Growing awareness regarding the medicinal importance of aloe Vera in the treatment of diabetes, skin diseases, etc. has increased the demand for natural and organic cosmetics, including aloe Vera extracts.
Most of the companies are investing in R&D and are launching innovative products to gain a competitive advantage over others and to expand their global presence. Currently, one of the major trends seen in the market is the increasing use of aloe Vera extracts in sugar-free drinks, which is expected to increase the application scope for the product. Countries like India, China, and the U.S. are the major markets for manufacturers owing to rising consumer awareness about following a healthy lifestyle.
Aloe Vera extracts market are widely used in the treatment of many health issues, such as skin problems, hair loss, gum diseases, and cancer. Increased pollution coupled with a hectic lifestyle has resulted in an increased prevalence of such health issues, which is supporting the market growth. Increasing cases of diabetes are also expected to open new avenues for the industry, as a lot of diabetic patients are increasingly using herbal extracts for the disease treatment.
Furthermore, aloe Vera gel or leaves is used as an instant relief from different burn problems like burns from a fire, chemical injuries, and sun exposure. Moreover, increasing penetration of aloe Vera items in hospitals is also another factor anticipated for the growth of the global market in the upcoming years. Furthermore, Aloe Vera is used in various cosmetic products like skin tanning cream, lipsticks, stretch marks cream, moisturizer, soap, etc. may be another factor expected to have rapid growth in the market.
Food, pharmaceutical, and cosmetics are the major application segments. The cosmetics segment led the market in 2018 and accounted for 41.9% of the global market share. Increasing use of herbal extracts in cosmetics, such as skin, hair, and body care products, is driving the segment growth. Moreover, consumer preference for herbal and organic products is fueling the demand in this segment. Rising geriatric population base and cases of skin problems are several other factors driving these segment growth.
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