Dublin, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The "Avocado Oil Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Avocado Oil Market is expected to reach US$ 10.06 Billion in 2027.
Avocado oil is a natural oil made from the pulp of an avocado. Avocados can come in various shapes and colors, from pear-shaped to round, green to black; including 'Hass' and 'Fuerte.' Hass is primarily farmed in New Zealand, producing a high yield with little postharvest problems.
Besides, avocados are farmed for domestic use or exported to the fresh fruit market. Avocado oil is a natural oil made from the pulp of an avocado. Avocado is high in protein and potassium and has a pleasant flavor. Avocado oil also contains over 70% of the heart-healthy oleic acid, a monounsaturated omega-9 fatty acid.
Market Dynamics of Avocado Oil Prevailing Worldwide
Consumers' desire for a healthy lifestyle and good health has led to a growth in organic food products in their daily diets. Increased demand for organic food has resulted from increased awareness of a healthy lifestyle due to internet access to endless information.
Avocado oil also helps to lower cholesterol and enhance heart rate. Avocado fruit oil replacements, such as sunflower oil and olive oil, are now widely available and cheaper, projected to limit market expansion. Furthermore, the market is expected to be harmed by the growing appearance of counterfeit products on supermarket shelves. As per our analysis, Global Avocado Oil Market Size is expected to expand with a CAGR of 7.12% during 2021-2027.
COVID-19 Impact on Global Avocado Oil Industry
Despite a swift fall in global economic activity and international transportation, worldwide supply and demand for avocado also experienced COVID-19 pandemic-related disruptions and contractions across various transmission pathways through slow growth rate.
In addition, avocados were severely affected by slow development in market demand due to shrinkage in transport during pandemic-induced lockdowns, which harmed product quality and reduced the weight and value of shipments received by importing countries. However, post-pandemic, the Global Avocado Oil Industry reached US$ 6.66 Billion in 2021.
Type-Based Insights of the Avocado Oil Market
Extra virgin avocado oil, refined avocado oil, and avocado oil blends are the three types of avocado oil. During the projection period, extra virgin oil is expected to dominate. As a result of the current trend of applying natural oils to the skin, extra virgin oil is in high demand.
Furthermore, extra virgin oil provides greater assurance of quality, which becomes the driving reason. As a result of the exceptional quality of virgin oil, demand has increased significantly. Furthermore, according to our estimates, refined oil acquires a significant market growth due to the high vitamin E concentration and low cost, which is widely utilized in cosmetics and personal care.
The Edible Oil Segment Accounted for A Dominant Share
Avocado oil is classified into culinary oil, cosmetics, medicines and nutraceuticals, and other applications. The edible oil segment held a commanding position in the worldwide avocado oil market. Apart from that, cosmetics are one of the proposed uses of avocado oil.
Avocado oil contains antioxidants, anti-inflammatory, emollient, and toning ingredients that assist in soothing itchy skin, repairing chapped skin, restoring dry skin, hydrating and moisturizing the skin, and protecting the skin from injury. They also make the skin sparkle and reduce the appearance of blemishes, dry skin, wrinkles, and acne. In addition, avocado oil serves as a carrier for other chemicals with limited penetration.
This feature makes it useful in tissue or nourishing creams, all-purpose creams, massage creams, massage oils, and different formulations that require lubrication.
The Online Stores Segment Is Expected to Register the Fastest Growth
By Distribution Channels, Hypermarkets/Supermarkets, Specialty Stores, Convenience Stores, Online Retail, and Others are major avocado oil distributing channels worldwide. The hypermarkets and supermarkets category accounted for a significant share of the worldwide avocado oil market. At the same time, online retail is estimated to develop at the quickest rate throughout the forecast period.
For years, the worldwide population has grown in tandem with the number of mobile phones available for purchase on the internet. Quick services, home delivery, a variety of safe payment options, and attractive discounts have contributed to the global rise of online shops. Avocado oil is also purchased online by consumers since it saves time and is handy.
The Asia Pacific Region is the Fastest Growing Market Worldwide
The Asia Pacific is the fastest expanding region globally for the avocado oil market. Growing consumer knowledge of avocado oil's nutritional benefits and a shift in customer demand for low oil in fat and cholesterol are propelling the Avocado Oil Market in APAC region. Avocado Oil Market in APAC is also likely to be driven by the rising trend of plant-based personal care and cosmetic products. Furthermore, significant increases in health difficulties such as chronic diseases and heart disease due to high-fat butter and oils intake are driving up demand for healthy oils like avocado oil.
Key Players
The global avocado oil market is moderately concentrated, with major players such as Spectrum Organic Products LLC, Bella Vado Inc., La Tourangelle, Madana Inc, and CalPure Foods Inc.
These major players are also aggressively pursuing acquisitions and mergers to strengthen their positions and make a significant shift to assure their long-term success.
Furthermore, the competitive intensity of this industry is projected to increase in the coming years if globally renowned firms discover and offer nutritionally adequate and environmentally sound alternatives that are both affordable and acceptable. At the same time, they are continuously attempting to keep up with market trends in the avocado oil industry to develop new goods.
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