Surge in demand for aloe vera juice in the market can be largely attributed to its increased adoption in functional food. There is a growing interest in functional food that offer added health benefits as consumers become more health conscious
PORTLAND, Ore., Feb. 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, Aloe Vera Juice Market by Flavor Type (Flavored, and Unflavored), Application (Food and Beverage Products, Cosmetics, Medicine, and Others), and Distribution Channel (Hypermarkets/Supermarkets, Departmental Stores, Online Retail, and Medical Stores): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global aloe vera juice market was valued at $12,982.8 million in 2022, and is projected to reach $24,105.1 million by 2032, registering a CAGR of 6.6% from 2023 to 2032.
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Prime determinants of growth
The growth of the aloe vera juice market is propelled by several prime determinants that collectively contribute to its expanding trajectory. The increasing consumer awareness and preference for natural and health-conscious products play a pivotal role. Aloe vera is widely recognized for its health benefits, including digestive aid, skin health, and immune system support. As consumers seek alternatives to sugary beverages and embrace a healthier lifestyle, the demand for aloe vera juice has surged, driving market growth.
Moreover, the escalating trend of clean and functional beverages has propelled the growth of the aloe vera juice market. Aloe vera juice stands out as a naturally functional beverage, often positioned as a hydrating, refreshing, and nutrient-rich option with consumers becoming discerning about the ingredients in their drinks. The beverage industry’s response to this demand has led to the introduction of innovative Aloe Vera Juice products, including flavored variants and blends with other natural ingredients. Additionally, Aloe Vera Juice’s versatility in formulations, catering to various tastes and preferences, has further fueled its market expansion. As a result, the Aloe Vera Juice market is poised for continued growth, driven by a harmonious blend of health consciousness, consumer preferences, and beverage industry innovation.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2023 |
$12,982.8 million |
|
Market Size in 2032 |
$24,105.1 million |
|
CAGR |
6.6 % |
|
No. of Pages in Report |
444 |
|
Segments Covered |
Flavor Type, Application, Distribution Channel, and Region |
|
Drivers |
• Increasing Health Consciousness: • Rising Demand for Natural and Functional Beverages • Product Innovation and Diversification |
|
Opportunities |
• Expanding Distribution Channels • Growing Demand in Emerging Markets |
|
Restraints |
• Limited Aloe Vera Supply and Quality Concerns • Regulatory Challenges and Compliance |
The unflavored segment to maintain its leadership status throughout the forecast period
Based on flavor type, the unflavored segment held the highest market share in 2022, accounting for more than three-fourths of the global aloe vera juice market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the flavored segment is projected to attain a significant CAGR of 6.2% from 2023 to 2032.
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The food and beverage products segment to maintain its leadership status throughout the forecast period
Based on application, the food and beverage products segment held the highest market share in 2022, accounting for more than two-fifths of the global aloe vera juice market revenue, and is estimated to maintain its leadership status throughout the forecast period. Additionally, the cosmetics segment is projected to attain the highest CAGR of 7.8% from 2023 to 2032.
The hypermarkets/supermarkets segment maintained its leadership status throughout the forecast period.
Based on the distribution channel, the hypermarkets/supermarkets segment held the highest market share in 2022, accounting for more than one-third of the global aloe vera juice market revenue, and is estimated to maintain its leadership status throughout the forecast period. Additionally, the online retail segment is projected to attain the highest CAGR of 8.6% from 2023 to 2032.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for less than one-third of the global aloe vera juice market revenue. In addition, the Middle East and Africa region is also expected to witness the fastest CAGR of 7.8% from 2023 to 2032 and is likely to dominate the market during the forecast period.
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Leading Market Players: –
- Alo Drink
- Lily of the Desert
- Forever Living Products
- OKF Corporation
- Nature’s Way Products
- Herbalife International
- Aloe Farms
- NOW Health Group
- Dynamic Health Laboratories
- Terry Laboratories.
The report provides a detailed analysis of these key players in the global aloe vera juice market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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