Avocado oil is extracted from the fruit of Persea Americana tree. It has a high smoke point which makes it suitable for cooking purposes. It is nutrient-dense and contains monounsaturated fatty acids which are beneficial for heart health. The growing health and wellness trend has increased the demand for avocado oil among consumers.
The global avocado oil market is estimated to be valued at US$ 1660.15 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of avocado oil can be attributed to the rise in health-conscious consumers who prefer plant-based oils rich in healthy fats. Avocado oil has a mild flavor and versatile usage which is driving its demand from the food processing and personal care industries. Manufacturers are introducing innovative product extensions infused with avocado oil to cater to consumer demand. Furthermore, increase in disposable income and spending on premium health products in developing regions is fueling the sales of avocado oil globally. Rapid urbanization and online retail boom has made avocado oil widely available which is enhancing its market reach.
Segment Analysis
The global avocado oil market is dominated by extra virgin oil segment, accounting for around 60% share in 2023. Extra virgin oil is the purest form of avocado oil which is extracted from the avocado fruit without any refining or chemical treatment. It has a rich, nutty flavor and retains all the nutritional benefits of the avocado fruit. This purity and concentration of nutrients make it a favorite for culinary as well as cosmetic applications.
Key Takeaways
The Global Avocado Oil Market Demand is expected to witness high growth. It is being driven by rising awareness about the health benefits of avocado and consumers' growing preference for natural ingredients. The global avocado oil market is estimated to be valued at US$ 1660.15 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
North America currently dominates the market due to high consumption of avocado oil in cosmetics and personal care products in the region. Latin America, led by Mexico, is the fastest growing and largest producer of avocados in the world. It accounts for about 75% of global avocado production due to suitable climatic conditions and availability of large agricultural lands. Top avocado producing countries like Mexico and Peru are leveraging their competitive advantage in raw material supply to emerge as major exporters of avocado oil to North America and European countries.
Key players
Key players operating in the avocado oil market are Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate & Lyle PLC, Didion Milling, Semo Milling, Agrana Beteiligungs-AG, The Andersons, Inc., LifeLine Foods. Cargill and ADM captured over 20% market share through strategic acquisitions and global supply chain networks for avocados and avocado oil.
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