The global avocado market size is expected to reach USD 26.04 billion by 2030, expanding at a CAGR of 7.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing focus on a healthy diet and the growing number of buyers of healthy food products are driving the growth of the avocado industry. Moreover, increased awareness about the nutritional values of various food products, a growing middle-income population, and rising import demand are expected to support market growth over the forecast period.
According to an article published by Food Insight in July 2022, 52.1% of consumers believe that nutritional ingredients are important to maintain their health. With this in mind, the demand for avocados has grown significantly.
Manufacturers operating in the global market are closely working with suppliers to eliminate tariff barriers and increase product reach. According to an article published in September 2019 by Wageningen University, a new configuration of the Mexican avocado industry was developed to overcome the barrier and increase exports to the U.S. market and phytosanitary regulations were introduced. Hence, key players in the market can now exceed their product reach, which is expected to support the supply and demand for avocados among consumers.
The processed avocado segment is anticipated to register prominent growth over the forecast period. Avocados can be processed into a guacamole blend, pulp, salsa, and drinks. The consumption of avocados is on the rise globally with the increasing westernization of food patterns and acceptance of different cuisines. For instance, Freshcourt, based in Mexico, established itself as a strong producer among customers around the U.S. and abroad. The company is an established food processor of avocados for over 25 years and offers guacamole in different flavors, prepackaged avocado salads, salsas, and other products.
The rise in demand for avocado for food applications such as spreads, dips, salsa, tacos, salads, sushi, and burritos, as well as for cosmetics such as masks, sheets, and creams, continues to boost the sales of avocados around the world. Many restaurants and chains such as Chipotle create their own guacamole, an avocado-based dip, from scratch, which fuels the growth of the B2B segment. Avocados also present a list of benefits when used in cosmetics that includes it’s being filled with essential fatty acids and a host of essential vitamins, making avocados a one-stop solution to a lot of everyday skincare problems.
Major players in the global avocado industry include a combination of several established players and emerging players. Some of these are Calavo Growers, Inc., West Pak Avocado, Inc., Westfalia Fruit, Mission Produce, Inc., EMPACADORA AVEHASS S.A. DE C.V., Aguacates JBR, Propal, and Duclos Farms.
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North America held the largest revenue share in 2021, owing to the growing popularity of food with a longer shelf life. Longer shelf life helps tackle food waste and meet the growing demand for more sustainable food. Hence, promoting the purchase of avocados in the region
The processed segment is anticipated to register a faster CAGR in the avocado industry. The need for convenient meals from a work-centric population drives the growth of the processed avocado industry
The B2B is anticipated to register a significant growth rate over the forecast period. The increased popularity of processed avocados such as guacamole and salsa among the millennials & Gen-Z population driving the growth of the global market
Grand View Research has segmented the global avocado market based on form, distribution channel, and region:
Avocado Form Outlook (Revenue, USD Million, 2017 - 2030)
Avocado Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Avocado Regional Outlook (Revenue, USD Million, 2017 - 2030)
Australia & New Zealand
Central & South America
Middle East & Africa
List of Key Players in the Avocado Market
Calavo Growers, Inc.
West Pak Avocado, Inc.
Mission Produce, Inc.
EMPACADORA AVEHASS S.A. DE C.V.
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