Aloe vera is a stemless plant. It is developed during tropical, semi-tropical, and dry environments and is utilized in cosmetics, toiletries, personal care products, and for medicinal purposes as well. Increasing disposable income of consumers, health consciousness, and the increasing trend of personal care products is fueling the demand for aloe vera. For instance, according to a survey by Statista in May 2017, 66% of U.S. consumers believed personal care products with aloe vera to have a particularly nurturing effect. Forever Living Products is currently the largest producer of Aloe Vera products in the world. Other major players include Herbalife (USA), Aloecorp (China), Aloe Laboratories (USA), and Aloe Vera Australia, In 2010, the company reported unaudited revenue of $1.7 billion and a network of 9.3 million distributors. The company was active in over 165 countries as of 2018. In February 2015, the company announced they had appointed a new management team to “oversee the affairs of the company in Nigeria However, problems associated with consuming aloe latex for a long time impedes the growth of the market over the forecast period of 2021-2027. Also, rising demand for aloe products is likely to increase the market growth during the forecast period.
Global Aloe Vera Market is valued at approximately USD 304 million in 2020 and is anticipated to grow with a healthy growth rate of more than 8.90 % over the forecast period 2021-2027 and is estimated to reach USD 553.10 million by 2027.
The regional analysis of the global market is considered for the regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the main area across the world having the biggest share of the market for aloe items in various structures combined with the well-established infrastructures Factors such as rising disposable income, and shifting preference toward natural products would create lucrative growth prospects for the market across Asia-Pacific region.
Major market players included in this report are Aloe Laboratories Inc., Terry Laboratories Inc., Pokonobe Inc, Foodchem International Corporation, Lily of the Desert Organic Aloeceuticals, Aloe Farms Inc., Aloecorp Inc., Natural Aloe Costa Rica S.A., Houssy Global, and Pharmachem Laboratories Inc., and Cady products LLC.
The detailed segments and sub-segment of the market are explained below:
By Type: Aloe Vera Gel Extracts, Aloe Vera Whole Leaf Extracts, Others
By Form: Gels, Powders, Capsules, Drinks, Concentrates
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