Avocado Oil Market Demand, Indepth Analysis And Estimated Forecast Till 2028
The global avocado oil market size is anticipated to reach USD 822.29 million by 2028 and exhibit a CAGR of 5.82% during the forecast period. The rising emphasis on organic oil production and technological development in product manufacturing is expected to be the key factor driving the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Avocado Oil Market, 2021-2028”. The market size stood at USD 533.53 million in 2020 and USD 553.27 million in 2021.
Furthermore, the growing awareness of the health benefits offered by the product is expected to boost the market growth in the coming years.
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Fortune Business Insights™ lists out all the avocado oil market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Spectrum Organics Products LLC (Oregon, U.S.)
- Bella Vado Inc. (California, U.S.)
- The Village Press (New York, U.S.)
- La Tourangelle, Inc. (California, U.S.)
- Proteco Gold Pty Ltd. (Queensland, Australia)
- Sesajal S.A de C.V. (JALISCO, Mexico)
- Grupo Industrial Batellero (Lerma de Villada, Mexico)
- Grove Avocado Oil (Bay of Plenty Region, New Zealand)
- Cibaria International (California, U.S.)
- Olivado USA (Florida, U.S.)
Drivers & Restraints-
Increasing Emphasis on Organic Oil Production to Boost Market Growth
The growing consumers’ preference for healthy food boosts the demand for organic food products. Avocado oil comprises high contents of good fats and lower saturated fat content, making it one of the best oils to consume. This bolsters the emphasis on organic oil production and is expected to fuel the avocado oil market growth.
The rising technological developments in product manufacturing to enhance product quality & yield and reduce pollution are anticipated to amplify the market growth in the forthcoming years. The developments in extraction technology are expected to complement the market growth.
Additionally, the rising preference for recyclable oil packaging to reduce environmental impact and greenhouse gasses is projected to be a key trend positively influencing the market growth. The rising adoption of bag-in-box packaging is expected to offer lucrative growth for the market.
However, easily available alternatives may impede the market growth.
On the basis of type, the market is branched into:
- Extra Virgin Oil
- Virgin Oil
- Pure/Refined Oil
On the basis of application, the market is branched into:
- Food & Beverages
- Pharmaceuticals and Medicinal Formulations
- Personal Care & Cosmetics
The avocado oil market is bifurcated into:
- North America
- Asia Pacific
- South America
- Middle East & Africa
Growing Product Popularity to Fuel Growth in North America
North America is anticipated to attain the largest avocado oil market share. The growing product popularity due to its technological and nutritional attributes, such as high oleic fatty acid contents and vitamin E, is propelling the market growth.
Asia Pacific is projected to witness remarkable growth in the global market. The increasing product popularity across Japan, China, and other countries is a key factor boosting the region’s market growth. The Chinese government plans to increase avocado production due to easy raw material availability.
South America and Europe are expected to exhibit substantial growth due to increasing product demand from personal care, cosmetics, and food industries. Product innovation and technological developments are anticipated to be vital for the market growth.
The Middle East & Africa is predicted to exhibit sluggish growth due to low product awareness and marketing.
Key Players Launch New Products to Acquire Growth
The market comprises various key players operating domestically and internationally. Olivado USA, Spectrum Organics Products, Grove Avocado oil, and la Tourangelle Inc. are a few key players with the maximum market share. They adopt acquisitions, mergers, partnerships, collaborations, and other strategies to garner growth. They emphasize product innovation, packaging improvements, and market research to improve product functionality and improve their market positions. For instance, in July 2021, Stonewall Kitchen, a U.S.-based brand, launched several products, including olive oil and avocado oil blend from Napa Valley Naturals.
Key Industry Developments-
- September 2021: Butterfly, a Los Angeles-based private equity firm, announced the acquisition of a majority of Chosen foods LLC’s stakes, as part of its ‘seed-to-fork’ strategy.
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