“The Americas will have the highest growth with a CAGR of more than 11%. The most prominent among the growth drivers is the growing health consciousness among consumers. The consumers are now moving away from high sugar, carbonated soft drinks to more natural drinks such as aloe vera-based drinks”
In this report, Technavio covers the market outlook and growth prospects of the global aloe vera-based drinks market for 2016-2020. By distribution channel, this market is segmented into specialist retailers, convenience stores, supermarkets and hypermarkets, and others.
Aloe vera is a succulent plant species that grows in tropical climatic conditions. It is cultivated for its medicinal, food, and cosmetic uses. The plant contains various vitamins and minerals that are beneficial to the human body. It is believed to help alleviate skin related problems and cardiovascular diseases, aid in weight loss, cure bowel disorders, reduce inflammation and acid reflux, and stabilize acid reflux in body.
The aloe vara-based drinks market is driven by the increase in demand for healthy food and beverages. The adoption of healthy lifestyles will fuel the demand for aloe vera-based drinks. It is currently more accepted in the APAC region and continues to increase its reach in the Americas.
Technavio’s research study segments the global aloe vera-based drinks market into the following regions:
APAC: largest aloe vera-based drinks market
“The aloe vera-based drinks market in APAC is well-established with the presence of a large number of players and products. The increasing demand for healthy food and beverage options is the main growth factor for aloe vera-based drinks in APAC. The younger consumers in the region are willing to pay premium price for such products. The demand is expected to increase during the forecast period, which will boost the growth of the aloe vera-based drinks market,” says Manjunath Reddy, one of the lead analysts at Technavio for non-alcoholic beverages research.
The working population will significantly increase during the forecast period, which means the spending power of the population as a whole, will be higher. This represents wonderful growth opportunities to the vendors in the market. Also, vendors like OKF Corp. and RFM Corp. are coming up with innovative products like organic, sugar-free, and herbal aloe drinks to appeal to a larger audience, which is helping the market grow.
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Europe: market for a health-conscious demographic
The demand for aloe vera-based drinks is increasing in Europe due to increase in health-conscious population with more awareness in the region. However, the quality of the products in the region do not meet the standards of the APAC products, which can be a threat to a market that is still in its nascent stages. This is being countered from APAC-based companies like SAPPE Public Company which are delivering authentic aloe vera-based drinks to the European market.
Movement of aloe vera-based drinks from specialist retail to mainstream convenience store channel will have a huge positive impact on the market. It is expected to showcase a CAGR of almost 10% in this region during the forecast period. New innovative product launches are also expected to drive the market forward.
Americas: fastest growing region in the aloe vera-based drinks market
“The Americas will have the highest growth with a CAGR of more than 11%. The most prominent among the growth drivers is the growing health consciousness among consumers. The consumers are now moving away from high sugar, carbonated soft drinks to more natural drinks such as aloe vera-based drinks,” says Manjunath.
Another important market driver is the introduction of new products by the vendors such as flavored aloe vera juices among others. Charron Favreau came up with a new liqueur based on aloe vera. ALO is the market leader in the aloe vera-based drinks market in the US. The increasing youth population and the increasing spending power of the youth population are also helping the market.
MEA: market driven by South African demand
South Africa is the largest market for aloe vera-based drinks in the MEA region. The market size is expected to amount to USD 7 million in this country alone. However, the regionally made drinks face stiff competition from their imported counterparts. Apart from South Africa, a sizeable demand can be expected from the Middle-East due to a sizeable expatriate population and the increasing youth population. The spending power of the expatriate population in the Middle East is expected to drive the growth of the market in the region.
The top vendors in the global aloe vera-based drinks market highlighted in the report are:
- Aloe farms
- Forever Living Products
- Houssy Global
- OKF Corp.
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