Avocado Oil Is Estimated To Witness High Growth
Market Dynamics:
Avocado oil's wide range of health benefits is the primary driver estimated to propel its high growth over the forecast period. As consumers are increasingly health-conscious and prefer natural ingredients in their diets and skincare routines, demand for avocado oil is rising. Nutrients like vitamin E, K, and B6 in avocado oil provide anti-aging properties that boost its use in cosmetics. Its application as a carrier oil enhances the absorption of other oils.
Another key driver is its versatility in culinary uses. Avocado oil has a neutral taste that brings out natural flavors in foods without overpowering them. It withstands high cooking temperatures, making it suitable for frying or sautéing vegetables, meat, fish, and more. Its culinary usages range from Mexican, Caribbean to European cuisines. The ability to use avocado oil across various cuisines further spurs its market growth.
SWOT Analysis
Strength: Avocado oil contains many vitamins and minerals which provide health benefits. It has a rich texture and high smoke point making it suitable for cooking. Avocado oil extraction process retains most nutrients.
Weakness: Avocado oil production highly depends on climate and availability of avocados. Large fluctuation in avocado supply affects oil production. High production cost makes avocado oil more expensive than other vegetable oils.
Opportunity: Growing health conscious population is driving demand for avocado oil. New product launches containing avocado oil in cosmetics and personal care industry are expanding market scope. Emerging economies with improving economic conditions provide new growth avenues.
Threats: Presence of substitute oils like olive oil limits market growth of avocado oil. Regulations on orchards and oil production affect supply consistency. Environmental factors pose risks to avocado crop and production.
Key Takeaways
The Global Avocado Oil Market Size is expected to witness high growth. The global avocado oil market is estimated to be valued at US$ 1,660.15 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period of 2023 to 2030.
Latin America currently dominates over 40% of the global production led by Mexico and countries like Peru and Colombia. California in the US is another major growing region adopting avocado cultivation at large scale.
Key players operating in the avocado oil market are Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate & Lyle PLC, Didion Milling, Semo Milling, Agrana Beteiligungs-AG, The Andersons, Inc., LifeLine Foods. These players are focusing on expanding avocado oil sourcing and production facilities in key regions to strengthen market presence. Numerous small and mid-sized manufacturers are also contributing to global market growth.
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