New York, United States, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The edible fruit of the avocado tree, Persea Americana, sometimes known as the alligator pear, belongs to the Lauraceae family. Avocados are extensively grown in warm settings and are native to the Western Hemisphere from Mexico south to the Andean regions. According to Straits Research, “The global market for fresh avocado was valued at USD 14.58 billion in 2021, and it is anticipated to reach USD 29.78 billion by 2030 at a CAGR of 9.34%.”
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Rising Trends
Over the forecast period, the market for fresh avocados is anticipated to be significantly influenced by consumers' growing demand for foods that promote health in developed and developing nations. Additionally, the rise of the industry will be aided by improvements in living standards, an increase in health care costs, a surge in disposable income, and the widespread marketing of processed avocados. Avocado is healthy snack rich in nutrients, making it great for teens. Growing working populations in many parts of the world will drive market expansion. In Mexico and Brazil, the population aged 15 to 65 has increased from 63.23 per cent and 67.35 per cent in 2007 to 66.39 per cent and 69.73 per cent in 2019, respectively.
Expanding the retail food sector and launching avocado-based goods like dips at fast food businesses are also expected to raise avocado demand throughout the projection period. USDA reports that Mexico's consumer food service industry has grown during the last five years.
Growth opportunities
During the forecast period, market growth chances are anticipated to be fueled by the development and expansion of internet purchasing and the quickening pace of urbanization in numerous emerging economies worldwide. Additionally, as more people own smartphones, they spend more time online, which fuels the expansion of e-commerce platforms and expands the market for products made using avocados, directly increasing demand for avocados.
Regional analysis
The global fresh avocado market is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa.
Due to the high product demand in the U.S. and Canada, North America dominated the global market in 2021. It accounted for the highest part of more than 45.00 per cent of total revenue—additionally, the rising spending power of customers in this area fuels market expansion. The two biggest product importers will continue to be the U.S. and Europe.
Asia-Pacific is predicted to lead the global avocado market in terms of growth. The retail industry in the area, which has the largest market share for avocados there, can be blamed for the rising avocado consumption in the Asia-Pacific region. The Asia-Pacific avocado market is anticipated to develop most strongly in the retail end-use segment.
Latin America is regarded as the most profitable region for avocados. The area is anticipated to exhibit significant market attractiveness in the upcoming years. The fresh avocado market in Latin America is fuelled by substantial contributions from Mexico, the Dominican Republic, and Colombia. The largest of these three in Mexico. The second most desirable region in Latin America is the Dominican Republic.
Key Highlights
- The global market size for fresh avocado is projected to reach USD 29.78 billion by 2030 at a CAGR of 9.34%.
- The global market for fresh avocado is divided into five parts based on form, nature, end-use, sales channel and region. Further, based on form, the market is divided into Raw and Processed.
- Based on the distribution channel, the market is divided into Retail Stores, Online and Speciality stores. The retail store segment dominated the market in 2021.
- The market is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the market.
Some key players contributing majorly to the global fresh avocado market are
- JBR Avocados
- Propal
- Del Rey Avocado Company Inc.
- West Pak Avocado Inc.
- Calavo Growers Inc.
- Westfalia fruit
- Avehass
- Mission Produce Inc.
Recent developments in some of the key players:
- In May 2022, West Pak Avocado BB #:117036 joyfully announced the official introduction of Party Pak, helping merchants maintain their competitiveness in the produce section and increase the number of avocado SKUs they offer.
- In April 2022, Sam Agri and Westfalia joined forces to create a joint venture that will supply Indian customers with Hass and other avocados.
- In April 2022, Calavo Growers, Inc., a leader in the global avocado market and a supplier of fresh foods with value-added, revealed plans to restructure its operations to carry out Project Uno integration initiatives and better serve consumers, and increase efficiency and cost savings.
Segmentation
By Form
- Raw
- Processed
By Nature
- Organic
- Conventional
By End-Use
- Food Industry
- Cosmetic Industry
- Other Uses
By Distribution Channel
- Retail Store
- Online
- Speciality Store
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East & Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/fresh-avocado-market/segmentation
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