Avocado oil is produced by physically extracting the pulp and seed of the avocado fruit. According to the Harvard School of Public Health, avocado oil is considered a good source of nutrition as it contains 240 calories, 22 grams of protein, 10 grams of fiber, 13 grams of carbohydrate, 3 grams of protein, and 11 milligrams of sodium. The nutritional qualities of the fruit, increasing income in developed countries, and increasing health awareness due to the COVID-19 pandemic are expected to drive the growth of this market.
During the COVID-19 pandemic, people became more health conscious and turned towards healthy diets. This new approach is driving the demand for avocado oil in the food and cosmetics industries. However, excessive production of avocados can harm the environment. According to an article by the World Economic Forum released in February 2020, approximately 9.5 billion liters of water are required daily to produce avocados. Such factors can hinder the growth of the market. Therefore, developing and adopting more sustainable ways of farming can present a good opportunity for the producers in this market.
Moreover, increasing income and urbanization in several developed and developing countries is also adding to the rising demand for avocado oil. According to an article published in January 2023 in The Economist, the average hourly wages in the U.S. have increased more than 15% since the COVID-19 pandemic. Given nutritional qualities of avocado and rising health consciousness, people are ready to spend more on the consumption of organic products such as avocado oil. This type of consumer behavior is likely to propel growth of the avocado oil market.
The demand for avocado oil majorly comes from the food and beverage industry. However, because of the fatty acids contents in the avocado that content vitamins such as A, E, and D, they are also highly demanded in the cosmetics industry. Both these industries are experiencing growth across counties which can ultimately lead to growth of the avocado oil market worldwide.
The key players in the market focus on bringing technological advancements, and sustainability in the production process by launching new products to meet the demand from varied industries. In April 2019, Catania Oils launched three varieties of innovative oils, including avocado oil. Apart from ensuring the quality of the product, they have also opted for environmentally friendly packaging. The box and bags can be recycled to minimize environmental waste. Such initiatives can promote sustainability and help in attracting more eco-friendly customers.
The avocado oil market is segmented based on type into extra virgin, virgin, refined, and blend. Refined oil is mainly preferred in the personal care and cosmetics sector owing to its nutritional qualities and requirements. Based on application, the market can be further classified into food and beverages, pharmaceuticals, personal care, and cosmetics. Based on regions, the market is segmented into North America, Europe, Asia Pacific, and Middle East & Africa.
Extra Virgin Oil
Food & Beverages
Healthcare & Pharmaceutical
Personal Care & Cosmetics
Middle East & Africa
Avocado Global Pte Ltd
SPECTRUM ORGANIC PRODUCTS, LLC
Chosen Food LLC
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