Aloe Vera Extracts Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1972
Aloe Vera Extracts Market size is anticipated to record a positive growth during the forecast period. It is a plant species and is cultivated in wild and tropical climates for medicinal and agriculture applications.
Several product benefits owing to its richness in natural nutrients and fiber finds widespread applications across medical and personal care industry which will drive aloe vera extracts market size over the projected time spell. Strong demand for product juice from the middle age segment of men and women & new entrants is likely to make prominent contribution towards aloe vera extract market size over the projected timeframe. Easily available plant extract most of the time around the year owing to simpler growth conditions will drive aloe vera extracts market size by 2024.
Rising consumer awareness about the side effects associated with chemical based products in personal care industry has resulted in shifting market focus towards natural products which in turn will make significant contribution towards aloe vera extracts market size by 2024. This is due to multiple health benefits associated with the product for skin, hair & weight loss which is likely to propel aloe vera extract market size in the coming years. Furthermore, the product is rich in essential vitamins and amino acids, making it desirable across pharmaceutical industry which will make noteworthy contribution towards aloe vera extract market size during the forecast period.
Excess product consumption results in cramping, diarrhea and allergic skin reactions which is likely to hinder aloe vera extracts market size during the forecast period. Availability of cost effective substitutes in the market is another factor which is likely to hamper aloe vera extracts market size in the coming years. Unawareness among consumers towards product health benefits will hamper the business growth in the coming years. However, aggressive advertising and marketing campaigns are likely to generate plentiful opportunities for the aloe vera extracts market size by 2024.
Based on form, the aloe vera extracts market size is segregated into gel, liquid, powder, whole leaf extract and other forms including capsules, concentrates, etc. The whole leaf extract and liquid segment are likely to attain prominent industry share over the projected timespan. This is attributed to the fact that product’s whole leaf extract is commercially available and finds application in healing burns, sores, cuts, insect bites and stings. In addition, it has several benefits over gel product form which are ease to store, doesn’t degrade quickly, etc. which will help attain significant aloe vera extracts market size by 2024.
Based on application, aloe vera extracts market size is segmented into food, cosmetics and pharmaceuticals industry. Cosmetics industry has captured highest industry share of the overall aloe vera extracts market size in 2016. This has been due to strong product demand for manufacturing several personal care products including cream, lotion, soap, shampoo, etc. which are considered beneficial compared to their existing counterparts in the market. Product is made up of bio-active ingredients and henceforth is desirable across cosmetics industry to manufacture skin care products.
Improving consumer lifestyle owing to rising socioeconomic factors primarily in Asia Pacific has been a major factor contributing towards increasing product demand which in turn will drive aloe vera extracts market size in the near future. Moreover, rising concerns against use of chemical products in cosmetics industry has been driving the industry growth in the region. In addition, several product benefits owing to its richness in natural ingredients which makes it desirable across food industry in the region will help attain prominent aloe vera extracts market size during the forecast period.
Strong growth in North America & Europe is attributed to the rising consumer awareness about the several health benefits associated with the product which makes it desirable across pharmaceutical industry for therapeutic and medicinal uses will help make prominent contribution towards aloe vera extracts market size by 2024. Latin America and Middle East & Africa would show sluggish growth owing to price sensitive consumers in the region.
Key industry share players are Terry Laboratories Inc., Aloe Laboratories Inc., Pokonobe Inc., Lily of the Desert Organic Aloeceuticals, Foodchem International Corporation, Aloe Farms Inc., Natural Aloe Costa Rica S.A., Aloecorp Inc., Cady products LLC, Houssy Global and Pharmachem Laboratories Inc.
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