Avocado-based Products Market
Avocado-based Products Market (Nature: Organic and Conventional; Form: Raw, Processed, and Others; End Use: Food & Beverage Industry, Retail Industry, Cosmetics & Personal Care, and Others; and Distribution Channel: Business to Business and Business to Consumers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Food & Beverages
- 357 Pages
COVID-19 Pandemic Boosts Demand for Avocado-based Products
With the onset of the COVID-19 pandemic, the importance of immunity and maintenance of fitness levels has risen considerably. Immunity boosting foods are gaining considerable traction among the masses. As avocado and avocado-based products are rich in vitamins and nutrients, they help keep infections and diseases at bay. These benefits help in increasing the overall growth of the avocado-based products market.
Barring the supply chain disruptions experienced due to the pandemic, the global market for avocado-based products is expected to observe positive growth trajectory during the forecast period of 2021-2031.
Transparency Market Research (TMR) expects the global avocado-based products market to expand at a CAGR of 5.3% during the forecast period. The market is projected to cross US$ 9.95 Bn by 2031.
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Rising Popularity of Plant-based Butters Increasing Growth Prospects
Many individuals are turning vegan due to the growing awareness about the health benefits due to the same and the expanding resistance to animal-cruelty. The statistics by The Vegan Society provides more insights on the growing number of vegans. According to the findings in the report of The Vegan Society, the number of vegans quadrupled in the U.K. between 2014 and 2019. As of 2019, 600,000 vegans were present in the U.K. Thus, the growing number of vegan population will influence the demand for plant-based butters. This butter is made using the avocado oil. Hence, the demand for avocado oil is estimated to increase, thus driving the avocado-based products market.
Moreover, the number of lactose-intolerant people is also high around the world. These people opt for dairy-free products. This factor is also likely to drive the demand for plant-based butter products, eventually contributing to the growth of the avocado-based products market.
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Consumer Preference for Avocado Oil to Traditional Oil Presents Profitable Opportunities
Avocado oil contains more unsaturated fats as compared to traditional oil. In addition, avocado oil has vitamin E and promotes good heart health. It has lower cholesterol levels. Hence, with the rising significance of health among a considerable number of individuals, the demand for avocado oil is estimated to expand, thereby boosting the growth rate of the avocado-based products market.
eCommerce Emerges as Dominant Sales Channel Due to COVID-19 Pandemic
The demand for avocado-based products experienced an uptick during the COVID-19 pandemic, owing to the extensive health benefits they provide. As retail stores and shopping malls were closed during the stay-at-home orders, people ordered these products on eCommerce sites. The expansive shift of avocado-based products from brick-and-mortar stores to the eCommerce pipeline presented extensive opportunities for eCommerce platforms such as Amazon to strengthen their influence across the avocado-based products market. Although many avocado-based products were available on eCommerce websites before the pandemic, the lockdown restrictions forced many companies to widen their through several eCommerce platforms. Thus,
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The avocado-based products market is expected to record a CAGR of 5.3% between 2020 and 2030. With the advent of the COVID-19 pandemic, the demand for avocado-based products has witnessed a staggering rise. The immunity-boosting fruit has gathered considerable momentum as a healthy choice for enhancing immunity and maintaining fitness levels. Hence, these factors present a large number of growth opportunities for the avocado-based products market. The players in the avocado-based products market should focus on R&D activities to develop food products that are both affordable and effective for the consumers. Mergers and acquisitions should also be key strategy of players to strengthen their influence across the avocado-based products market.
Avocado-based Products Market: Overview
- The market value for avocado-based products is estimated to value over US$ 16.51 Bn in 2021, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is expected to cross US$ 29.93 Bn by 2031, at a CAGR of 6.1%.
- Based on nature, the organic segment has a market share of 11.1% in 2021 and the conventional segment has a market share of 88.9% in 2021. The conventional segment is anticipated to be valued at US$ 8,612.6 Mn by the end of the forecast period.
- The retail end-use industry segment accounts for the largest market share of the global market; however, the cosmetics & personal care segment is anticipated to expand at a significant value CAGR 6.3% with the rising demand for more natural products.
- In terms of form, raw segment is expected to hold the highest value share of more than 80% and the rest of the market share is held by processed and others segments
- Popularity of avocado fruit in this region is responsible for such a high dominance of avocado-based products in Latin America. Moreover, the health benefits offered by the fruit and its derived products are also shaping the demand in the region. As consumers become more aware, optimistic growth outlook for avocado-based products is anticipated.
Avocado-based Products: Market Frontrunners
- With increasing literacy and rapid urbanization, consumers' preferences have been drastically impacted and demand for products such as avocado-based products is increasing in major marketplaces. The fact that more aware consumers are most likely to choose products that contain ingredients that are more function-specific is one such reason for the increasing utilization of avocado-based products in various end-use industries.
- Avocados are immensely nutritious, and available in several shapes and colors. They are considered a rich source of vitamin K, potassium, folate, vitamin C, B5, B6, and E. They are a good source of monounsaturated fatty acids that are considered essential for managing heart health. This fruit with its nutritious constituents is a boon for people suffering from cardiovascular diseases.
