Avocado Oil Market is Showcasing Constant Growth with Steady Demand from End Use Industries
According to latest statistics, avocado oil has continued to gain traction among consumers in United States, with 29% rise in the year 2022, up from 24% the previous year. The market has been primarily driven by rising awareness of avocado oil's nutritional and health benefits. Furthermore, increased avocado oil demand from the healthcare industry is likely to have a beneficial impact on market. The avocado oil market is expanding primarily due to increased consumer health awareness and a demand for products having a plant-based healing component. The high rate of income growth in developed countries, in addition to the acceleration of urbanisation, is the primary reason behind the increasing usage of avocado fruit oil in a wide range of businesses. Furthermore, since it is the most expensive oil used in the food and cosmetics industries, companies that utilise it benefit from the fact that it differentiates their products as high-quality. In addition to its continued importance in the food, pharmaceutical, and personal care industries, the product is gaining traction in other fields such as nanotechnology and environmental care.
New additional technologies have recently been implemented to increase the yield and quality of harvested goods while reducing pollution. These technologies include supercritical fluid extraction, ultrasound-assisted oil extraction, and pressurised fluids. Various studies are being conducted on avocado oil production technologies in order to add economic value and produce a product appropriate for a variety of applications. The market is expected to grow steadily as a result of the intense focus on research and development of better technologies to maximise output.
New additional technologies have recently been implemented to increase the yield and quality of harvested goods while reducing pollution. These technologies include supercritical fluid extraction, ultrasound-assisted oil extraction, and pressurised fluids. Various studies are being conducted on avocado oil production technologies in order to add economic value and produce a product appropriate for a variety of applications. The market is expected to grow steadily as a result of the intense focus on research and development of better technologies to maximise output.
Imports from Mexico Plays Significant Role in United States Avocado Oil Production and Consumption
As reported by Agricultural Marketing Resource Centre, in 2021, the value of avocado cultivation in the United States was $341.9 million. In 2021, Mexico supplied the majority of avocados imported into the United States. In 2021, the US imported $ 3 Billion in fresh avocados and exported $31 million in fresh avocados (ERS 2021). The U.S. Department of Agriculture stated that since 2000, the United States has produced an average of 400 Million pounds of avocados per year, although output has gradually fallen since 2011, owing to a decrease in avocado land in the United States. Imports have increased to meet year-round demand. Imported avocados currently account for 90% of domestic supplies, up from 40% in the early 2000s. Avocado imports to the United States reached a record high of 2.675 Billion pounds in the 2020/21 marketing year. Mexico is the world's biggest producer of avocados, and the United States is Mexico's primary export market. In 2019-21, the United States imported 2.25 billion pounds from Mexico, up from 55 million pounds in 2001-03. During 2019 to 21, Mexico accounted for 88% of total shipments, with Peru accounting for 7%, the Dominican Republic accounting for 3%, and Chile accounting for 1%.
Recent Trends in the Avocado Oil Industry:
- Natural and organic avocado oil with clean label.
- Sustainable and ethical sourcing of avocado oil.
- Speciality avocado oils and consumer spending on premium avocado oil for high-quality and artisanal products.
- Innovative packaging solutions for avocado oil.
- Technological advancements in extraction and processing of avocado oil.
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Easy Availability of Low-Cost Alternative Products to Hamper Avocado Oil Market
It is anticipated that the growing quantity of alternative products such as grapeseed oil, extra virgin olive oil, sesame oil would have a negative impact on the market on supermarket shelves. These oils offer distinct advantages, and the majority of them are less expensive to produce because they are derived from industrial waste. For example, grapeseed oil is a by-product of wine making. Grape seeds are left over after pressing grapes to make wine. Further, the grapeseed oil is made from the residual grape seeds. On the contrary, avocado oil is derived from fruit flesh and has higher manufacturing costs. This is expected to pose a challenge to the avocado oil market throughout the projected period because consumers have a selection of readily available, cheaper alternatives on shop shelves. Orchards function as a breeding ground for several pests, including the fruit fly.
