July 22, 2024
Avocado Oil Market

The growing demand for healthy and natural culinary products is anticipated to openup the new avanue for Avocado Oil Market

The avocado oil market is estimated to be valued at US$ 1660.15 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Avocado oil is extracted from the pulp of avocado fruit. It is used for cooking, cosmetics, and other industrial applications due to its high smoke point and nutrient profile. Avocado oil contains various beneficial plant compounds like vitamins, minerals, and monounsaturated fatty acids. It is a popular replacement for oils like olive and canola oil in cooking due to its neutral taste. The oil also finds application in cosmetic products due to antioxidant and hydrating properties.

Market Dynamics:

Increasing health awareness among consumers is a major driver for the avocado oil market. More people are preferring natural oils that provide various nutritional benefits. Avocado oil is rich in vitamins, minerals, and healthy fats that support heart and skin health. Growing adoption of healthy cooking oils over less nutritious options is fueling the demand. Additionally, the multifunctional attributes of avocado oil for cooking and cosmetic uses are also augmenting its demand from food processors as well as personal care manufacturers. However, price volatility of avocados due to climatic conditions can negatively impact the supply and prices of avocado oil. Also, availability issues in certain regions restrict wider market penetration.

Segment Analysis

The global avocado oil market is dominated by extra virgin avocado oil segment. Extra virgin avocado oil accounts for over 70% of the total avocado oil market owing to the highest concentration of antioxidants and intense aroma in extra virgin oil as compared to other segments.

PEST Analysis

Political: Regulation and oversight of agricultural industry is impacting avocado production. Trade relations influence imports and exports.

Economic: High disposable incomes are increasing demand for premium products. Volatility in commodity prices can impact production costs.

Social: Growing health consciousness is driving preference for nutritious oils. Avocados are considered superfoods. Urbanization is augmenting demand.

Technological: Yield-enhancing agricultural techniques are boosting output. Advances in processing aids mass production of avocado oil.

Key Takeaways

The global avocado oil market is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing health consciousness among consumers. The market size for 2023 is estimated to be US$ 1660.15 Mn. North America is currently the largest and fastest growing regional market for avocado oil owing to increasing consumption of healthy cooking oils. Key players operating in the avocado oil market are Sesajal S.A. de C.V., Olivado, Grupo Industrial Batellero S.A. de C.V, YASIN, Tron Hermanos SA de CV, The Village Press, Bella Vado, Chosen Foods LLC, and Storino’s Quality Products. Key players like Sesajal are focused on expanding production capacity to cater to the growing demand.

Regional analysis:

Latin America is the dominant as well as the fastest growing regional market for avocado oil. Mexico accounts for over 35% of global avocado oil production due to ideal climatic conditions and large avocado cultivation.

Key players:

Key players operating in the avocado oil market are Sesajal S.A. de C.V., Olivado, Grupo Industrial Batellero S.A. de C.V, YASIN, Tron Hermanos SA de CV, The Village Press, Bella Vado, Chosen Foods LLC, and Storino’s Quality Products. Key players like Sesajal are focused on expanding production capacity to cater to the growing demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it