Avocado Oil Market is Showcasing
Constant Growth with Steady Demand from End Use Industries
According to latest statistics, avocado
oil has continued to gain traction among consumers in United States, with 29% rise
in the year 2022, up from 24% the previous year. The market has been primarily
driven by rising awareness of avocado oil's nutritional and health benefits. Furthermore,
increased avocado oil demand from the healthcare industry is likely to have a
beneficial impact on market. The avocado oil market is expanding
primarily due to increased consumer health awareness and a demand for products
having a plant-based healing component. The high rate of income growth in
developed countries, in addition to the acceleration of urbanisation, is the
primary reason behind the increasing usage of avocado fruit oil in a wide range
of businesses. The companies that utilise it benefit from the fact that it
differentiates their products as high-quality. In addition to its continued
importance in the food, pharmaceutical, and personal care industries, the
product is gaining traction in other fields such as nanotechnology and
environmental care. New additional technologies have recently been implemented
to increase the yield and quality of harvested goods while reducing pollution. These
technologies include supercritical fluid extraction, ultrasound-assisted oil
extraction, and pressurised fluids. Various studies are being conducted on
avocado oil production technologies in order to add economic value and produce
a product appropriate for a variety of applications. The market is expected to
grow steadily as a result of the intense focus on research and development of
better technologies to maximise output.
Imports from Mexico Plays Significant Role in
United States Avocado oil Production and Consumption
As reported by Agricultural Marketing
Resource Centre, in 2021, the value of avocado cultivation in the United States
was $341.9 million. In 2021, Mexico supplied the majority of
avocados imported into the United States. In 2021, the US imported $ 3 Billion in
fresh avocados and exported $31 million in fresh avocados (ERS 2021). The
U.S. Department of Agriculture stated that since 2000, the United States has
produced an average of 400 Million pounds of avocados per year, although output
has gradually fallen since 2011, owing to a decrease in avocado land in the
United States. Imports have increased to meet year-round demand. Imported
avocados currently account for 90% of domestic supplies, up from 40% in the
early 2000s. Avocado imports to the United States reached a record high of
2.675 Billion pounds in the 2020/21 marketing year. Mexico is the world's
biggest producer of avocados, and the United States is Mexico's primary export
market. In 2019-21, the United States imported 2.25 billion pounds from Mexico,
up from 55 million pounds in 2001-03. During 2019 to 21, Mexico accounted for
88% of total shipments, with Peru accounting for 7%, the Dominican Republic
accounting for 3%, and Chile accounting for 1%.
Increased Adoption of Plant Based Oil in Cosmetic
and Personal Care Industry is Key Growth Driver for the Avocado Oil Market
Avocado oil has become incredibly
popular among several European cosmetics companies. According to a survey, top European
countries like France, Germany, United Kingdom have witnessed a triple digit
growth in plant based personal care product consumption. According to Ministry
of Foreign Affairs of Netherlands, consumption of natural components in personal care products industry
in Europe is preferred. The general availability of avocado oil makes it a
popular choice among cosmetics manufacturers like Aakon and Gale&Cosmo. The increasing popularity of natural
and organic personal care products is driving up demand for organic avocado
oil.
Avocado Oil Market Segmentation
The global vegan cookies market is
segmented on the basis of type, application and distribution channels.
On the basis of Type:
·
Extra Virgin Avocado Oil
·
Virgin Avocado Oil
·
Refined Avocado Oil
On the basis
of Application:
·
Pharmaceuticals and Medicinal Formulations
·
Personal Care and Cosmetics
·
Foodservice/HoReCa
·
Household/Retail
·
Others
On the basis
of Distribution Channels:
·
B2B
·
B2C (Hypermarkets/supermarkets, Specialty
Stores, Convenience Stores, Online Retail, Others)
* For a detailed segmentation overview, request a
sample report.
Easy Availability of Low-Cost Alternative Products
to Hamper Avocado Oil Market
It is anticipated that the
growing quantity of alternative products such as
grapeseed oil, extra virgin olive oil, sesame oil would have a negative impact
on the market on supermarket shelves. These oils offer distinct advantages, and
the majority of them are less expensive to produce because they are derived
from industrial waste. For example, grapeseed oil is a by-product of wine
making. Grape seeds are left over after pressing grapes to make wine. Further, the
grapeseed oil is made from the residual grape seeds. On the contrary, avocado
oil is derived from fruit flesh and has higher manufacturing costs. This is
expected to pose a challenge to the avocado oil market throughout the projected
period because consumers have a selection of readily available, cheaper
alternatives on shop shelves. Orchards function as a breeding ground for
several pests, including the fruit fly. Avocado fruit diseases include
Phytophthora and Anthracnose. Farmers that have little or no knowledge of the
types of pesticides to employ to avoid pest infestation and disease control
suffer greatly from crop shrinkage. Unapproved insecticides can contaminate the
environment if handled incorrectly. Avocado harvesting demands specialised
skills, and while the task may appear overwhelming to many, it is simple to
execute with the correct tools. The divide between farmers, local vendors, and
exporters has also resulted to a decreased market turnover.
Chosen Foods LLC, Westfalia Fruit
Pty Ltd, ChemQuest International, Infinitee USA, Caribbean Natural
Products,Inc.; Botanicals Plus, Cibaria International, California Olive Ranch,
Olivado Group, Sesajal, Grupo Industrial Batellero, The Village Press, Spectrum
Organics, Bella Vado, Avocado Global Pte Ltd (Acado), Proteco Oils, Avi
Naturals, Nobel Foods S.A. de C.V., Avocado Health Limited, Weleda, The Body
Shop International Limited, La Tourangelle Inc., AMD Oil Sales LLC are some of
the prominent market players operating in the global avocado oil market.
Overall Increased Demand in Europe and
Asia-Pacific to Influence Market Growth
In Europe, demand for avocado oil
is likely to expand further in the future years. Asia-Pacific is expected to
develop in the next years, owing primarily to the product's growing popularity.
According to Ministry of affairs of Netherlands, Western European countries are
the top importers of solid fixed vegetable fats, oils, and fractions. France,
Germany, and Italy are some of Europe's largest consumer marketplaces. The
United States is projected to lead the rest of the world. Throughout the
forecast period, the avocado oil market in North America will grow. the
presence of major players such as Spectrum Organics Products and Olivado USA is
expected to boost the avocado oil market in the United States.
The report provides a detailed
overview of the avocado oil market insights in regions including North America,
Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa.
The country-specific assessment for avocado oil market has been offered for all
regional market share, along with forecasts, market scope estimates, price
point assessment, and impact analysis of prominent countries and regions.
Throughout this market research report, Y-o-Y growth and CAGR estimates are
also incorporated for every country and region, to provide a detailed view of
the avocado oil market. These Y-o-Y projections on regional and country-level
markets brighten the political, economic and business environment outlook,
which are anticipated to have a substantial impact on the growth of the avocado
oil market. Some key country and region included in the avocado oil market
report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Avocado Oil Market Research Report
Covers In-depth Analysis on:
·
Avocado oil market segments
·
Avocado oil market dynamics
·
Avocado oil market value and share analysis
·
Recent trends, restraints, opportunities in avocado
oil market
·
Companies & competition involved avocado oil
market
·
Latest technologies in avocado oil market
·
Supply chain and value chain avocado oil market
·
Avocado oil market sales and distribution
strategies
Avocado Oil Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Avocado Oil Market trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on Avocado Oil Market forecast
by countries
·
Essential information to enhance market position
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