Our-in depth analysis of the Global Aloe Vera Extract market which includes the following segments:
By End-use Industry
Global Aloe Vera Extract market is further classified on the basis of region as follows:
The global aloe vera extract market revenue is expected to grow at a healthy CAGR of around 7.5 % over the forecast period.The global aloe vera extract market is expected to reach around USD 2.5 Billion during 2017-2027. Major factors that fuel the market of aloe vera extract over the forecast period are the increasing trend of customers towards adopting a healthy lifestyle coupled with increasing application of aloe vera extract in various end user industries such as food, pharmaceutical and cosmetics. The major trend witnessed in the global aloe vera extract market is increasing application of aloe vera in sugar free drinks. The global aloe vera extract market is anticipated robust growth over the predicted period owing to the the rising number of health conscious consumers coupled with increasing consumer awareness regarding the benefits of aloe vera extract.
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Global aloe vera extract market is segmented into product type, form and end user industry. On the basis of end user industry global aloe vera extract market is segmented into food, cosmetics and pharmaceutical industry. Cosmetics industry has highest market share of the overall aloe vera extract market size in 2016. The major factor attributing to the market growth of cosmetic segment is increasing application of cosmetic products by consumers which is made up of bio ingredients.
By region, global aloe vera extract market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is expected to contribute highest market share which is followed by Europe over the forecasted period. In North America especially U.S. is anticipated to contribute maximum market share on the account of the increasing number of health conscious consumers coupled with high disposable income of consumers.
Asia Pacific is expected to witness highest growth over the forecast period owing to the rising per capita income of consumers in various countries. Moreover, increasing number of health conscious consumers which leads to the inclination of consumers towards using aloe vera coupled with rising awareness regarding benefits of using aloe vera.
Increasing consumer awareness regarding the benefits of the aloe Vera coupled with consumer inclination towards the aloe vera product rather using chemicals which are causing adverse impact on their skin and health. The changing lifestyle and increasing awareness among the consumer are major driving factor which has strong impact on the Aloe vera extract market. It has various health benefits such as prevention from diabetes, ulcers, constipation etc. These factors strengthen the opportunities for the market players to establish foothold in the aloe vera extract market.
There are also various challenges associated with market such as price of the premium quality of aloe Vera extract, strict government regulations .The adulteration in aloe Vera extract is also a major restraining factor which is affecting the market globally.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.