New York, US, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Avocado Oil Market Information by Category, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 822.25 Million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 5.85% during the review timeframe.
Market Synopsis
Due to increased demand, a tropical fruit mostly indigenous to South America, the avocado is now widely grown in other tropical and a few Mediterranean regions. Unlike other oils, avocado oil is derived from the fruit pulp rather than the seed. Most fruits are primarily carbs; however, avocados are rich in fiber, potassium, healthy fats, a rich texture, and a pleasant flavor and are used to make guacamole. Because avocado oil's nutrient profile boasts a higher proportion of healthy fatty acids, it is increasingly popular among health-conscious people, particularly those struggling with obesity.
Dealers are offering avocado oil as an immediate healthier substitute for olive oil and a substitute for other frying and salad dressing oils. It has gained significant importance in the medical field due to its many benefits, including weight loss, improved digestion, enhanced heart health, and a rich source of vitamin E. These factors are anticipated to favorably fuel the growth of the avocado oil market on a global scale.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 822.25 Million |
| CAGR | 5.85% (2020–2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Category, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Expansion in the interest for plant-based restorative items |
| Growing demand for healthy and natural oil for daily use |
Market Competitive Landscape:
The outstanding contenders in the avocado oil market are:
- Grupo Industrial Batellero S.A. de C.V (Mexico)
- Aconcagua Oil & Extract S.A. (Chile)
- Spectrum Organic Products, LLC (US)
- The Village Press (US)
- Chosen Foods LLC (US)
- Bella Vado, Inc. (US)
- Sesajal S.A. de C.V. (Mexico),
- Avocado Global Pte Ltd. (Singapore)
- Avocado Oil de México (Mexico)
- Nobel Foods (Mexico)
- La Tourangelle, Inc. (US)
- AMD Oil Sales LLC (US)
- Olivado Ltd (New Zealand)
- Tron Hermanos SA de CV(Mexico)
- Diricom, S.A. de C.V. (Mexico)
Market USP Covered:
Market Drivers:
The expansion of the avocado oil market is primarily driven by an increase in consumer wellness awareness and an increase in demand for products with a plant-based healing component. People choose healthy and natural oils for daily use as health consciousness increases. The avocado oil industry is growing as a result of the strong demand. Using avocado oil in cosmetic products for the skin, hair, and nails will result in positive growth. It also tastes fantastic and has a rich appearance. Health professionals recommend using avocado oil because of its beneficial qualities, which include a perfect concentration of cancer-prevention chemicals and great unsaturated fats.
The high-income growth rate in industrialized nations, coupled with the quickening of urbanization and the expansion of the upper middle class, is the main driver behind the rising use of avocado fruit oil in numerous industries. Additionally, since it is the most expensive oil used in the food and cosmetics industries, firms who use it benefit from the fact that it distinguishes their goods as high-quality goods.
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Market Restraints:
Alternatives to avocado fruit oil, such as sunflower and olive oil, are widely available and less expensive, which is anticipated to limit market expansion. Moreover, it is projected that the rising number of fake goods will badly impact the market on supermarket shelves. These oils have special advantages, and most of them are less expensive to create because they come from industrial waste, as opposed to avocado oil, which comes from fruit flesh and has higher production expenses. Over the forecast period, this is anticipated to present a challenge to the market for avocado oil because consumers have a variety of readily accessible, cheaper alternatives on store shelves.
COVID 19 Analysis
Due to many issues, including a lack of raw materials, backed-up transportation, and the certain closure of processing and packaging facilities, businesses have seen a sharp increase in the price of avocado fruit oil. People are now appreciating the advantages of leading a healthy lifestyle, which has increased product demand during COVID-19. As border restrictions are eased, the world situation is progressively returning to normal. In the ensuing years, the market is anticipated to rebound due to the lockdown's relaxation, which has increased public movement. However, growing fuel costs have raised transportation expenses, affecting oil prices and other commodities.
Market Segmentation
Based on Type
The extra virgin market section held the major stake in the forecast period.
Based on the Application
The food and beverages section held the biggest stake in the forecast period.
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Regional Insights
With increased popularity throughout the rest of the world and rising usage in North America, avocado oil is well-known. Due to its high oleic fatty acid and vitamin E content, avocado fruit oil is used in cooking and has certain established advantages. From this point forward, it is projected that rising interest in various dietary components, with a focus on fat, which has been linked to several ailments, including obesity and diabetes, would support the steady rise of the regional market. In the upcoming years, Asia-Pacific is anticipated to grow at the greatest CAGR, mostly due to the product's expanding popularity.
Additionally, it is anticipated that the regional market would be driven by the growing demand for the product from other Asian nations, including Malaysia and Japan, and its widespread availability through online and offline distribution channels. As food processing businesses construct production facilities in this region and use avocado oil as a product in processed and packaged food products, the avocado oil market in the Asia Pacific is also anticipated to grow. Europe is predicted to increase its revenue market share significantly. It is now more crucial than ever to be aware of health issues and take the appropriate precautions. Investigation in the area has advanced due to scientists' and doctors' research into numerous natural cures and remedies for these chronic illnesses.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
