(MENAFN- America News Hour) Aloe vera is a moist plant species which grows in tropical climatic conditions across the globe. Aloe vera is generally cultivated for food, medicinal and cosmetics uses. Aloe vera extracts find wide applications in medical and food & beverages sector. These extracts are used to produce aloe vera drinks and food in with the purpose to minimize the burden of diseases. The demand for aloe vera extracts is growing in food and beverages industries across the globe owing to its cost effectiveness, availability and growing consumer preferences for aloe vera products over flavor essence products.
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Rise in aging population and growing prevalence of skin ailments, cardiovascular diseases among elderly population are increasing the consumption of aloe vera products so as to maintain health and fitness. Population across the globe is mounting consumption of aloe vera juice due to rise in preferences of aloe vera products owing to presence of flavored drinks, which grows in importance among consumers. Aloe Vera juices made of aloe vera extracts and pulps have several health benefits and come in different flavors further growing demand from the population with the purpose of cure and to overcome the deficiency. Apart from this, significant growth in food industry to develop effective and taste rich aloe vera juices for the consumers is likely to gain traction in near future. Moreover, increasing strategies from emerging distribution channels across the globe is driving the growth of aloe vera juice market.
Market size and forecast
The global aloe vera juice market accounted for the largest revenue share in 2016 of overall aloe vera extracts market across the globe. Moreover, the market of aloe vera juice is anticipated to register a promising CAGR over the forecast period i.e. 2017-2024.
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Asia-Pacific is estimated to be the most adaptable and revenue spawned region in aloe vera juice market during the forecast period i.e. 2017-2024. The aloe vera juices consumption has grown significantly in Asia-Pacific region on account of rising awareness towards the health benefits of aloe vera extracts, rising concern towards fitness and adoption of healthy drinks. Increase in aging population across the region is expected to be a major growth driver for the industry of aloe vera juice in near future.
On the other hand, Europe is expected to be the second largest share contributor across the globe in the market of aloe vera juice by 2023. The market of European region is expected to propel on the back of rising manufacturers of aloe vera juices and growing demand for functional drinks due to increasing health consciousness among the population.
Market Segmentation
Research report categorizes the aloe vera juice market into the following segments:
By Product Type
Ready-to-drink juice
Crush
Pulp
By Flavor Type
Flavored
Non-flavored
By Distribution Channel
Pharmaceutical Shops
Departmental Stores
Super Markets
Online Stores
By Region
Global Aloe Vera Juice Market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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Growth Drivers and challenges
The demand for aloe vera juices are growing on the back of increasing geriatric population coupled with higher risk of digestion, cholesterol and diabetes problems. Growing awareness towards health benefits of aloe vera juice among the population and rising health consciousness in urban regions are some of the key elements which are expected to bolster the demand for aloe vera juices over the forecast period i.e. 2017-2024. Likewise, ease availability of aloe vera juice in various flavors at low cost and rising advertisements through numerous distribution channels are likely to gain traction of consumers towards aloe vera juice in near future.
Furthermore, growing concern towards health and fitness, increasing awareness regarding recovery from vitamin deficiency and rising adoption of functional and healthy drinks in urban regions across the globe are some of the key factors expected to propel the growth of aloe vera juice market. Apart from this, aloe vera juices are observed as convenient way for treatment and consume health supplements to minimize the deficiency, expected to spur the demand for aloe vera juice substantially during the forecast period i.e.2017-2024.
Conversely, lack of awareness of aloe vera juices and their health benefits among the population, availability of different substitutes and presence of unfortunate taste are some of the factors affecting the growth of aloe vera juice market globally.
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Key Players
The key manufacturers of aloe-vera juice are as follows:
OKF Corp.
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
ALO Drink
Keumkang B & F Co., Ltd.
Lotte Chilsung Beverage Co., Ltd.
Tulip International Inc.
Medicaps Ltd.
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