by The global Aloe Vera Extracts Market is estimated to be valued at US$ 2.81 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aloe Vera extracts are obtained from Aloe barbadensis plant. The gel obtained from aloe Vera plant is 99% water and contains vitamins, enzymes, sugar, minerals, anthraquinones, lignin, saponins, salicylic acids and amino acids. It has anti-inflammatory, anti-bacterial and moisturizing properties. Aloe Vera gel is commonly used in cosmetic products such as creams, lotions, gels and hair care products. It is known to treat burns, wounds, acne and soothes skin irritation. Due to antioxidant and moisturizing properties of Aloe Vera gel, it is widely used in natural skin and hair care products.
Market key trends:
The growing demand for herbal and natural ingredients based skincare and cosmetic products is driving the demand for Aloe Vera extracts. Rising awareness about the benefits of Aloe Vera such as soothing and moisturizing properties is increasing its adoption in cosmetic industry. Furthermore, increasing research & development activities to identify new therapeutic properties of Aloe Vera is anticipated to create new opportunities over the forecast period. Growing e-commerce industry is also expected to boost the distribution of Aloe Vera based cosmetic products.
Porter’s Analysis:
Threat of new entrants: Low barriers to entry like lower capital requirements make the threat of new entrants moderate in the aloe vera extracts market. However, established brands and buyer loyalty increases the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitute products and undifferentiated nature of aloe vera extracts. Buyers can easily switch to alternative products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials for aloe vera extracts like aloe vera gel are available from multiple regional suppliers.
Threat of new substitutes: Products from other plant extracts pose minimal threat as substitutes since aloe vera offers unique therapeutic properties.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many regional and international players offering similar aloe vera extracts.
Key Takeaways:
The global aloe vera extracts market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing demand from personal care and cosmetic industries. The personal care segment accounts for over 35% of global aloe vera extracts market.
Regionally, North America dominates the aloe vera extracts market owing to rising health-conscious population and extensive usage of aloe vera in dietary supplements and functional food & beverages industry in the region. The Asia Pacific region is anticipated to be the fastest growing market for aloe vera extracts attributable to burgeoning personal care and food industries in India and China.
Key players operating in the aloe vera extracts market are Lily of the Desert Organic Aloeceuticals, Aloe Farms Inc., Terry Laboratories Inc., Foodchem International Cooperation, Natural Aloe Costa Rica S.A., Pharmachem Laboratories Inc., Aloecorp Inc., and Aloe Laboratories Inc. These companies are focusing on new product launches and capacity expansion to fortify their market position.
