by Avocado oil possesses various health benefits like containing omega-3 and oleic fatty acids that make it beneficial for hair and skin. Avocado oil is extracted from ripe avocado fruit through a cold pressing process that retains all the nutrients of the fruit. It has a high smoke point making it suitable for cooking.
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 health and wellness trends is one of the key factors augmenting the growth of the avocado oil market. Avocado oil contains mono and polyunsaturated fats that are beneficial for heart health. It also contains antioxidants like vitamin E and K which help in boosting the immunity and reduce inflammation in the body. Increasing awareness about various health benefits of avocado oil among consumers is propelling the demand for avocado oil. Thus, the growing trend of adopting healthy lifestyle and dietary changes have led consumers to shift towards nutrient dense avocado oil, thereby fueling the market growth over the forecast period.
SWOT Analysis
Strength: Avocado oil has a high smoke point which makes it suitable for cooking. It is also rich in heart-healthy monounsaturated fatty acids and vitamins E, K, and B6.
Weakness: Avocado oil production is dependent on climate and seasonal availability of avocados which leads to fluctuations in supply and price. It has a strong flavor which some consumers may not prefer.
Opportunity: Rising health consciousness is driving demand for plant-based oils with nutritional benefits. The avocado oil market is expected to grow rapidly in regions like North America and Europe due to increasing awareness.
Threats: Changes in climate and production of alternative vegetable oils can impact the supply and price of avocado oil globally. Fluctuations in raw material costs also pose threats.
Key Takeaways
The Global Avocado Oil Market Size is expected to witness high growth over the forecast period supported by rising health awareness. 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 owing to high avocado consumption in the US and Canada. The region accounts for over 35% of the global market share currently due to factors like product innovation, marketing strategies of key players and awareness. The European region is emerging as the fastest growing regional market for avocado oil due to rising health consciousness among consumers. Countries like Spain, Italy, Portugal and Greece account for a major share of the European market currently due to favorable climatic conditions for avocado cultivation and processing. Increasing product penetration in retail chains is further supporting regional market growth.
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. These companies are focusing on strategically enhancing their production capacities and distribution network across high growth regions to leverage opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
