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Avocado oil is extracted from the pulp of the avocado fruit which is mainly grown in South America and other tropical regions of the world. According to the Food and Agriculture Organization of the United States (FAO), Mexico is the largest producer of avocado across the globe. The fruit is rich in vital nutrients, proteins, and fats, which are necessary for the human body. The product has applications across many end-use industries, including the food industry, cosmetics and personal care industry, and the pharmaceutical industry.
The avocado oil market is projected to grow at a decent pace during the forecast years (2019-2026), owing to increasing demand for avocado oil across countries, such as India, Japan, U.S, Italy, Germany, and France. Increasing the export of avocado oil in developed economies such as the U.S. and Germany as well as developing countries, such as India and China due to increasing awareness about the goodness of avocado oil and rapidly growing population is expected to contribute significantly in the growth of avocado oil market across these countries.
Key companies operating in the global avocado oil market are centering on product launch strategies, collaborating with distributors/ vendors, and adopting other effective marketing strategies such as product promotion on online and social media platforms to maintain their market significance. Bella Vado, Olivado, SESAJAL S.A. de C.V., are some of the leading companies operating in the global avocado oil market.
Key Market Driver -
Presence of health-boosting components in avocado oil is expected to drive the market growth
Key Market Restraint -
High price and presence of cheaper alternatives of the product may restrain the growth of the market.
The high nutritional value of avocado oil is amplifying the application of the product beyond the food industry and is one of the significant growth propelling reasons for the avocado oil market. Increasing recognition of avocado oil as a better and healthier alternative of olive oil and other vegetable oils in enhancing its demand in the food processing industry and usage in food dressing. Across the cosmetic industry of developed markets, the penetration of avocado oil is getting deeper as it is a sophisticated and high-value ingredient that can be used in the preparation of different creams, moisturizers, and sunscreens. Presence of antioxidants, vitamin C, K, B6, and others help in healing the dry, irritated skin, which is expected to fuel the demand for avocado oil across cosmetics and personal care product manufacturing industry during the forecast period (2019-2026).
Additionally, increasing consumer willingness to stay healthy and avoid getting caught up with lifestyle diseases such as obesity, high blood pressure, and others will drive market growth. However, the higher price of avocado oil is expected to hinder the market growth of the product, especially across low-income developing economies during the forecast period.
Some of the major market players that are present in the global avocado oil market are Avocado Health Limited, Madana Inc., CalPure Foods, Inc., Proteco Gold Pty Ltd, Tron Hermanos, Sesajal S.A. de C.V., Bella Vado, Inc., Spectrum Organics Products, LLC, Westfalia Fruit (Pty) Ltd., and Cibaria International.
Among nature, the demand for organic avocado oil is anticipated to be high throughout the forecast period owing to multiplying demand for free from preservatives, all-natural, and better-for-you products. The introduction of refined and high oleic avocado oil in the global market is expected to boost their adoption by organic food manufacturers as well as households during the forecast years. The demand for organic avocado oil in cosmetics preparation is anticipated to witness considerable growth as the demand for natural skincare, haircare products prepared with minimal ingredients and are chemical-free is growing impeccably.
The demand for avocado oil is projected to grow significantly in the food and beverage industry, especially in developing countries of Asia Pacific due to various health benefits associated with the oil. In Europe, the usage of avocado oil in the food segment is anticipated to be the highest as it offers high health benefits, and the high pricing structure of the oil is not a major concern across the region due to the high per capita income of consumers of Europe. The demand for high-quality, nutritional, and functional food is increasing across several global economies, which is further expected to contribute to enhancing the demand for avocado oil that can be used in various food preparations.
The avocado oil market in North America is projected to witness significant growth in the upcoming years, due to increasing demand for avocado oil from the food & beverage industry, cosmetics industry, and households of the region. Increasing usage and imports of tropical fruits such as avocado in prominent European countries, such as Germany and France, is expected to boost the market growth of avocado oil within the region.
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The avocado oil market in Asia Pacific is projected to grow at a rapid pace during the foreseeable years due to the rising consumption of avocado oil in countries such as China, Japan, Australia, and New Zealand. Growing foodservice industry of APAC, coupled with increasing demand for avocado oil by pharmaceutical and nutraceutical industries, are some other driving factors that are expected to contribute to the growth of the Asia Pacific avocado oil market during the forecast years (2019-2026).
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