The avocado based products market is set for a rapid growth over the forecast period. In terms of revenue, the global avocado based products market accounted for USD 3.9 Billion in 2019 and is expected to reach USD 5.5 Billion by 2026, growing at a CAGR of 5.2% from 2020 to 2026.
The avocado based products market is set for a rapid growth over the forecast period. In terms of revenue, the global avocado based products market accounted for USD 3.9 Billion in 2019 and is expected to reach USD 5.5 Billion by 2026, growing at a CAGR of 5.2% from 2020 to 2026.
Global Avocado-based Products Market: Overview
Avocado is a pear-shaped food which contains high nutritional value. It is available in different forms namely Fuerte, Hass and Choquette among others. It comes in many colors from green to black. Hass is a very common variety of avocados. It is grown for domestic purpose and export as well. It contains magnesium, protein, potassium, Niacin, Pyridoxine, Folate and many other water and fat soluble vitamins. The world avocado organization is encouraging this super food in the times of COVID-19 pandemic owing to its mental and physical health benefits.
Global Avocado-based Products Market: Growth Factors
The surging number of vegan users has driven the demand for dairy free avocado based butter and thus bolstered the global for avocado based products market. Significant investment and research & development activities done by the prominent players in the market to introduce innovative dairy free avocado based products is expected to support market growth. Additionally the manufacturers are making non-GMO snacks and gluten free vegan puffed from avocados which will further surge market growth. Furthermore, the rising awareness among the consumers about their health together with the surging concentration of people switching to a healthy lifestyle is expected to boost market growth. The rising consumption of healthy food products by people and significant growth in the adoption of avocado based food mostly in the developed regions will deliver noteworthy growth for the market. The rising use of avocado oil in by cosmetic industries to make beauty products for reducing wrinkles, acne, dry skin, and blemishes are fueling the demand in the market.
The healthy conscious people holds a noteworthy buyer base for avocado oil due the health benefits it offers for people suffering from heart attacks and obesity. Scientists are doing extensive studies to develop additional remedies and therapies for treating the emerging chronic diseases and thus boosting the growth of avocado based products market.
Global Avocado-based Products Market: Segmentation
The global avocado-based products market can be segmented into the nature, form, distribution channel end-use, and region. By nature, the market can be segmented into conventional and organic. By form, the market can be segmented into processed and raw. The raw segment will hold the largest share in the global avocado-based products market owing to its benefits as unprocessed foods. However, the processed segment is also anticipated to observe growth owing to the use of avocado in making sauces and dips. The processed segment’s growth can be attributed due to the rising demand for sauces and dips from the food & beverage industry.
By distribution channel, is segmented into direct and indirect sales. The indirect sales segment will have a noteworthy share. By end-use, is segmented into the retail, food industry, cosmetic industry, and others. The food & beverages industry will hold a significant share in the avocado based products market owing to the increasing consumer awareness about the nutritive value of avocado. Additionally, the rising shift of people to the healthy lifestyle from sedentary lifestyle will further propel the segment growth.
Global Avocado-based Products Market: Regional Analysis
North America will hold a significant share in the global avocado based products market owing to the high demand from the consumers. High disposable income of the people in the region is another factor propelling the regional growth.
Asia Pacific is anticipated to observer growth owing to the increasing awareness among the people about the high nutritive value of avocados is expected to drive growth in the region. The demand for avocado is high in the region from the food industry due to its increasing use in making sauces.
Global Avocado-based Products Market: Competitive Players
Some of key players in avocado based products market are Ferreiro, Grupo Comavo, The Berry Man (Aus) Pty Ltd., The Wilatta Group, The GoodFellas Ltd, Simple Foods Pty Ltd., Florigin Limited, Stonehill Produce, Döhler GmbH, Nestle SA, La Tourangelle, Avohass, Storino's Quality Products and among others.
Global Avocado-based Products Market: Regional Segment Analysis
The global avocado based products market was valued at USD 3.9 Billion in 2019.
The global avocado based products market is expected to reach USD 5.5 Billion by 2026, growing at a CAGR of 5.2% between 2020 to 2026.
Some of the key factors driving the global avocado based products market growth are significant investment and research & development activities done by the prominent players in the market to introduce innovative dairy free avocado based products is expected to support market growth.
Asia Pacific region is projected to grow at a significant rate owing to the increasing awareness among the people about the high nutritive value of avocados is expected to drive growth in the region.
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