The global aloe vera extract market size is projected to grow from $2.65 billion in 2023 to $4.55 billion by 2030, at a CAGR of 8.0% during the forecast period.

Aloe Vera is a succulent plant belonging to the lily family originating from the Arabian Peninsula. It has been used for centuries against several disorders and diseases owing to its therapeutic properties. Aloe Avera is also widely utilized in applications such as food & beverage, pharmaceutical, and cosmetic industries.

The COVID-19 outbreak severely affected the global consumption of the food and beverage industry. Since the beginning of 2020, the sector has exhibited a decline in the growth rate in the first quarter. Moreover, supply chain challenges were also witnessed by a few aloe vera extract manufacturers, leading to the fluctuation in raw material prices. Besides, aloe vera has already been established in the natural products industry.

And since the coronavirus outbreak, it is undergoing an increase in demand in regions such as Europe, and North America. Growing consumer awareness regarding the antiviral and antibacterial properties is making the natural ingredient prevalent. Its applications have also extended from cosmetics and personal care products, supplements, and natural remedies, to hand sanitizers and homemade drinks during the pandemic. Therefore, increasing demand for aloe vera extract, owing to its health benefits and consumer inclination toward natural products amid the pandemic is likely to favor the global aloe vera extract market growth.

Increasing the used of aloe vera extracts in Aloe-based Drinks to propel the market growth

Growing adoption of a healthy lifestyle across al age groups, consumers nowadays are progressively determining natural, organic, and more nutritional beverages. Additionally, changing consumer inclination toward high-calorie carbonated drinks to favorable plant-based drinks poses lucrative opportunities for the market. Moreover, the primary element of the Aloe Plant is its water content, which ranges from 99% to 99.5%. Therefore, these aloe-based drinks are favorable for hydration during the summer season. Furthermore, augmenting demand for weight management solutions among consumers nowadays has been one of the significant factors propelling the demand for the market over the past few years. The global market is projected to aid these consumer trends. Rising demand for extracts of aloe vera from the food and beverage industry such as aloe-based drinks for making aloe vera-based products is anticipated to foster the industry growth over the forecast period.

Rising Demand for Aloe Vera in Health Care to Boost the Market Growth.

The increasing demand for healthcare products made from aloe vera extract is another substantial factor propelling the market growth. Aloe Vera offers remedies for various conditions.

Especially, natural, organic and herbal extracts are utilized nowadays to treat a huge number of the population suffering from different conditions in skin, hair, and gut.

Increasing Popularity of Aloe Extract as a Natural and Herbal Ingredient in Skincare and Cosmetics to Fuel the Market Growth.

Extracts of aloe vera are used in the skincare and cosmetics industry as a hydrating ingredient in products such as creams, shaving creams, sun lotions, healing ointments, face packs, and lip balms. Aloe extracts, such as aloe vera juice and gel, deliver vitamins C & E, antioxidants, and hydrate the skin, enhancing it elasticity with regular application. As a natural moisturizer it brings oxygen to the skin, strengthening it from within. Furthermore, growing consciousness among consumers on personal grooming has led to the development of natural and organic skincare and cosmetic industry, consequently paving the way for the market.