Consumer Preference for Herbal Products opening new avenues for Aloe Vera products: Ken Researchby Rati Ram Business Developer
The global population’s appeal for aloe vera products has caused fierce competition among companies to gain competitive advantage and expand their global presence. According to study, ‘Global Aloe Vera Extract Market Status (2015-2019) and Forecast (2020-2024), the major players in the market are Aloe Farms, Inc.; Lily of the Desert Organic Terry Laboratories, Inc.; Aloeceuticals; Pharmachem Laboratories, Inc.; Natural Aloe Costa Rica S.A.; Foodchem International Corporation; Aloe Laboratories, Inc.; and Aloecorp, Inc. These companies have undertaken various business expansion strategies such as new product launch, R&D, and M&A.
Aloe Vera, exhibiting antibacterial properties and acting as an antioxidant, has been used for centuries around the world. Due to its numerous advantages, aloe vera finds major applications in the food, pharmaceutical, beauty, and personal care industry. Owing to the global popularity of conventional medicines, aloe vera didn't have much fame in the global market. But with the global population facing side effects of conventional products, organic products have started gaining the deserved traction, with aloe vera products being their favorite choice.
In recent years, increased awareness about the benefits of aloe vera extracts has resulted in soaring global demand. The medical importance of aloe vera in the treatment of medical conditions like diabetes, skin diseases, mouth ulcers, constipation, etc. has been the major reason for the increased demand for natural and organic cosmetics such as aloe vera products.
Based on the product type aloe vera extract market is segmented into liquid, gel, powder, capsules, and concentrates, with the liquid being the largest segment accounting for more than half share of the overall market and is also anticipated to remain a prominent segment over the forecast period. Growing demand for ammonia, sulfur, paraben-free products is likely to augment the demand for gel products. Added to this aloe vera’s attribute of acting as a cure for sunburns or burn injuries will fuel the segment growth in the next few years. Sparked by the rising burden of dental problems, the global aloe-vera extracts powder market is expected to witness a high CAGR by the end of the forecast period.
The major segments on the basis of the end-use industry are the food, cosmetic and pharmaceutical industries. Cosmetics have been a prominent segment and are anticipated to account for the highest share in aloe vera extracts market by the end of the forecast period. The young generation’s preference for herbal and organic products has resulted in shooting up the demand for aloe vera extract cosmetics.
Increased use of organic and herbal medicines is propelling the product demand in the pharmaceutical segment. Adoption of healthy lifestyle practices has also been an additional factor in the rising demand as aloe vera is considered beneficial for immunity and digestion. However, with the rising adoption of natural and organic ingredients in food products, aloe vera extracts market by the food industry is projected to witness a high CAGR over the forecast period.
The Asia Pacific is a prominent region and accounted for a large share in the global market. It is expected to remain the dominant regional market throughout the forecast period. China and India are the major revenue-generators in APAC. Increasing per capita income levels coupled with a growing population is expected to fuel the demand for skin care and cosmetic products. Followed by the Asia Pacific, North America was the largest market. The region is expected to register a very high CAGR over the forecast period. Europe is also one of the promising markets and is expected to witness significant growth over the forecast period. All the aforementioned factors will lead to increased demand for aloe vera extracts in the global market in the coming years.
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Created on Feb 25th 2020 01:15. Viewed 323 times.