SAN FRANCISCO, Aug. 13, 2020 /PRNewswire/ -- The global aloe vera drinks market size is expected to reach USD 183.5 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.3% from 2020 to 2027. Rising demand for healthy, nutritious, and ready-to-drink products among all age groups across the globe is the key factor for the market growth. Moreover, these drinks have excellent medicinal properties and can treat various skin and liver-related diseases. These medicinal properties of the product are also offering new scope for the global market.
Key suggestions from the report:
Unflavored aloe vera drinks emerged as the largest product segment with a share of more than 60.0% in 2019 and are expected to maintain the lead over the forecast period. These drinks are widely consumed for medicinal purposes as they help in detoxing lever and have several digestive benefits
The flavored product segment is anticipated to witness the fastest growth, with a CAGR of 11.6% from 2020 to 2027. Rising consumer preference for healthy and nutritious plant-based beverages rather than sugary carbonated drinks is propelling the demand for the product in the region
The online sales channel is anticipated to be the fastest-growing distribution channel with a CAGR of 12.0% from 2020 to 2027. With rapid digitalization, rising penetration of smartphones, and growing internet access, businesses are gradually shifting from brick and mortar stores to e-commerce
North America is anticipated to be the fastest-growing region with a CAGR of 12.1% from 2020 to 2027. The obesity and overweight population in the U.S have been witnessing an increase, which is expected to expand the application scope of such products in weight management.
Rising health consciousness among consumers owing to busy, stressful, and hectic lifestyles is fueling the demand for nutritious and healthy plant-derived drinks, such as aloe vera-based drinks. Moreover, shifting consumer predilection for healthy plant-derived drinks rather than high calorie and sugary carbonated drinks are offering lucrative growth opportunities for the market. These consumer trends are anticipated to boost demand in the global market. In addition, the product has excellent medicinal properties, which help to improve liver functioning, and is an excellent source of vitamins and minerals, like vitamins B, C, E, and folic acid.
Asia Pacific was the largest regional market, accounting for a share of more than 30.0% in 2019. Aloe-based juice or drink is a traditional drink, which is widely consumed in various countries, such as India, China, South Korea, and Japan, owing to its excellent medicinal properties. With the increasing popularity of healthy plant-based beverages among the young generation and working-class population, the demand for aloe vera drinks is anticipated to grow in the region over the forecast period.
Grand View Research has segmented the global aloe vera drink market on the basis of product, distribution channel, and region:
Aloe Vera Drink Product Outlook (Revenue, USD '000, 2016 - 2027)
Aloe Vera Drink Distribution Channel Outlook (Revenue, USD '000, 2016 - 2027)
Hypermarket & Supermarket
Aloe Vera Drink Regional Outlook (Revenue, USD '000, 2016 - 2027)
Sparkling Water Market – Global sparkling water market size was valued at USD 24.51 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.8% from 2020 to 2027.
Ready To Drink Premixes Market – Global ready to drink premixes market size was valued at USD 18.34 billion in 2018 and is estimated to expand at a CAGR of 4.5% over the forecast period.
Functional Drinks Market – Global functional drinks market size was valued at USD 69.68 billion in 2014. Functional drinks are non-alcoholic beverages that comprise vitals such as vitamins, minerals, herbs, and some fruit or vegetable juices.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.