Global Avocado Oil Market- Segmentation and Industrial Overview Forecasts to 2026
Fact.MR’s recent study on the avocado oil market shows that the market is expected to grow with a CAGR of ~ 8% in the forecast period. The global market value for avocado oil is valued to be ~ US$ 1 billion in 2019. Avocado oil contains high protein, antioxidant properties, soluble & insoluble fibers and various vitamins and minerals. The demand for avocado oil is expected to increase over the forecast period owing to its extensive use in cooking.
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Moreover, the beauty and cosmetics industry is also using avocado oil in numerous products as an ingredient, mainly to reduce blemishes, dry skin, wrinkles, and acne. Avocado oil is also used for the treatment of major health-related problems such as coronary heart diseases and cholesterol. Overall, the avocado oil market has set its footprint in three major industries, which is expected to boost the demand for avocado oil in the future.
Incidences of lifestyle diseases such as cardiovascular disorders, are mounting across the globe. For instance, in the United States about 610,000 individuals die due to heart disorders each year. Awareness regarding health issues and suitable precautionary measures have gained increased importance ever since. Scientists and medical experts have been researching upon various natural treatments and solutions for such chronic diseases. This has pushed the research on avocado oil owing to the health benefits associated with its consumption.
Avocado oil is used in various applications, such as in cosmetics, personal care and medicinal applications. It has gained high importance in medicinal applications owing to various advantages it provides, for instance, it supports weight reduction, enhances digestion, improves heart health, carries out detoxification, enhances skin glow, increases the rate of wound healing, and is a rich source of vitamin E. With this, the consumption of avocado oil is expected to increase in the coming years.
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Fact.MR, in its new research publication, has stated that the global market for avocado oil is projected to expand at a stellar rate in the coming years. According to this research, the global avocado oil market growth is expected to rise significantly during the period of forecast, 2019-2029. In addition, the volume of avocado oil being sold is estimated to be more than 160,000 metric tons in 2019 and the demand is expected to increase in the forecast period. This growth is largely driven by its nutrient rich composition, increased awareness regarding the benefits of the product among consumers and health experts alike, and higher demand for avocado oil in cosmetics and personal care products.
Manufacturers involved in the production of avocado oil are focusing on acquisitions and strategic alliances to enhance their product lines. For example, Costa Group has acquired Lankester to enter and expand its product line in the avocado market. This research report includes profiles of key players involved in the global avocado oil market. To name a few, the report covers analysis on players such as Sesajal S.A de C.V., Cibaria International, Crofts Ltd., The Village Press, Westfalia Fruit (Pty) Ltd., and other prominent players.
Growing Awareness for a Healthy Lifestyle to Fuel the Demand for Avocado Oil
Higher consumer inclination towards a healthy lifestyle has pushed the consumption of healthy food products and ingredients. Of late, people have become more conscious regarding their diet and food intake. In addition, obesity rate has also increased since 2016. During this period, more than 1.9 billion people, especially adults, were overweight. According to WHO, obesity and over weight problems are the main causes of deaths. To combat these health issues, individuals are increasing their consumption of healthy vegetables and fruits, such as avocados that reduce cholesterol levels and triglycerides, which is expected to aid the demand for avocado oil.
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For example, in 2019, Avocado Health Ltd. started a new factory in Ethiopia, which can process 5,000 kg of fresh avocado per hour. In January 2018, Westfalia Fruit (Pty) Ltd entered into a partnership with Agricom Group, which is based in Chile. In September 2017, Westfalia Fruit (Pty) Ltd introduced its range of avocado oils in new and attractive packaging in South Africa.In January 2017, Sesajal S.A de C.V. acquired Chosen Foods, a leading manufacturer of culinary oils and sauces. In October 2017, La Tourangelle, Inc. expanded its production capacity to cater to the growing demands of consumers. Similarly, in January 2017, CalPure Foods, Inc. started selling its products on Amazon Launchpad - a marketing platform for startup companies.
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