by Market Overview:
Avocado oil is a rich source of antioxidants and mono-unsaturated fatty acids. It is commonly used for cooking, cosmetic formulations and dietary supplements due to its various health benefits. Avocado oil has a mild taste and high smoke point, making it suitable for various culinary preparations like sautéing, baking and frying.
Market Dynamics:
The growth of the avocado oil market is majorly driven by rising awareness about the nutritional benefits of avocado oil. It contains vitamin E, B6, K and folic acid along with minerals like copper, iron and phosphorus. Avocado oil has anti-inflammatory and moisturizing properties, which increases its demand in cosmetic and personal care products. Furthermore, increasing utilization of avocado oil as a substitute for other vegetable oils which have higher saturated fat content is expected to propel the market growth over the forecast period. Changing consumer preference towards plant-based oils and multifunctional food ingredients will further support the avocado oil market expansion through 2033.
Market Key Trends:
The global avocado oil market has been witnessing rising demand owing to the growing awareness about the health benefits of avocado oil. Avocado oil is high in monounsaturated fatty acids and has a rich flavor that makes it suitable for various culinary applications. It also contains vitamins, minerals, and antioxidants that provide nutritional benefits. Furthermore, the millennial population is increasingly opting for healthier cooking oils which is driving the adoption of avocado oil in the foodservice and retail sectors.
The global Avocado Oil Market Growth is estimated to be valued at US$ 287.2 Million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights
SWOT Analysis
Strength: Avocado oil offers various health benefits such as lowering the risk of heart disease due to the presence of healthy fats. It also contains anti-inflammatory properties that help improve overall health.
Weakness: High production cost of avocado oil makes it more expensive than other popular vegetable oils. Dependency on seasonal availability of avocados leads to inconsistent supply of avocado oil.
Opportunity: Growing trends of clean label, vegan and organic products provide an opportunity for avocado oil producers to target health-conscious consumers. Increasing application of avocado oil in cosmetics and personal care sector also presents an avenue for market growth.
Threats: Presence of substitute products such as olive oil poses competition to avocado oil market. Fluctuations in avocado supply and price due to climate change can threaten the stable production of avocado oil.
Key Takeaways
The global avocado oil market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period 2023-2033, due to increasing health consciousness among consumers. The market size for avocado oil was valued at US$ 287.2 million in 2022.
Regional analysis: North America dominates the global avocado oil market and is expected to continue its dominance in the coming years. This can be attributed to rising awareness about the nutrition benefits of avocado oil among U.S. and Canadian consumers. Latin America is also a major producer and consumer of avocado oil globally, driven by large avocado cultivation in countries like Mexico and Peru.
Key players: Key players operating in the avocado oil market are Sesajal S.A. de C.V., Olivado, Grupo Industrial Batellero S.A. de C.V, YASIN, Tron Hermanos SA de CV, The Village Press, Bella Vado, Chosen Foods LLC, and Storino’s Quality Products. These players are focusing on expanding their product portfolio and strengthening global distribution networks to consolidate their position in the industry.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
