Aloe Vera Products Market Assessment, By Product Type [Gels, Juices, Extracts, Supplements, Others], By Application [Cosmetics, Healthcare, Food and Beverages, Others], By Distribution Channel [Supermarkets/Hypermarkets, Departmental Stores, Specialty Sto

Aloe Vera Products Market Assessment, By Product Type [Gels, Juices, Extracts, Supplements, Others], By Application [Cosmetics, Healthcare, Food and Beverages, Others], By Distribution Channel [Supermarkets/Hypermarkets, Departmental Stores, Specialty Stores, Online Channel, Others], By Region, Opportunities, and Forecast, 2017-2031F

The global aloe vera products market is projected to witness a CAGR of 7.99% during the forecast period 2024-2031, growing from USD 14.12 billion in 2023 to USD 26.12 billion in 2031. The market is mainly driven by increasing health consciousness among people and rising awareness about the beneficial effects of aloe vera on overall health.

Shifting consumer preferences towards healthier lifestyles and practices, such as yoga, gym, and healthy eating, contribute to increased demand for aloe vera products. Moreover, a shift towards organic and natural ingredient-based cosmetic products further drives the demand for aloe vera products in the personal care segment.

Companies across all the major verticals, like healthcare, personal care, and food and beverages, are developing products with aloe vera as the key ingredient. In October 2023, Nick Stenson Beauty, a Chicago-based company owned by celebrity stylist Nick Stenson, launched a line of hair care products with aloe vera gel as the primary ingredient. The range includes shampoos, conditioners, sprays, creams, and oils and are available for sale on Ulta Beauty online and offline stores.

Geographically, China and India are the major producers of aloe vera products, leading to larger world exports. Furthermore, consumers seek products with ethically sourced ingredients; hence, it is a great challenge for manufacturers to source aloe vera ethically. Since several counterfeit products are available, companies face difficulty creating brand loyalty.

Overall, aloe vera products market is poised for expansion with innovation and increasing health consciousness of consumers.

Anti-inflammatory Properties of Aloe Vera Fueling Product Demand

Traditionally, aloe vera was used to cure burns and was known as the first aid plant or the burn tree. The anti-inflammatory, anti-bacterial, and anti-viral effects and increased immune activity of aloe vera with lesser histamine activities expedite the wound healing process. Moreover, it helps retain moisture and the integrity of the skin. Skin ulcers can also be prevented using aloe vera as it contains amino acids, mucopolysaccharides, water, and zinc. Aloe vera leaves contain around 160 essential ingredients that are good for human health. Furthermore, the major cause of inflammation and oxidative damage, which is caused by free radicals, can also be cured using aloe vera as it is an antioxidant which fights free radicals. Manufacturers are developing products in various categories to provide the benefits of aloe vera’s anti-inflammatory properties to consumers. The baby care segment is also developing products containing aloe vera to soothe and prevent baby rashes.

For instance, in June 2023, Terra launched plant-based wipes for babies, Pure NZ Water. These wipes are manufactured using aloe vera, Vitamin E, and New Zealand’s crystal-clear water. The company claims the wipes are ideal for sensitive skin, as they are dermatologically tested, feature natural fibers, and contain no chemicals.

Increasing Demand for Functional Beverages Drives Market Growth

The perceived health benefits of aloe vera are responsible for aloe vera’s entry into the functional beverages market. Consumers often look for beverages that provide health benefits besides quenching their thirst. Aloe vera drinks are known for aiding digestion, boosting immunity, and improving skin health, making them a popular choice among individuals. The increasing health-conscious consumption of aloe vera fuels the demand for aloe vera based beverages. Furthermore, these beverages offer a refreshing alternative with lesser sugar levels as compared to traditional sugary drinks, appealing to those seeking healthier options. Beverage companies are capitalizing on this trend by launching innovative drink formulations containing aloe vera, leading to the expansion of the market.

In September 2023, Kelly Loves launched an innovative aloe vera-based drink with hints of pineapple flavorings. The company claims the product to be vegan, free from gluten and sugar, and containing real aloe gel.

Asia-Pacific Dominates the Global Market

Asia-Pacific has emerged as a dominant contender geographically for global aloe vera products market. Notably, regarding exports, China and India stand out as prominent world exporters of aloe vera. China was the largest exporter of aloe vera in the year 2022, with exports worth USD 3.2 billion. India emerged as the second largest exporter in the same year, with exports amounting to USD 2.1 billion.

The market in the region is majorly driven by the growing cosmetics and pharmaceutical industry, with increased usage of aloe vera in the products as a key ingredient. Increasing disposable income levels and rising population steer the demand for skincare and cosmetic products, effectively contributing to the region's market dynamics. Additionally, an increase in the number of herbal products manufacturers, including well-known brands like Patanjali and Himalaya, exerts a greater influence on the demand for aloe vera products in the region.

Future Market Scenario (2024 – 2031F)

Global aloe vera products market is expected to thrive in the coming years with growing awareness of aloe vera's health and wellness benefits among the masses. People seeking natural and organic solutions for their overall well-being will fuel the demand for aloe vera products.

Innovative aloe vera products will hit the market in the future, thanks to technological advancements and developments in formulation techniques. To meet consumers' changing preferences, companies are likely to invest in research and development, further innovating with new blends and applications of aloe vera.

Online distribution channels will play a significant role in the future of the global aloe vera products market as they offer convenience and flexibility to users. The wide range of products available and the convenience of having the product at your place without any hassle appeal to consumers.

Key Players Landscape and Outlook

Global aloe vera products market has a vast landscape, with established companies and new players entering the market, competing for their respective market shares. Prominent players, such as Forever Living Products International, Herbalife Nutrition Ltd., GOODMAN INTERNATIONAL (Aloe Vera Australia), and Patanjali Ayurved Limited, are expected to maintain their market share by offering innovative products, engaging strong distribution networks, and creating brand recognition through various marketing strategies. In August 2023, Terry Laboratories collaborated with Switzerland-based Rahn Group for distribution purposes in the US market. The company was already representing Terry Laboratories in the European market. Rahn USA Corp. now represents the company in the U.S. market, keeping the customer at the forefront of operations.

Besides this, new entrants are developing distinct formulations using sustainable practices, aiming to gain market share. As the demand for natural and organic products witnesses a surge worldwide, the aloe vera products market is poised for expansion and growth. Expanding product portfolios and enhancing the brand presence online will lead to greater sales generation in the future.