Westford, US, Oct. 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global avocado oil market size will reach a value of USD 892.3 Million by 2031, with a CAGR of 5.82% during the forecast period (2024-2031). The market has witnessed substantial growth in the past years owing to the growing demand for organic and natural products and increasing awareness of health benefits. The market is majorly fueled by the rising trend toward sustainable sources and the progress of the food and beverage industry. The demand for avocado oil is surging as consumers are gaining awareness for better health choices, thus impacting advancements and competition among manufacturers.
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Browse in-depth TOC on the "Avocado Oil Market" Pages – 197, Tables – 95, Figures – 76
Avocado Oil Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $578.34 Million |
| Estimated Value by 2031 | $892.3 Million |
| Growth Rate | Poised to grow at a CAGR of 5.82 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Product Innovations like Infused or Flavored Avocado Oils |
| Key Market Drivers | Shift Towards the Production of Organic Oil |
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Virgin Oil Segment to Hold Major Market Share Owing to its Increased Health Advantages
By type, the virgin oil segment captured majority share of the avocado oil market in 2023 owing to increased health benefits and flavor petite. Virgin avocado is least processed and hence contains more original nutrients, healthy fats, and antioxidants that appeal to a wider audience, mainly the health-conscious group. It also holds a strong and rich flavor that improves culinary dishes, increasing its prominence among home cooks and chefs. On the other hand, the refined oil segment is expected to be the second leading owing to its versatility and long shelf-life. Refined avocado oil holds a high smoke point that increases its preference in diverse cooking methods. This increases its popularity in food processing and commercial kitchens. The refining process increases the oil’s shelf life, increasing its convenience for both manufacturers and consumers.
Food and Beverages Segment to Lead Market Due to Growing Awareness for Benefits of Healthy Fats
By application, the food and beverages segment is expected to hold a larger share of the market owing to growing health consciousness and the increasing prominence of healthy fats. Growing consumer awareness for healthy consumption is notably driving the demand for avocado oil since it is regarded as a highly nutritious substitute for conventional cooking oils. Also, the trend towards integrating healthy fats in eatables is aiding the demand for avocado oil that contains healthy amounts of monounsaturated fats. Conversely, the personal care and cosmetics segment is expected to grow considerably due to rising demand for natural products like organic and natural skincare that drives the demand as safe and clean ingredient. Anti-aging benefits of avocado oil is also fueling the segment’s growth.
Growing Health and Wellness Trends to Lead Market in North America
Geographically, North America dominated the avocado oil market in the previous years and will lead in the future as well owing to growing wellness and health trends and culinary prominence. The majority of the population in the region is focused on wellness and health, thus impacting significant demand for natural and nutritious products, such as avocado oil. Also, its versatility in diverse cuisines and cooking, especially among health-conscious individuals, is driving its adoption in the region.
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Asia-Pacific is expected to grow as the fastest-growing region over the estimated period owing to the growing health awareness and growing middle class population. Rising health awareness among consumers is propelling the demand for nutritious oils. The regional growth is further driven by the growing middle-class population with increased spending power, fueling the demand for premium foods and healthier cooking oils.
Avocado Oil Market Insight
Drivers:
- Growing Trend for Organic and Natural Foods
- Growing Use in Personal Care Applications
- Increasing Demand for Plant-Based Foods
Restraints:
- High Priced Avocado Oil
- Limited Shelf-Life of Avocado Oil
- Presence of Multiple Cooking Oils
Prominent Players in Avocado Oil Market
- Olivado
- Sesajal S.A. de C.V.
- The Grove Avocado Oil Co.
- Crofts Limited
- Chosen Foods LLC
- Grupo Industrial Batellero, S.A. de C.V.
- Tron Hermanos, S.A. de C.V.
- Proteco Oils
- La Tourangelle, Inc.
- Ahuacatlan Avocado Oil
Key Questions Answered in Global Avocado Oil Market Report
- What is the estimated value of avocado oil market by 2031, as per SkyQuest Technology?
- Which is the leading segment in market and why?
- Which region held a larger share in 2023 in the market?
This report provides the following insights:
Analysis of key drivers (growing preference for sustainable sourcing, expanding food industry, growing awareness for functional foods), restraints (low consumer awareness in some regions, expensive processing costs, variability in quality), opportunities (expanding health trends, growth of e-commerce for better reach, growing research and development), and challenges (price fluctuations, challenges with shelf-life and storage, cultural acceptance due to the strong presence of traditional cooking oils) influencing the growth of avocado oil market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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