According to the latest market report published by Future Market Insights, titled ‘Aloe Vera Gel Market: Global Industry Analysis (2013 – 2017) & Opportunity Assessment (2018 – 2027)’, revenue generated from the aloe vera gel market has been estimated to be valued at US$ 251.3 Mn in 2018, which is projected to increase at a CAGR of 7.8% by value during the forecast period (2018-2027).
Aloe vera gel is derived from the inner leaf of the plant, comprising majorly of water content and minerals, hormones, enzymes, vitamins, amino acids, and sugars in small amount, and is gaining popularity worldwide owing to its herbal, medicinal, and remedial properties. Aloe vera gel offers a wide range of benefits, owing to its diverse beneficial properties and applications in several industries such as cosmetics, healthcare, personal care, baby care, food and beverages, and others. The nature of aloe vera gel makes it a profoundly trend-driven market, and has a lucrative potential to grow in the coming years. The rising consciousness among consumers to look good and enhance their outer appearance has led to the growth of the cosmetics and personal care industry, thus, paving the way for the aloe vera gel market. Further, increasing awareness among consumers about the ill-effects of chemically-composed cosmetic products has fuelled the market for aloe vera gel possessing several medicinal and herbal properties. Aloe vera gel is also used for juices, and as a food ingredient for providing additional nutritional supplement and instant energy.
In recent years, the number of health and fitness shows and events has increased, worldwide, which, in turn, is driving the growth of the aloe vera gel market. Aloe vera gel product manufacturers are focused on targeting these shows for product promotions. Moreover, aloe vera gel manufacturers are also laying emphasis on increasing brand visibility through various promotional events. The promotion of aloe vera gel drinks in direct selling channels is also helping foster revenue growth and awareness.
The advertising of natural ingredient-based products in magazines, TV lineups, and newspapers is increasing consumer awareness about the potential benefits of aloe vera gel.
North America to Dominate the Global Aloe Vera Gel Market
The North American region is estimated to account for around 44.5% of the market share for aloe vera gel in 2018 by value, with the U.S. having the highest share in the region, with an estimated value share of 90%, and the projected aloe vera gel market value to be US$ 100.9 Mn in 2018. In addition, the APAC region also is estimated to showcase prominent growth in the aloe vera gel market during the forecast period, with a CAGR of 8.8% by value, owing to growing urbanization, increase in the disposable income of consumers, high millennial population, and changing lifestyle and food & beverage preferences.
e-Commerce One of the Fastest Growing Distribution Channels in the Aloe Vera Gel Market
The fastest-growing distribution channel in the aloe vera gel market during the forecast period is projected to be e-Commerce platforms, which is estimated to grow at a CAGR of 10.4%, with a BPS of 436, owing to technological and digital advancements, and increase in the number of consumers, especially the millennial population using smartphones and other digital mediums to buy various food and beverages, cosmetics, homecare, and grocery products with just a click while sitting at their places.
Global Aloe Vera Gel Market: Key Insights
Companies in the cosmetic and personal care industry are focusing on using aloe vera gel as an ingredient in their product lines, owing to its rising demand worldwide due to the beneficial properties offered by aloe vera gel, such as anti-inflammatory, acne removing, anti-oxidation, herbal, and several others. In addition, consumers are increasingly shifting their preferences towards healthy lifestyles and practices such as gymming, yoga, and healthy food consumption. This has led to an increase in the demand for health-related products such as organic food and natural ingredient-based cosmetics, thus, paving the way for the aloe vera gel market. The aloe vera gel market is segmented by the nature of aloe vera gel, end uses of aloe vera gel, and by distribution channel. Further, these days, aloe vera gel is also being used for animal care and baby care. The high nutrient level in aloe vera gel makes it a good nutrient supplement, providing essential nutrients such as vitamins, amino acids, enzymes, minerals, and others. The market for aloe vera gel is anticipated to surge in the upcoming years, owing to the diverse applications of aloe vera gel and beneficial attributes in the cosmetic and healthcare industries.