NEWARK, Del, July 10, 2023 (GLOBE NEWSWIRE) -- The avocado oil market had a value of US$ 287.2 million in 2022, and by 2033, it was projected to have grown to US$ 975 million, with a CAGR of 5.9%. Since avocado oil's nutrient composition boasts a higher content of healthy fatty acids, the health-conscious population, especially those who are struggling with weight issues, becomes the dominant avocado oil customer base. Marketers promote avocado oil as an instant, healthier alternative to other frying and salad dressing oils, as well as to olive oil.
The drawbacks of olive oil, such as the unpleasant flavor and odor it imparts to food, also lead customers to choose alternative delectable and nutritious oils, like avocado oil, which is a major driver in the expansion of the avocado oil industry. Changes in consumer purchasing habits, such as the initial recognition of the nutritious makeup of a food item and a preference for natural and healthy components, have a significant role in pushing forth the demand for avocado oil in the coming years.
It is now more crucial than ever for the public to be aware of health dangers and take proper precautions. Scientists and medical professionals have also looked into natural treatments and solutions for such chronic illnesses. This has expedited the study of the substance due to the health benefits associated with using avocado oil. There are several uses for avocado oil, particularly in cosmetics, personal care products, and medicine.
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It has gained recognition in therapeutic applications due to its many advantages, including weight loss, enhanced heart health, better digestion, accelerated wound healing, radiant skin, and detoxification. Throughout the projected period, avocado oil consumption is probably going to increase, driving the worldwide avocado oil market.
Key Takeaways are:
- The global avocado oil market saw sales expand significantly between 2018 and 2022, with a CAGR of 4.1%.
- The extra-virgin oil market is projected to represent 44.5% of the global avocado oil market in 2023.
- The food and beverage industry gained a 51.5% market share of the avocado oil market worldwide in 2022.
- The avocado oil market in North America accounted for more than 30% of the worldwide market in 2022.
- The North American market share for avocado oil in the United States was 67.9% in 2022.
“The high-income growth rate in industrialized nations, along with the rapid pace of urbanization and the increase of the upper middle class, is the main driver behind the rising usage of avocado fruit oil in several sectors,” – says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape:
Prominent players in the Avocado Oil Market are:
- Spectrum Organics Products, LLC
- Bella Vado Inc.
- The Village Press
- La Tourangelle, Inc.
- Proteco Gold Pty Ltd.
- Sesajal S.A de C.V.
- Grupo Industrial Batellero
- Grove Avocado Oil
- Cibaria International
- Olivado USA
Leading manufacturers of avocado oil are zealously pursuing marketing methods such new product innovations, collaborations, technological breakthroughs, R&D activities, investments, and even acquisitions to enhance their worldwide exposure.
- The French company Laboratoires Expanscience introduced a new organic, emollient, and nutritious avocado fruit oil in 2021. It was made by cold pressing entire, previously dried avocados.
- New York-based company Glow Recipe announced the release of Avocado Ceramide Recovery Serum in 2021. This lotion can improve the skin's moisture barrier as well as improve the complexion. Ceramides along with avocado fruit oil are the two components worth mentioning since they both provide comfort and TLC. Both Sephora.com and the brand's website offer the product for sale.
Key Segmentation:
By Type:
- Extra Virgin Oil
- Virgin Oil
- Pure/Refined Oil
- Blend
By Application:
- Food and Beverages
- Pharmaceuticals and Medicinal Formulations
- Personal Care and Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia,
- Middle East and Africa
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