5 Major Insights On The Aloe Vera Extract Market 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Aloe Vera Extract Global Market Report 2023, the aloe vera extract market is expected to show significant growth in the forecast period.
The Aloe Vera extract market is poised for substantial growth, driven by key factors such as the rising demand for natural and organic cosmetics and a surge in product approvals. Let’s delve into the dynamics shaping this market and explore the trends that are propelling it forward.
- The Organic Beauty Revolution
The global aloe vera extract market is on a growth trajectory, set to leap from $2.40 billion in 2022 to $2.62 billion in 2023, with a compound annual growth rate (CAGR) of 8.9%. This upward trend is anticipated to continue, reaching an estimated $3.65 billion in 2027 at a CAGR of 8.6%.
- Natural and Organic Cosmetics Driving Market Growth
- The Demand Surge: The escalating demand for natural and organic cosmetics is a pivotal force behind the market’s expansion. Consumers are increasingly leaning towards organic beauty products that are free from synthetic chemicals, pesticides, herbicides, or genetically modified organisms (GMOs).
- Market Boost in the UK: In March 2022, the Soil Association reported a 15% increase in certified organic and natural beauty and wellbeing products in the UK in 2021, generating €164 million ($179.35 million). The COSMOS standard witnessed a remarkable 32% sales growth of certified products in 2021 compared to the previous year, totaling around 50,000 certified products and ingredients.
- Aloe Vera Extract’s Vital Role: Aloe vera extract emerges as a key ingredient in the manufacturing of natural and organic cosmetics, further fueling the market’s growth.
- Key Players in the Aloe Vera Extract Market
Major players shaping the aloe vera extract market landscape include F. Hoffmann-La Roche AG, Herbalife International Inc., Ashland Inc., Patanjali Ayurved Ltd, NOW Foods, LR Health And Beauty Systems GmbH, Aloecorp Inc., and many more. This diverse range of industry leaders reflects the market’s dynamic and competitive nature.
- Trend Spotlight: Product Approvals
- Innovation and Approval: Product approvals represent a notable trend in the aloe vera extract market, with companies strategically focusing on developing innovative products and obtaining regulatory approvals.
- Desert Harvest’s FDA Approval: In September 2021, Desert Harvest achieved a significant milestone by obtaining approval from the U.S. Food and Drug Administration (FDA) for its super-strength Aloe Vera Capsules. Designed for the treatment of interstitial cystitis, these capsules offer a non-pharmaceutical alternative, marking a groundbreaking development in the market.
- Treatment Efficacy: The FDA-approved capsules provide relief for interstitial cystitis, addressing symptoms such as bladder pain, urinary frequency, and urgency, while also reducing inflammation. This approval positions Desert Harvest’s product as the first non-pharmaceutical alternative to pentosan polysulfate sodium (Elmiron), marking a noteworthy advancement in the market.
- Market Segmentation: A Detailed Landscape
The global aloe vera extract market is segmented based on product form, distribution channel, and application.
- Product Forms: Liquid, Gel, Powder, and Other Product Forms.
- Distribution Channels: Offline and Online.
- Applications: Functional Food, Cosmetics, Pharmaceuticals, Beverages, and Other Application Types.
- Regional Dynamics: Asia-Pacific Dominance and Europe’s Rapid Growth
- Asia-Pacific Leading the Way: In 2022, Asia-Pacific claimed the largest share in the aloe vera extract market. The region’s diverse consumer base and increasing awareness of natural products contribute to its dominant position.
- Europe’s Accelerated Growth: Europe is expected to emerge as the fastest-growing region in the forecast period, signaling a promising market expansion.
View More On The Aloe Vera Extract Market Report 2023 – https://www.thebusinessresearchcompany.com/report/aloe-vera-extract-global-market-report
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The Aloe Vera Extract Global Market Report 2023 provides an in-depth analysis on the aloe vera extract market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the aloe vera extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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