Market
Overview:
Avocado
oil is extracted from mature avocado fruit. It is high in monounsaturated fatty
acids and has a mild flavor. Avocado oil has several advantages over other
vegetable oils as it has a high smoke point, making it suitable for cooking
purposes. It is also rich in vitamins, minerals and antioxidants which provide
various health benefits. Due to these properties, demand for avocado oil is
increasing from food industry for use in cooking and various food applications.
Market key trends:
One of the key drivers of avocado oil market is the growing
demand from food industry. Avocado oil is increasingly being used in various
food products and applications owing to its nutritional properties and mild
taste. It is used in bakery products, sauces, dressings and many packaged food
products. As consumers are becoming more health conscious, they prefer food
products containing healthy oils like avocado oil. This trend is expected to
continue over the forecast period, thereby driving the growth of avocado oil
market. Its growing demand from food industry segment is expected to provide
opportunities for avocado oil market players over the coming years.
The global Avocado
Oil Market Growth is estimated to be valued at US$ 287.2 Million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period
2023-2033, as highlighted in a new report published by Coherent Market Insights
Porter's
Analysis
Threat of new entrants: Low as there are high costs involved in establishing
processing facilities and establishing distribution networks. Bargaining power
of buyers: High as avocado oil has substitutes like olive oil. Bargaining power
of suppliers: Medium as Mexico and other Central American countries dominate
avocado supply. Threat of new substitutes: Medium as olive oil is a major
substitute. Competitive rivalry: High due to presence of several players.
SWOT Analysis
Strengths: Health benefits of avocado oil such as containing antioxidants.
Weaknesses: Seasonal nature of avocado harvest leads to fluctuating supply.
Opportunity: Increasing adoption in cosmetic and personal care products is an
opportunity. Threats: Threat from climate change impacting avocado cultivation.
Key Takeaways
The global avocado oil market is expected to witness high growth, exhibiting
CAGR of 5.9% over the forecast period, due to increasing health consciousness.
Regionally, North America dominates the avocado oil market currently due to
high avocado consumption particularly in U.S. and Canada. Mexico and Central
American countries are the fastest growing regional markets. 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.
The global avocado oil market size for 2022 stood at US$ 287.2 million. The
growing demand for plant-based oils with various health benefits is driving the
avocado oil market growth. Further, the increasing consumption of avocados as a
superfood is augmenting the market expansion.
Read More: https://www.ukwebwire.com/avocado-oil-market-set-for-exponential-growth-trend-and-share-analysis/
Comments
0 comment