The Avocado Oil Market held a market worth of USD 287.2 million in 2022, and it is anticipated that it will reach a market value of USD 975 million by 2033, growing at a CAGR of 5.9% from 2023 to 2033.
Some of the key findings in this report are:
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 287.2 million |
| Expected Market Value (2023) | USD 324.5 million |
| Projected Forecast Value (2033) | USD 975 million |
| Anticipated Growth Rate (2023 to 2033) | 5.9% |
The growth rates of the global market and its potential for future expansion are compared and evaluated by FMI every six months. Certain demographic and innovative elements of the market are dominant as a result of the subjective effects of macro- and industry-level variables.
The prevalence of lifestyle diseases including cardiovascular problems is rising globally. Study into it has advanced because of the advantages to health that come with consuming avocado oil. Avocado oil has several uses, including in cosmetics, medicine, and personal care products.
It has become extremely important in the medical sector due to several advantages, including weight loss, improved digestion, improved heart health, and being a high source of vitamin E. These elements are expected to favorably fuel the development of the global avocado oil market.
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The global demand for avocado oil market is projected to increase at a CAGR of over 5% during the forecast period between 2023 and 2033, reaching a total of USD 268.4 million in 2018, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth in the global avocado oil market, registering a CAGR of 4.1%.
Scientists and medical professionals have been investigating various all-natural cures and treatments for these chronic illnesses, which has accelerated research on avocado oil because of the health advantages of its consumption, which in turn presents a lucrative opportunity for the market to expand in the years to come.
There has been a sizeable amount of avocado production that is either fed to cattle or wasted to rot. Avocados are largely unsuitable for export because of their short shelf life, but they do provide local farmers a sizable opportunity to turn them into high-value goods like avocado oil.
Some new developments that have taken place in these markets include:
Positive Consumer Perceptions of Organic Products Favor Sales of Organic Avocado Oil
Positive consumer perceptions with respect to organic products are likely to provide an impetus to sales of organic avocado oil. Increasing consumer preference for healthy oils on account of the multiple benefits offered is one of the key reasons supporting demand for organic avocado oil.
Consumers who seek distinctive yet healthy culinary experiences are also willing to spend on organic avocado oil. This, according to FMI, is likely to a key factor driving demand for organic avocado oil worldwide.
Rising Demand for Clean Label Products to Underpin Avocado Oil Demand
The ever-increasing inclination toward clean-label products is estimated to underpin the growth of the avocado oil market during the forecast period. Consumers are becoming highly passionate than ever about clean label categories and are swiftly moving away from their traditional counterparts.
The trend of clean-label products across various fresh as well as packaged food products, including salad dressings, sweet goods, frozen pizzas, and others, is likely to offer new opportunities for key players in the avocado oil market.
Rising Fad for Plant-based Personal Care and Cosmetic Products to Drive Avocado Oil Sales
Consumer inclination towards the use of plant-based personal care products is on a significant rise. Increasing awareness about the potential side effects of harmful chemicals is one of the key sales influencers of plant-based products. Avocado oil stands out as a suitable ingredient for use in the preparation of personal care and cosmetic products, boosting the growth of the avocado oil market over the forecast period.
Avocado oil penetrates well into the skin and offers excellent healing properties, which is another key benefit fueling its demand in skin care products. Avocado oil is rich in monounsaturated fats & oleic acid, which makes it an ideal ingredient in hair care products. Such dermatological benefits are likely to sustain the demand for of avocado oil in the cosmetic & personal care space.
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Alternatives are anticipated to impede market expansion
Alternatives to avocado fruit oil, like sunflower oil as well as olive oil, are widely available and less expensive, which is anticipated to limit market expansion. It is projected that the market would be badly impacted by the rising number of fake goods on supermarket shelves.
For example, the majority of the goods marketed in the United States are either of low quality, are mislabeled, or are contaminated with other oils, in accordance with data from researchers at the University of California (UC), Davis.
Extra-virgin Oil to Gain Prominence for its Benefits
In 2023, the extra-virgin oil segment is anticipated to account for 44.5% of the worldwide avocado oil market. Extra-virgin avocado oil is a rich edible oil that is typically produced from the fruit of the avocado by cold pressing, without passing through any chemical or further processing. It has a delectable dark green hue and mild flavor.
Consumer interest in extra virgin oil is expanding significantly in the food sector due to the assurance of quality. The large amount of knowledge on the nutritional advantages of extra virgin avocado fruit oil is expected to fuel the segment's expansion.
Extra-virgin avocado oil is recognized as a high-quality oil with noticeable color, texture, and flavor, when compared to other culinary oils made from seeds. These advantages, together with its superior beauty and cosmetics quality, increase its global demand.
The Food and Beverage Segment will hold a Prominent Share in the Market
In 2022, the food and beverage acquired a 51.5% market share of the global market for avocado oil. The product's use in food and beverages is predicted to see the fastest CAGR growth over the next several years. The increasing consumer preference for specialty goods and the leading players' increased focus on using such components in processed food products are expected to sustain the segment's stable expansion.
For example, General Mills' keto-friendly brand just introduced yogurt, which contains 12 to 15 grams of protein each serving and is substantial in fat, low in carbohydrates and sugar. They add avocado fruit oil in their yogurt to raise the fat content. Usages of the avocado oil in various food products like these are anticipated to people the market growth to new heights during the forecast period.
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The United States Market to Capture a Substantial Market share in 2023
In 2022, the North American market for avocado oil acquired more than 30% of the global market share. The United States avocado oil market, on the other hand, held a 67.9% North American market share in 2022.
The dominance of the region is linked to rising customer interest in the good and its applications as a result of the product's technical and nutritional attributes. Avocado oil, which is used in food preparation, has certain demonstrated advantages due to its high oleic fatty acid concentration and vitamin E level.
From this point forward, it is projected that increased interest in various dietary components, with a focus on fat, which has been linked to a number of ailments, including diabetes and overweight, would support the steady rise of the regional market.
La Tourangelle, Inc., Spectrum Organics Products, and Olivado USA are a few of the significant competitors active in the avocado oil industry in North America that are always concentrating on increasing their product offers.
Leading avocado oil producers are assiduously pursuing marketing strategies such new product developments, partnerships, technical advancements, R&D initiatives, investments, as well as acquisitions to increase their global exposure.
The key players in this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.9% from 2022 to 2032 |
| Market value in 2023 | USD 324.5 million |
| Market value in 2033 | USD 975 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Companies Profiled | 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 |
| Customization & Pricing | Available upon Request |
The market is valued at USD 324.5 million in 2023.
Alternatives are anticipated to impede market expansion.
By 2033, the market is likely to reach USD 975 million.
The industry is expected to thrive at a CAGR of 5.9% through 2033.
The market share of North America was more than 30%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Extra Virgin Oil 5.2. Virgin Oil 5.3. Pure/Refined Oil 5.4. Blend 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Food and Beverages 6.2. Pharmaceuticals and Medicinal Formulations 6.3. Personal Care and Cosmetics 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Spectrum Organics Products, LLC 17.2. Bella Vado Inc. 17.3. The Village Press 17.4. La Tourangelle, Inc. 17.5. Proteco Gold Pty Ltd. 17.6. Sesajal S.A de C.V. 17.7. Grupo Industrial Batellero 17.8. Grove 17.9. Cibaria International 17.10. Olivado USA 18. Assumptions & Acronyms Used 19. Research Methodology
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Avocado Oil Market
