Paris, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Fact.MR’s latest report on the avocado oil market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report was segmented into product, application, sales channel, source, and region.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global avocado oil market is expected to be valued at US$ 950 Million in 2032. The market is likely to exhibit robust growth at a CAGR of 5.5% during the forecast period (2022-2032).
One of the primary drivers of the avocado oil market is set to be increasing awareness regarding the health benefits it provides. The high content of monounsaturated fats in avocados, specifically oleic acid, and its low levels of saturated fats make them a healthier alternative to other cooking oils that are higher in calories.
Additionally, with an increasing number of people following strict vegan diets, plant-based oils such as avocado oil are gaining high traction. Vegetable oil substitutes such as avocado oil can also replace butter, which has been found to have increased levels of unhealthy cholesterol.
Furthermore, growing usage of avocado oil in medicines will drive its demand in the next ten years. Various health benefits of avocados would make it increasingly popular for medicinal purposes.
Avocados are infused with antioxidants, omega-3 fatty acids, and phytonutrients that help to manage heart disease, cancer, diabetes, and other chronic diseases. They also promote weight loss and offer relief from joint pain. With many people turning to alternative remedies to traditional medicines, it will help boost the market for avocado oil.
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By product, the pure oil category is set to generate a sizable market share during the anticipated time frame. Pure oil is highly valued in the cosmetics and personal care industry due to its high vitamin E content, low cost, and emollient properties. In addition, the benefits of applying avocado oil on the skin will also drive sales.
Avocados are a popular choice among health-conscious consumers who want to use an oil that is high in monounsaturated fatty acids and has a light flavor. It also does not have any of the cholesterol or trans fats found in butter and cooking oils. As more people turn to avocado oil for cooking, demand for the same will continue to grow. A third of all restaurants in the U.S., including McDonald's, offer avocado oil as an option for their customers.
Key Takeaways:
- In 2021, the North America avocado oil market created an absolute dollar opportunity of nearly US$ 272.21 Million.
- Based on product, the extra-virgin oil segment is expected to account for 44% of the global avocado oil sales during the next ten years.
- The global avocado oil market is projected to reach a valuation of US$ 556 Million by the end of 2022.
- In Asia Pacific, China is set to generate maximum revenue by 2032 amid large-scale avocado planting activities in Guangdong, Yunnan, and Fujian provinces.
- The U.S. avocado oil market is estimated to remain at the forefront in North America on the back of presence of key players like Olivado USA in the country.
Growth Drivers:
- Growing popularity of organic personal care and cosmetic products is set to boost sales of specialty ingredients like avocado oil.
- Avocado oil companies are projected to use recyclable packaging rather than plastic to attract more consumers who are concerned about the environment.
Restraints:
- Easy availability of cost-effective avocado oil substitutes like olive oil and sunflower oil may hamper sales in the market.
- Presence of many counterfeit products on supermarket and hypermarket shelves can hinder demand in the next ten years.
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Competitive Landscape:
Leading players in the avocado oil market are increasing their international exposure by making use of various marketing tactics such as new product development, partnerships, technical advancements, research & development efforts, investments, and acquisitions. Research and development activities by key participants are helping them to enhance their production process, which may also aid in the expansion of the avocado oil market.
For instance,
- In October 2021, Jackson's Honest, a company based in the United States, increased its snack assortment of sweet potato chips with new packaging. In addition to the traditional sea salt with coconut oil chips, the line-up includes three additional avocado oil flavors: spicy tomatillo, sea salt, and Carolina BBQ.
- In August 2021, Vital Farms situated in Austin, Texas, introduced its newest product, pasture-raised butter with sea salt and avocado oil. This flavorful and creamy product is made with butter, 100% pure avocado oil, and sea salt. It is ideal for any culinary occasion.
Key Companies Profiled by Fact.MR
- Sesajal S.A de C.V
- Crofts Ltd
- Westfalia Fruit (Pty) Ltd
- The Village Press
- Olivado Ltd
- Tron Hermanos SA de CV
- Cibaria International
- Diricom S.A. de C.V
More Valuable Insights on Avocado Oil Market
In the latest study, Fact.MR offers a detailed study on global avocado oil market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of avocado oil through detailed segmentation as follows:
By Product:
- Extra-virgin Oil
- Virgin Oil
- Pure Oil
- Blends Oil
By Application:
- Retail
- Cosmetics and Personal Care
- Medicinal
- Other Applications
By Sales Channel:
- Specialty Stores
- Modern Trade
- Drug Stores
- Online Stores
- Other Sales Channels
By Source:
- Hass
- Fuertes
- Other Sources
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Avocado Oil Market Report
- What is the projected value of the avocado oil market in 2022?
- At what rate will the global avocado oil market grow until 2032?
- Which are the factors hampering the growth in the avocado oil market?
- Which region is expected to lead in the global avocado oil market during 2022-2032?
- Which are the factors driving the avocado oil market during the forecast period?
- What is the expected market value of the avocado oil market during the forecast period?
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