NEW YORK, March 05, 2018 (GLOBE NEWSWIRE) -- The global aloe vera extract market is expected to witness a CAGR of 6.6% and is projected to reach USD 2.7 billion by 2024. The growth in the aloe vera extract market is attributed to the growing preference for natural and organic products coupled with rising awareness regarding the health benefits of aloe vera based products. Moreover, easy availability of aloe vera plant extract is also driving the growth of the aloe vera extract market. The report segments aloe vera extract market by Product Type (Powder, Whole Leaf Extract, Liquid, Gel, Others), Application (Food & Beverage, Medicine, Cosmetics), and Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa (MEA). The report studies the global aloe vera extract market over the forecast period (2018-2024).
Aloe vera is a perennial, tropical, drought-resistant plant and is used for a variety of medicinal purposes. The physical and chemical properties of aloe vera depend on its species, climate, and growing conditions. Aloe vera consists of various compounds including vitamins, minerals, enzymes, and organic acids. The extract of the aloe vera plant is used in the manufacturing of beverages, pharmaceuticals, and cosmetics due to its aromatic and medicinal properties.
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Key findings from the report:
- The global aloe vera extract market is expected to reach USD 2.7 billion by 2024
- Based on the Product type, aloe vera whole leaf extracts segment dominated the market in 2017 and is expected to retain its dominance over the forecast period
- On the basis of Application, the cosmetics segment held the largest share of the global aloe vera extract market
- Asia-Pacific is projected to hold the major share of the aloe vera extract market during the forecast period
- The key players dealing in aloe vera extract market are Forever Living, Aloecorp Inc., Lily of the Desert, Terry Laboratories, Aloe Laboratories Inc, Ltd., Natural & Organic Farms Mexico, Pharmachem Laboratories, LLC., among others
Aloe Vera Extracts-Uses & Applications
Aloe vera products contain fluid obtained from the aloe leaf. These products may be in the form of Gel, Juice or Whole Leaf Extract. Aloe vera based products are used extensively due to their health benefits and medicinal properties. Aloe vera extracts have their applications in medicines, cosmetics, and food & beverages, due to which aloe vera cultivation has acquired great commercial importance. Apart from its use in skin care due to its moisturizing and anti aging properties, aloe vera is also used as astringent, hemostatic, antidiabetic, antiulcer, antiseptic, antibacterial, anti-inflammatory, antioxidant, and anticancer agent.
Aloe Vera Market - Regional insight
Asia-Pacific is expected to hold the largest share of the global aloe vera extract market during 2018-2024. The growth in the region is mainly driven by the increasing disposable income in the emerging economies. The North American and European aloe vera extract market is projected to show healthy growth rate during the forecast period owing to rising awareness about the health benefits of the aloe vera based products and growing preference for natural and organic products in the region.
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