- Furthermore, these are also loaded with fiber, aids in lowering triglyceride levels and cholesterol, and contain antioxidants that are good for eye health, prevents cancer, etc.
- The nutrition profile of avocados is also responsible for accelerating the demand and popularity of avocado-based products
- On a global scale, the conventional nature avocado-based products is dominating the market with an approximate share of 88% while the organic avocado-based products are anticipated to witness value growth of CAGR of 7.6%
- In the food & beverage industry, it is being used in sauces & dressings and snacks with a combined share of more than 50% in the global market in 2021. Furthermore, the maximum growth potential is registered by the cosmetics & personal care industry at a CAGR of 7.3%.
Avocado-based Products Market: Trends
- Rising consumer awareness toward organic products: Organic food as compared to its counterpart conventional food exhibits more nutrients and antioxidant properties. Consumers have confidence that organic food does not cause allergies, owing to the absence of fertilizers, pesticides, or any other chemicals, while harvesting crops. Organic avocados are devising their way into consumers’ lives. The versatile applications of organic avocados in food products and cosmetic products are winning the hearts of modern consumers. Organic avocado products can be effortlessly used into various segments such as skincare segments. As today’s customers are keen on choosing their products with organic and nutritional benefits the demand for organic products will surge in near future.
- Olivado company based in the U.S. produces the quality of avocado-based oils that has been utilized in various applications in skin care industry
- Increased use of avocado powder in dietary supplements to enhance market growth: Healthy living standards among consumers have supported the market to grow more efficiently. Along with it, the COVID-19 pandemic has further driven the demand for supplements and vitamins. These situations could positively affect the demand for supplements in the near future, as consumer awareness regarding well-being is growing.
- According to a research study of Veterinary world, the avocado seed powder supplements considerably work on the level of SGOT, reduces fat, and cholesterol levels. Consumption of avocado powder improvises the functioning quality of the liver and kidneys. Considering such kinds of benefits of avocado-based powder, the demand for these products will bolster the market.
- The U.S. based Madama Inc. has been offering extra virgin avocado oil fortified with vitamin A, D, & K, and omega -3, 6 & 9. The company has developed processes to extract chemical-free oil from the avocados.
Avocado-based Products Market: Strategies
- Key manufacturers in the avocado-based products market are keen on acquiring quality certifications from internationally renounced agencies responsible for ensuring food quality & safety to consumers. This is carried out strategically to enhance the acceptability of products across various regional marketplaces and ensuring highest quality to consumers.
- The Olivado company focuses on delivering the quality products for its consumers around the world. It has secured all major certifications, such as Kosher. Organic USDA, Fair Trade, etc.
- Avocado Mexico is constantly impressing on food safety as the top most priority for the company. In this regard, it is gaining certifications for its products. In response to the new market trends, the company is also impressing on innovating and certifying its products with non-GMO, gluten-free, kosher and other certifications.
Avocado-based Products Market: Key Players
- Some of the key players in the market includes
- Spectrum Organics Products
- Cham Foods
- Avocado Health Limited
- Westfalia Fruit (Pty) Ltd
- Cibaria International
- Sesajal S.A de C.V.
- Dipasa USA Inc.
- Salud Food Group Europe B.V
- Avocado Mexico
- Calavo Growers Inc.
- Frutas Montosa
- Crofts Ltd.
- Grünewald Fruchtsaft GmbH
- Proteco Gold Pty Ltd.
- True Nutrition
- Good Foods Group
Avocado-based Products Market – Scope of Report
Transparency Market Research (TMR) has recently published a market study on the avocado-based products market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the avocado-based products market structure. The market study presents exclusive information about how the avocado-based products market will grow during the forecast period of 2021-2031.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the avocado-based products market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the avocado-based products market, including manufacturers, suppliers, distributors, cultivators, brands and investors, and to help them develop winning growth strategies. Stakeholders in the avocado-based products market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.
The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the avocado-based products market. Furthermore, small businesses and new entrants in the avocado-based products market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Avocado-based Products Market Report
- Which country will continue to remain the most profitable market for avocado-based products market players?
- Which factors will induce a change in the demand for avocado-based products during the assessment period?
- How will the changing trends impact the avocado-based products market?
- How can market players capitalize on the low-hanging opportunities in the avocado-based products market in developed countries?
- Which companies are leading the avocado-based products market?
- What are the winning strategies of stakeholders in the avocado-based products market to catapult their position at the forefront?
Avocado-based Products Market – Research Methodology
In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the avocado-based products market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.
Secondary sources referred to by analysts for compiling the avocado based products market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary source.
Information acquired from primary resources and secondary sources is compiled in a comprehensive manner. This also acts as a validation from companies in the avocado-based products market, which makes TMR’s projections more accurate and reliable.
Avocado-based Products Market – Segmentation
TMR’s study on the avocado-based products market offers information divided into important segments - nature, form, end use, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.