The global aloe vera extract market revenue size was valued at USD 2.65 billion in 2023 and is projected to grow from USD 2.86 billion in 2024 to USD 5.34 billion by 2032, registering a CAGR of 8.1% during the forecast period.
Europe led the market in 2023, holding a dominant share of 34.04%, while the U.S. market is anticipated to experience substantial growth, reaching an estimated value of USD 952.81 million by 2032. This growth is largely attributed to the rising demand for aloe vera extract as a natural and herbal ingredient across various food and non-food industries.
Aloe vera, a succulent plant from the lily family, originates from the Arabian Peninsula and has been valued for centuries for its therapeutic properties in treating numerous disorders and diseases. It is extensively applied in the food & beverage, pharmaceutical, and cosmetic industries. The aloe vera leaf is rich in a wide array of phytochemicals, including phytosterols, polyphenols, fatty acids, alkanes, indoles, pyrimidines, alkaloids, aldehydes, organic acids, ketones, alcohols, and dicarboxylic acids, enhancing its versatility and demand across various sectors.
Information Source: https://www.fortunebusinessinsights.com/aloe-vera-extract-market-103893
List of Key Players Profiled in the Report: -
SEGMENTATION:
Liquid Segment to Dominate Owing to Its Growing Use in Cosmetic Products
The market is segmented by product form into liquid, gel, powder, and others. The liquid segment led the market in 2019, primarily due to its widespread application in cosmetics products such as hair, body, and skin care items. The gel segment is also gaining traction, driven by its use in addressing issues like chemical injuries and sunburn.