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| Avocado Oil Market |
Avocado oil is gaining widespread
popularity as cooking oil due to its high nutritional value profile. Avocado
oil contains monounsaturated fatty acids that are heart-healthy along with
vitamins E, K and B that are essential for skin and hair health. The oil also
consists of antioxidants, along with minerals like magnesium, copper and iron.
It has a high smoke point of about 480°F, making it suitable for cooking
purposes. Avocado oil products are available in various forms like refined,
extra-virgin and virgin grades catering diverse needs of consumers. The oil is
being used in food processing industry to manufacture packaged foods, salad
dressings and mayonnaise.
The Global Avocado Oil Market is estimated to be valued at US$ 545.3 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period
2024 to 2031.
Key Takeaways
Key players operating in the Avocado Oil are Cargill Incorporated, Archer
Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate
& Lyle PLC, Didion Milling, Semo Milling, Agrana Beteiligungs-AG, The
Andersons, Inc., LifeLine Foods. The growing health conscious population and
increasing usage of avocado oil in cosmetic and personal care industry has been
driving the global demand. North America represents the largest regional market
for avocado oil owing to growing popularity of vegan diet and healthy oils in
the region.
The rising consumer awareness about health benefits of avocado oil is fueling
its demand globally. Avocado
oil Market Demand consumption
helps in maintaining cholesterol levels and reducing risks of cardiovascular
diseases due to presence of oleic acid content. It has anti-inflammatory and
skin hydrating properties increasing its usage in cosmetic industry for
production of lotions, creams and hair oils.
The organic shift is a major trend being witnessed in avocado oil market. The
consumers are shifting towards organic and non-GMO avocado oil owing to clean
label and sustainability factors. Companies are expanding organic avocado oil
offerings to cater growing natural and healthy food movement. Furthermore,
innovation in product profiles like flavored and infused varieties is gaining
traction.
Market Key Trends
One of the major trends witnessed in the global avocado oil market is the
preference of consumers towards organic and non-GMO oils. There is increasing
awareness regarding ingredients, non-use of pesticides and chemicals in food
products. Thus, companies have started offering certified organic and non-GMO
avocado oil to appeal to such health conscious target base. Furthermore,
innovations are being done in product offerings such as introduction of
flavored oils with different ingredients like lime, chili etc. This is
expanding usages and driving experimental cooking among millennials.
Porter's Analysis
Threat of new entrants: New companies find it difficult to enter the market due
to high initial investment requirements and established supply chains of
existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
presence of many established players.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
availability of substitutes and dependence of players on consistent supply.
Threat of new substitutes: Threat of substitution is low as avocado oil has
unique health benefits compared to other vegetable oils.
Competitive rivalry: The market is dominated by few major players and regional
players compete intensely on the basis of quality and cost.
Geographical Regions
North America holds the major share in terms of value sales owing to increasing
demand for healthier oils. Growing health consciousness and popularity of
Mexican cuisine aid market growth in the region.
Latin America is the fastest growing region due to ample availability of raw
materials. Mexico is the largest producer of avocados globally and a major
exporter to North America and Europe. Increasing avocado production in
countries like Peru is further supporting regional market growth.
The avocado oil market in terms of value is highly concentrated in North
America. The region accounts for more than half of global market share due to
growing health awareness and popularity of Mexican cuisine incorporating
avocado.
The fastest growing region for avocado oil market is Latin America. This is
attributed to abundant availability of raw materials, especially in Mexico
which is the world's largest producer and exporter of avocados. Rising avocado
cultivation in other Latin American countries such as Peru is further
propelling market expansion in the region.
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oil Market
About Author:
Money Singh is a seasoned content writer with
over four years of experience in the market research sector. Her expertise
spans various industries, including food and beverages, biotechnology, chemical
and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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