Aloe Vera Extracts Market to expand at a CAGR of 7.4%, by 2026
Aloe vera extracts are gaining traction as an essential ingredient in food, cosmetics and pharmaceuticals, with global volume to surpass 60,720.4 tonnes in 2016 end, representing revenues worth US$ 1.6 Bn.
Demand for aloe vera extracts for manufacturing aloe vera gels, cosmetics products, juices, and yogurts will continue its upward momentum in 2016 as well. The all-pervasive health and wellness trend will also boost positive sentiment on aloe vera, with wide-ranging applications in low-calorie fruit juice and packaged drinking water opening up new avenues of growth.
Cosmetics, the largest end-use sector for aloe vera extracts, will account for over 45% of global demand in 2016, with annual volumes totalling 27,458.5 tonnes – an increase of 6% over 2015.
Among all the product type segments, aloe vera whole leaf extracts will continue to grow at a relative higher rate, representing 41% volume share of the market in 2016. Global consumption of aloe vera whole leaf extracts will surpass 25,280.2 tonnes by 2016 – an increase of 6.2% in 2016 over 2015.
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Germany was the largest consumer of aloe vera extracts in 2015, with total consumption at 3,139.2 tonnes. It will further its lead as the largest market in 2016, witnessing a y-o-y volume increase of 5.3%. Demand will continue to grow at a healthy rate in Asia Pacific, where a rapidly growing middle class with increasing disposable income is making a steady shift to natural and organic products.
Lily of the Desert Organic Aloeceuticals, Aloe Farms Inc., Terry Laboratories Inc., Foodchem International Corporation, Natural Aloe Costa Rica S.A., Pharmachem Laboratories Inc., Aloecorp Inc., and Aloe Laboratories Inc. are the market leaders identified across the value chain in the global aloe vera extracts landscape. The global aloe vera extracts market is highly fragmented, with the top eight players accounting for around 6–7% revenue share of the global market in 2015. Leading companies are looking to expand their production capacity and launch new product offerings in a bid to increase market share, expand customer base and achieve a competitive edge.
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Long-term outlook: FMI maintains a positive long-term outlook on the global aloe vera extracts market, estimating global revenues to surpass US$ 3.3 Bn by 2026. Volume-wise, the global aloe vera extracts market is anticipated to expand at 7.4% CAGR through 2026.