As per the latest research report by Future Market Insights (FMI), global demand for avocado oil is estimated to witness growth at a Y-O-Y of over 4% in 2019. This growth can be ascribed to a cohort of factors, ranging from changing lifestyles to rising gravitation toward health & well-being. As per the report, ever-evolving dietary preferences aligned with the health & wellness trend is foreseen to boost growth of avocado oil.
According to the report, avocado oil mixed with other natural edible oils, such as almond oil, olive oil, and others, is a pervasive trend shaping market growth. Manufacturers are vying to offer such innovative blends of avocado oil with other edible oil types in a bid to capitalize on the growing demand for ‘better-than-the rest’ offerings.
Rising Demand for ‘Natural’ & ‘Healthy’ to Propel Sales of Avocado Oil
Rising instances of heart problems and other chronic diseases is inducing a move-away from fatty oils, creating sustained opportunities for manufacturers of the avocado oil market. Incessant demand for natural and healthy oils is strengthening the demand for edible oils, with avocado oil being one of the most popular varieties.
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Moreover, rising demand for physical and cognitive well-being among the consumers is one of the major drivers for the increase in the demand for avocado oil. Modern consumers are considering multiple factors while purchasing products such as oil, with health benefits being the utmost priority. These particulars provide credence to optimistic growth of avocado oil market over the forecast period, unveils the report.
As per the report, consumers prefer products that are naturally derived and have a rich nutritional profile. In line with the aforementioned, avocado oil fits the bill as an excellent option well-aligned with consumer requirements. Avocado oil has a high smoke point as compared to that of other alternatives, which makes it a suitable choice for cooking at high temperatures.
Avocado oil obtained without the excessive use of solvents or heat contains an antioxidant, lutein, which is associated with reduced risk of age-related macular degeneration and helps to improve the vision. This, in turn, boosts its visibility as a natural & healthy ingredient for use in personal care & skin care products, propelling the growth of avocado oil market.
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Surging Demand for Clean-Label Products to Exert Positive Impact on Avocado Oil Market Growth
The demand for clean label products is anticipated to work in favor for the key stakeholders of the avocado oil market. Moreover, consumers are showing strong interest in products infused with simple and natural ingredients, thereby fuelling adoption of avocado oil in various end-user verticals.
According to the report, Europe is anticipated to register impressive growth rate between 2019 and 2029, and Latin America, which owns a major share in the avocado oil market, is anticipated to retain its lucrativeness over the forecast period. As per the report estimates, Latin America and Europe will continue to be the most-attractive regions in the avocado oil market in terms of revenue-generating opportunities.
Some of the key avocado oil market players are Spectrum Organics Products, LLC, Sesajal S.A de C.V., Crofts Ltd, Tron Hermanos, Cibaria International, S.A. de C.V., The Village Press, Aconcagua Oil & Extract SA, Westfalia Fruit (Pty) Ltd, Avocado Health Limited, and CalPure Foods, Inc. amongst others. Manufacturers in the avocado oil market are focusing on strategic transactions, including mergers and acquisitions, to tap into new customer segments and enhance their profitability.
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Avocado Oil Market – Key Research Findings
- Estimated value for global avocado oil market value in 2019 – US$ 906.8 Mn
- The avocado oil market will exhibit growth at over 5% CAGR over 2019-2029
- Rising demand for sophisticated culinary experiences is pushing use of a variety of edible oils, including avocado oil.
- Declining demand for fatty oils owing to potential health hazards is fostering popularity of healthy oils, thereby favoring avocado oil sales.
- Hass variety will continue to be the top-selling variety of avocado oil
- Among all other varieties, Hass stands out as a commonly-grown avocado type across the globe. Cold-pressed avocado oil extracted from the ‘Hass’ type is in high demand on account of its organoleptic properties.
- Latin America continues to be the most lucrative region for avocado oil market, followed by North America
- Avocado b-products are extremely popular across the key countries of Latin America, on account of their high levels of vitamin K and potassium. The Latin American avocado oil is likely to benefit from exponential demand from multiple industrial units, such as food & beverages and personal care.
- Increasing preference for nutrition-rich diet and rapid transition toward healthy lifestyles complements avocado oil sales.
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