharmaceutical business. Additionally, super-strong aloe vera capsules are made with 100% organically grown aloe vera and contain 600 mg of aloe vera per capsule.
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Major Key Players of the Market:
F. Hoffmann-La Roche AG, Herbalife International Inc., Ashland Inc., Patanjali Ayurved Ltd, NOW foods, NOW foods, LR Health And Beauty Systems GmbH, Lily of the Desert Organic, Aloecorp Inc., Lily of the Desert Organic, Warren Laboratories LLC, Pharmachem Laboratories Inc., Active Organics Inc., Certified Safety Mfg. Inc., Botanic Healthcare LLC, Aloe Laboratories Inc., Camden-Grey Essential Oils Inc., Foodchem International Corporation, Green Leaf Naturals, Aloe Plus Lanzarote S.L,Calmino Group AB, Aloe Queen Inc., Forever Living Products Inc., Terry Laboratories Inc., Tropical Products Inc., Aloe Farms Inc., Natural Aloe Costa Rica SA, Pokonobe Industries Inc., Cady Products LLC.
Aloe Vera Extract Market 2024 Key Insights:
• The aloe vera extract market size is expected to see strong growth in the next few years. It will grow to $4.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Aloe Vera Extract Riding High On The Organic Beauty Wave
• Desert Harvest Sets A New Standard In Aloe Vera Extract Market
• Asia-Pacific was the largest region in the aloe vera extract market in 2023
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