Avocado fruit diseases include Phytophthora and Anthracnose. Farmers that have little or no knowledge of the types of pesticides to employ to avoid pest infestation and disease control suffer greatly from crop shrinkage. Unapproved insecticides can contaminate the environment if handled incorrectly. Avocado harvesting demands specialised skills, and while the task may appear overwhelming to many, it is simple to execute with the correct tools. The divide between farmers, local vendors, and exporters has also resulted to a decreased market turnover.
Avocado fruit diseases include Phytophthora and Anthracnose. Farmers that have little or no knowledge of the types of pesticides to employ to avoid pest infestation and disease control suffer greatly from crop shrinkage. Unapproved insecticides can contaminate the environment if handled incorrectly. Avocado harvesting demands specialised skills, and while the task may appear overwhelming to many, it is simple to execute with the correct tools. The divide between farmers, local vendors, and exporters has also resulted to a decreased market turnover.
Increased Adoption of Plant Based Oil in Cosmetic and Personal Care Industry is Key Growth Driver for the Avocado Oil Market
Avocado oil has become incredibly popular among several European cosmetics companies. According to a survey, top European countries like France, Germany, United Kingdom have witnessed a triple digit growth in plant based personal care product consumption. European consumers prefer natural components in personal care products and avoid synthetic substances in cosmetics and personal care products such as parabens, petrochemical oils, and phthalates. Avocado oil has unique characteristics, and its general availability makes it a popular choice among cosmetics manufacturers like Aakon and Gale&Cosmo. The increasing popularity of natural and organic personal care products is driving up demand for organic avocado oil.
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Overall Increased Demand Europe and Asia-Pacific to Influence Market Growth
In Europe, demand for avocado oil is likely to expand further in the future years. Asia-Pacific is expected to develop in the next years, owing primarily to the product's growing popularity. According to Ministry of affairs of Netherlands, Western European countries are the top importers of solid fixed vegetable fats, oils, and fractions. France, Germany, and Italy are some of Europe's largest consumer marketplaces. The United States is projected to lead the rest of the world. Throughout the forecast period, the avocado oil market in North America will grow. the presence of major players such as Spectrum Organics Products and Olivado USA is expected to boost the avocado oil market in the United States.
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The report provides a detailed overview of the avocado oil market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for avocado oil market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the avocado oil market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the avocado oil market. Some key country and region included in the avocado oil market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Avocado Oil Market Research Report Covers In-depth Analysis on:
- Avocado oil market detailed segments and segment-wise market breakdown
- Avocado oil market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in avocado oil industry)
- Current, historical and forthcoming 10 years market valuation in terms of avocado oil market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Avocado oil market demand analysis
- Avocado oil market pricing analysis over forecast period (by key segment and by region)
- Avocado oil market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in avocado oil market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in avocado oil market
- Avocado oil market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on avocado oil market forecast by countries
- Mergers and acquisitions in avocado oil market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the growth of the avocado oil market?
Increasing demand for healthy cooking oils, rising awareness of avocado oil's nutritional benefits, and expanding applications in cosmetics and pharmaceuticals are key drivers.
Which regions are expected to dominate the avocado oil market?
North America and Europe are expected to dominate, driven by high consumer awareness, while the Asia-Pacific region is witnessing significant growth due to increasing health consciousness.
Which product type is most popular in avocado oil industry?
Extra virgin avocado oil is the most popular due to its purity, rich flavor, and high nutrient retention, making it preferred for culinary and cosmetic uses.
How is the avocado oil market expected to grow in the next decade?
The market is expected to witness steady growth, driven by increasing demand for organic and non-GMO products and rising consumer preference for natural ingredients.
What are the key trends influencing the avocado oil market?
Growing demand for organic avocado oil, increasing use in premium skincare products and rising consumer focus on sustainable and ethically sourced products are key trends.
