The global avocado oil market was valued at USD 533.27 million in 2021 and is projected to reach USD 920.86 million by 2030, expanding at a CAGR of 5.82% during the forecast period, between 2022 and 2030. The global avocado oil market is driven by increasing awareness of nutrition and health benefits among people. Increasing demand for avocado oil proves to be a major driver of the market, as it is a good alternative to olive oil. Health-conscious people are increasingly opting for avocado oil, particularly people with problems related to weight and heart. Avocado oil is a key ingredient in skincare products, which increases its demand among manufacturers and consumers.
Introduction to Avocado Oil:
Avocado oil is extracted from the pulp of avocados (Persea americana). Major content of the oil consists of heart-healthy oleic acid, a monounsaturated omega-9 fatty acid. It has low acidic content. Avocado oil is one of the few edible oils not derived from seeds; it is pressed from the fresh pulp surrounding the avocado pit. The usage of avocado oil is increasing day by day, due to the increasing focus of people towards fitness and nutrition. Avocado oil has many applications in healthcare products. Manufacturers of skincare products are demanding avocado oil as a key ingredient for the production of skincare products, due to its high protein content and rich antioxidant properties that help in reducing blemishes, dry skin, wrinkles, and acne. Both refined and unrefined avocado oil can be safely used for high heating, including baking, deep frying, and roasting.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing awareness of the rich nutritional profile of avocado oil is driving the market.
- With rising health consciousness across the world, customers are now integrating nutritious ingredients into their daily dietary habits.
- Hectic lifestyles have led to decreased physical activity, contributing to the rise of numerous lifestyle diseases. Hence, consumers are gradually replacing butter and vegetable oils with large concentrations of saturated fats with avocado oil, which as high content of beneficiary fatty acids.
- High availability and low pricing of sunflower and olive oil are expected to restrain the growth of the avocado oil market.
- Presence of low-cost substitutes of avocado oil is anticipated to negatively affect the avocado oil market.
- Increasing inclination towards healthcare and skincare is boosting the avocado oil market. This proves to be a beneficial factor for the market players and stakeholders.
Scope of the Report:
The report on the global avocado oil market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Avocado Oil Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019-2020
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Forecast Period
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2022–2030
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Segmentation
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Types (Extra-virgin Oil, Virgin Oil, Pure Oil, and Blends), End-users (Food & Beverages, Pharmaceuticals, Personal Care, and Others), and Distribution Channels (Business to Business and Business to Consumer {Supermarkets, Hypermarkets, Convenience Stores, Online Stores, and Others})
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Spectrum Organics Products, La Tourangelle Inc., Olivado USA, Grove Avocado Oil, Sesajal S.A de C.V., Cibaria International, Crofts Ltd., and The Village Press
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Avocado Oil Market Segment Insights:
Multiple applications of extra virgin oil to boost the market
Based on types, the avocado oil market is segmented into extra virgin oil, virgin oil, pure oil, and blends. Pure oil is rich in vitamin E, which makes it attractive for use in cosmetics. People directly apply oil to the skin, which boosts the sales of extra virgin oil. The food sector is majorly using extra virgin oil, as it is beneficial to health. This factor is boosting the extra virgin oil segment.
Food & Beverages segment to grow at a fast pace
On the basis of end-users, the market is segmented into food & beverages, pharmaceuticals, personal care, and others. The food & beverages sector is anticipated to dominate the market, due to rising popularity of gourmet and specialty food products. People are attracted towards specialty products, leading to an increase in its demand. The focus of key players to include healthy ingredients in processed foods is expected to support the growth of this segment. The personal care segment is expected to register high growth in terms of revenue, as avocado oil has properties that are beneficial for skin care.
Online segment to register significant growth
In terms of distribution channels, the avocado oil market is segmented into business to business and business to consumer (supermarkets, hypermarkets, convenience stores, online stores, and others). In this growing era of technology, online stores are gaining popularity among other distribution channels and the online stores sub-segment is expected to register significant growth. Increasing number of online platforms provides consumers easy access to buy avocado oil, thus driving the global avocado oil market.
North America to lead the market in the forecast period
In terms of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. With increasing use of avocado oil and its rising popularity in the rest of the world, the avocado oil market has high potential to grow. North America was a key region in the avocado oil market in 2020. This region dominated the market, due to growing interest of people in avocado oil and its health and nutritional benefits. The market in Asia Pacific is anticipated to expand at a high CAGR in the coming years, mainly due to the rising popularity of avocado oil in China, Japan, and other countries. Increasing avocado plantation in China for various applications is expected to drive the market in Asia Pacific.
Segments
The global avocado oil market has been segmented on the basis of
By Products
- Extra Virgin Oil
- Virgin Oil
- Pure Oil
- Blends
By End-users
- Food Processing
- Pharmaceuticals
- Personal Care
- Others
By Distribution Channels
- Business to Business
- Business to Consumer
- Supermarkets
- Hypermarkets
- Convenience Stores
- Online Stores
- Others
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the global avocado oil market are Spectrum Organics Products, La Tourangelle Inc., Olivado USA, and Grove Avocado Oil. These players offer a variety of products with avocado oil as a key ingredient to consumers. The players are engaged in market research, continuous improvement in quality of the product, and attractive packaging. These players always go for strategic partnerships with certain stakeholders to improve their market position and sustain their geographical presence.
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