Avocado oil is still a niche market and has gained massive popularity among consumers on account of its healthy nutrient profile. Avocado oil finds application in numerous purposes. Market Research Future (MRFR) has studied the trends and patterns governing the global avocado oil market over the period of 2017-2023 in a detailed study. MRFR has asserted that the global avocado oil market will expand at a noteworthy CAGR of 13 % during 2017-2023.
An elevated level of health awareness among consumers and a significant surge in the incidence rate of lifestyle diseases has prompted consumers to adopt a healthier lifestyle. This has had a positive impact on the growth of the global Avocado Oil Industry. Avocado oil has a high content of monounsaturated fatty acids, which helps boost levels of healthy cholesterol, and helps in the absorption of vital nutrients. Cold-pressed avocado oil is highly preferred in the food industry in the preparation of salads. Being unrefined, avocado oil helps to keep the flavor and color characteristics of the fruits intact. Rich nutrient composition of avocado oil is garnering huge awareness among consumers which is driving the market for avocado oil. Its growing popularity has encouraged food manufacturing companies to launch innovative products to capitalize on the opportunity provided by them. This has further augmented the growth of the market.
Existing technologies such as chemical methods of extraction leave residual solvent in avocado oil which has necessitated the use of alternative methods. This has attracted keen interest in R&D activities for the development of new oil extraction techniques. Such advances have helped to improve overall extraction yields and selectivity of bioactive components from avocado and to produce high-quality avocado oil.
A substantial increase in the use of processed avocado products such as avocado oil for cosmetics and culinary purposes suggests growth within the global avocado oil market. Usage in medical applications owing to advantages such as high vitamin E content, efficacy in wound healing, weight reduction properties, and others have further spurred the demand for avocado oil. However, its high cost is a major impediment to market growth as it hinders adoption among consumers.
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The global avocado oil market has been segmented based on type, application, and distribution channel.
By type, the global avocado oil market has been segmented into crude avocado oil, virgin avocado oil, and extra virgin avocado oil. The extra virgin avocado oil segment is leading the market. Extra virgin oil is extracted from best quality avocado fruits, and cold pressed at low temperatures. It is devoid of any chemical additives and has various health benefits aligned with it which makes it popular among consumers.
By application, the global avocado oil market has been segmented into cooking/culinary, personal care products, medicinal products, and others. The cooking/culinary segment is dominating the market. The high smoke point of avocado makes it ideally suited for cooking at high temperatures. The personal care segment is expected to showcase rapid growth over the forecast period. Avocado offers a host of benefits for the skin and hair due to which they are being incorporated in personal care products.
By distribution channel, the global avocado oil market has been segmented into store-based and non-store-based distribution channel. The store-based distribution channel is leading the market.
By region, the avocado oil market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
Huge production of avocado in North America gives the region leverage over other regions. Moreover, due to high health awareness among the consumers in the region, the consumption is considerably high. The cosmetics industry also generates substantial demand for avocado oil. The US is the key contributor in the North America avocado oil market.
Europe has assumed the second position in the avocado oil market, led by Germany. Growing awareness regarding the health benefits associated with avocado oil and rise in the prevalence of chronic diseases in APAC is favoring the growth of the avocado oil market.
Bella Vado (US), Olivado Ltd. (New Zealand), Avoolio (Mexico), Chosen Foods LLC (US), Sesajal S.A. de C.V. (Mexico), AMD Oil Sales LLC (US), and ACADO (Singapore) are key players of the global avocado oil market.
January 2019 - Chosen Foods, a leading provider of non-GMO natural cooking oils, launched its new avocado oil sprays at Winter Fancy Food Show. It debuted nine new infused flavors for its avocado oil sprays such as Garlic, Chipotle, Citrus Pepper, Chili-Lime Ginger, Lemon Dill, Italian Herb, and sweet varieties.
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