Market Overview
Global Aloe Vera Products Market is witnessing phenomenal rises over the recent years. Owing to their beneficial properties, such as antimicrobial, antioxidant, and anti-inflammatory, aloe vera products garner huge market prominence across the globe. Aloe vera products are used for a range of diverse purposes, from medicines and functional food & beverages to cosmetics, personal care, and beauty-enhancing products. Owing to the potential growth in production, the global aloe vera products market is expected to witness significant growth during the review period. Market Research Future (MRFR) predicts that the global aloe vera products market is projected to reach a valuation of USD 1.9 BN by 2024. In its recent industry analysis, MRFR also asserts that the market would register 6.5% CAGR during the forecast period (2019 – 2024). The market is expected to witness a number of skin and hair care product launches.
Due to their anti-aging properties, aloe vera products are widely used in cosmetics to protect cells & tissues and to keep skin young & revitalized. Besides, rising application areas of aloe vera products such as aloe vera treatment for Women’s clothing and aloe vera gel in sleeping mattresses for body hydration push the market growth. Rising usages of aloe vera products in various cooling beverages and cosmetic & personal care goods is a key growth propeller. Additionally, rising awareness about the benefits of aloe vera fuels market growth. Also, people are increasingly inclined towards maintaining a healthy lifestyle, which, in turn, impacts the market growth positively. Improving global economy plays play a major role in the development of the market, increasing consumers’ purchasing power. The economic growth is improving people’s quality of life, increasing the accessibility to quality products like vitamin & nutrients supplement.
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Competitive Analysis
Highly competitive, the aloe vera market appears fragmented with the presence of many notable players. There is proven demand, growth opportunity, and profitable players in the market, which compels the manufacturers to shift their focus towards the key success drivers, such as adapt and evolve. To remain long and focused, they stick to fundamentals in supporting value. They understand the importance of bringing improvement in their products, so they simplify their capital structure. They improve external communication and provide better insight into the investors and the market in general. They align strategy to monetize value and synergies with existing business units.
Major Players
Players leading the Global Aloe Vera Market include Aloe Plus Lanzarote S L (Spain), Aloe Vera Australia (Australia), Lily of the Desert (US), Forever Living.com, LLC (US), NOW Health Group, Inc. (US), Okyalo Co., Ltd (China), Patanjali Ayurved Limited (India), Real Aloe Solutions Inc. (US), Herbalife International of America, Inc. (US), Green Leaf Naturals (US), Sarvliving (India), Warren Laboratories LLC (US), Biofinest (US), Lakewood Juice Company (US), LR Health & Beauty Systems GmbH (Germany), and The Nature’s Bounty Co (US), among others.
Industry/ Innovation/ Related News
November 19, 2019 – The Molson Coors Beverage Company (The US), announced the acquisition of a 49% stake in a non-alcoholic beverage incubator – LA Libations LLC (The US). The acquisition of the maker of better-for-you beverages such as aloe vera water and turmeric seltzer could help Coors Light and Miller Lite to pivot to its new identity as more than just a beer manufacturer. Molson Coors also plans to combine it’s US and Canadian operating units in January and rebrand as Molson Coors Beverage Company. This deal could significantly benefit Molson Coors with the option to acquire new brands.
Regional Analysis
The Asia Pacific has the largest share in the global aloe vera products market. Growing applications of aloe vera products in various industries is boosting the regional market growth. India & China are major aloe vera products markets, contributing to the growth of the regional market. People in India, China, and Japan are well recognized for their knowledge about natural ingredients & herbal care.
Since ancient times, they have been aware of the beneficial properties of aloe vera in health & beauty care. Also, the aloe vera yield is quite high in the region, which fosters growth in the regional market. It is estimated that the APAC Aloe Vera Products Market will grow at the highest CAGR during the forecast period.
Europe and North America are substantially growing market for aloe vera products. Increasing awareness among consumers regarding the aloe vera properties, such as antimicrobial, antioxidant, anti-inflammatory, aphrodisiac, anti-helminthic, antiseptic, and antifungal is driving the markets in these regions. In North America, the aloe vera products market is primarily driven by the increasing applications of this herbaceous plant in supplements & skincare products. In Europe, the market is predominantly driven by the growing inclination towards functional food and beverages.
Market Segments
MRFR has segmented the report into four market dynamics to widen the scope of understanding,
By Type: Gels, Juices, Powders, and others.
By Category: Organic and Conventional.
By Distribution Channel: Store-based and Non-Store-based.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
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