The Global Avocado Oil Market Size is Projected to Witness Growth...

The Global Avocado Oil Market Size is Projected to Witness Growth due to Rising Health Awareness

Postado 2024-02-02 07:14:45

Avocado oil is extracted from the fruit of Persea Americana, commonly known as the avocado. It is a green or yellowish color oil and possesses a variety of health benefits due to the presence of monounsaturated fatty acids, vitamin E, vitamin K, and phytosterols. Avocado oil is used as a cooking oil and in cosmetic products due to its moisturizing and anti-aging properties. It can be used for sauteing, baking, and dressing foods.

The global avocado oil market is estimated to be valued at US$ 1912.5 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growth of the avocado oil market is the rising health awareness among consumers regarding the health benefits of avocado oil. Avocado oil contains monounsaturated fatty acids which help reduce cholesterol levels and keep heart healthy. It also contains antioxidants that protect cells from damage. Moreover, avocado oil has benefits for skin and hair as it deeply hydrates and nourishes without clogging pores. The health consciousness trend is motivating consumers to shift towards healthier substitutes of conventional oils, thereby supporting the demand for avocado oil in food applications as well as cosmetic products.

SWOT Analysis

Strength: Avocado Oil has high nutritional value. It contains vitamins A,D,E and K along with omega-3 fatty acids which help reduce inflammation and risk of heart diseases. It has a neutral taste and high smoke point making it suitable for cooking. Avocado Oil production is sustainable and environment friendly as avocado is cultivated without destroying natural habitats.

Weakness: Avocado Oil has limited shelf life of around six months and requires proper storage in a cool and dark place. Avocado production is highly dependent on climate and seasonal changes affecting steady supply and pricing. Imports from key producing regions lead to transportation costs adding to overall price of Avocado Oil.

Opportunity: Rising health consciousness is driving demand for plant-based oils with proven health benefits. Avocado Oil meets requirements of many cuisines worldwide due to its neutral taste. Expanding distribution channels online and via specialty retail outlets can boost accessibility. Avocado Oil usage in cosmetic and personal care products is an emerging opportunity due to antioxidant properties.

Threats: Volatility in avocado prices and production can impact profitability of Avocado Oil producers. Competition from other nutrient-rich vegetable oils hampers market share. Rising logistical and production costs pose threats. Trade barriers and climate change related situations affect imports from key regions.

Key Takeaways

The Global Avocado Oil Market Size is expected to witness high growth during the forecast period of 2024 to 2031 supported by growing preference for plant-based, nutrient-rich oils. The market size is projected to reach US$ 1912.5 Bn by 2024 registering a CAGR of 5.7% during the forecast period.

Regional analysis: Latin America, particularly Mexico and Chile are the largest producers and exporters of avocados globally. Mexico accounts for over 60% of global exports and supplies avocados to North America markets year-round. California in the US has emerged as a major producer within North America region spearheading regional market growth.

Key players: Key players operating in the avocado oil market include Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate & Lyle PLC etc. ADM and Cargill dominate global avocado oil production and trade due to strong farming and processing capabilities in key exporting regions.