The Latin America, Middle East and Africa Aloe Vera Extract Market would witness market growth of 10.9% CAGR during the forecast period (2023-2030).
Aloe vera is a succulent plant from the Arabian Peninsula that is a member of the lily family. Due to its medicinal characteristics, it has been used for millennia to treat various ailments and diseases. Aloe vera is also frequently used in the pharmaceutical, cosmetic, and food and beverage sectors. In addition, several phytosterols, polyphenols, alkanes, fatty acids, indoles, alkaloids, pyrimidines, aldehydes, ketones, alcohols, organic acids, and dicarboxylic acids have all been identified in aloe vera leaves.
Consumer appetite for natural and organic cosmetics, including aloe Vera extracts, has grown as people are becoming more aware of the medical use of aloe Vera in treating conditions including diabetes and skin problems. In order to acquire a competitive edge over rivals and increase their footprint, most businesses are spending money on R&D and releasing creative goods. The rising usage of aloe Vera extracts in sugar-free beverages is now one of the biggest industry trends, which will broaden the product's potential applications.
The South American nutraceuticals business is still in its early stage. The region, on the other hand, has much potential and can grow at a faster rate in the coming years. This industry is rapidly developing, with conditions ripe for explosive expansion in the following years. The growing market for these nutraceutical products in the Middle East and Africa is primarily due to a trend toward preventative therapies, a favorable price environment, increasing family income, development in the pharma retail chain, knowledge of the fashion industry, and increased healthcare spending. This would lead to the growth of the Market during the forecast period.
The Brazil market dominated the LAMEA Aloe Vera Extract Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $79.3 million by 2030. The Argentina market is estimated to grow a CAGR of 11.5% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 10.6% during (2023 - 2030).
Based on Application, the market is segmented into Cosmetics, Pharmaceuticals, and Others. Based on Distribution Channel, the market is segmented into Offline, and Online. Based on Product, the market is segmented into Liquid, Gels, Powder, and Capsule or Tablet. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Aloe Vera Extract Market is Projected to reach USD 4.2 Billion by 2030, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Aloecorp Inc., Terry Laboratories Inc., F. Hoffmann-La Roche Ltd., Aloe Farms, Inc., Ashland, Inc. (Pharmachem Laboratories Inc.), Lily of the Desert, Aloe Laboratories, Inc., Foodchem International Corporation, Natural Aloe Costa Rica and Calmino Group AB.
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