Avocado Oil Market size is set to grow by USD 778.7 million from 2024-2028, health benefits of avocado oil boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global avocado oil market size is estimated to grow by USD 778.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 16.24%  during the forecast period. Health benefits of avocado oil is driving market growth, with a trend towards natural oil blends and flavored avocado oil. However, stringent regulations poses a challenge. Key market players include A.G. Industries, AMD Oil Sales LLC, AOS Products Pvt. Ltd., Avi Naturals, Avocado Global Pte Ltd., Avocado Oil New Zealand Ltd., Bella Vado, BIO PLANETE - Huilerie Moog GmbH, Bo International, Chosen Foods LLC, Crofts Ltd., Kevala International LLC, La Tourangelle Inc., Olivado Ltd., Plenty Foods, Storinos Quality Products, SVA Naturals, The Hain Celestial Group Inc., The Village Press, and Westfalia Fruit Pty Ltd..

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Market Driver

Avocado oil is a popular edible oil used in various applications due to its beneficial properties. It is often blended with other oils like coconut, safflower, olive, and almond oil to enhance its value. The ratio of oils used in blending is carefully considered to maintain the smoke point and other characteristics. Avocado oil's mild nutty taste and light texture make it suitable for cooking and various other uses, including aromatherapy, food and nutrition, skincare, and hair care. Brands offer flavored avocado oils, such as lime, garlic, and jalapeno, for specific cuisines, expanding the market's reach. 

The avocado oil market is experiencing significant growth due to its numerous health benefits. Consumers are increasingly turning to this product for its unsaturated fats and antioxidants. In 2020, the demand for organic avocado oil was particularly high. Producers are focusing on improving yield and quality to meet this demand. The trend towards plant-based diets is also driving up the use of avocado oil in the food industry. Additionally, its versatility as a cooking oil and its role in personal care products is expanding its applications. The future looks bright for the avocado oil market with continued growth expected. 

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Market Challenges

• The global avocado oil market faces challenges due to stringent regulations set by various government agencies. In the US, the United States Department of Agriculture establishes import standards for avocados, including maturity and color requirements. South Africa's Ministry of Agriculture, Forestry, and Fisheries sets grading, packing, and marking regulations. The European Union enforces UNECE standards, requiring a minimum dry matter content for Hass and Fuerte varieties. Labeling regulations, such as prohibiting toxic ink or glue and requiring traceability, also apply. These differing regulations can hinder market growth during the forecast period.
• The avocado oil market faces several challenges. Production involves extracting oil from avocados, a process that can be costly and time-consuming. The industry also deals with inconsistent supply due to factors like weather conditions and crop yields. Additionally, competition from other edible oils and increasing consumer preference for organic and cold-pressed oils add to the market's challenges. Furthermore, regulatory requirements and certifications can increase production costs. Lastly, the market must address sustainability concerns, as avocado farming can have environmental impacts. Despite these challenges, the avocado oil market continues to grow due to its health benefits and consumer demand.

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Segment Overview 

This avocado oil market report extensively covers market segmentation by  

1. Product 
• 1.1 Refined avocado oil
• 1.2 Crude avocado oil
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Refined avocado oil-  The avocado oil market offers various forms of refined avocado oil, including extra virgin and virgin oil. Extra virgin avocado oil, produced through cold-pressed extraction, has a high smoke point and retains its nutritional content, aroma, and strong flavor. It is suitable for emulsifying, spreading, cooking, and frying purposes. Virgin avocado oil, also cold-pressed, has a higher acidity level but is ideal for all cooking methods due to its high smoke point. Other forms like avocado butter, blends, and sprays have unique applications and properties. The market is driven by the increasing demand for healthy cooking oils and the launch of flavored avocado oil products. Manufacturers like Chosen Foods offer a range of avocado oil options.

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Research Analysis

The avocado oil market encompasses the production and distribution of monounsaturated fats derived from the extraction of avocados. This market caters to various sectors, including skincare products, hair care products, and cosmetics, due to the high vitamin E and antioxidant content of avocado oil. The upper-middle class and vegan/vegetarian populations, who prioritize plant-based diets and organic food products, contribute significantly to the demand for certified organic oils. In contrast, the processed food industry and personal care industry also utilize avocado oil for its good fat content and long shelf life. Extraction technology and environmental care are essential considerations in the market, with nanotechnology offering alternatives to traditional methods. Sunflower oil and olive oil serve as competitors in the market, each with their unique benefits and applications.

Market Research Overview

The Avocado Oil market is a significant segment of the global edible oils industry. This market is driven by the increasing health awareness among consumers and the growing demand for healthy cooking oils. Avocado oil is rich in monounsaturated and polyunsaturated fatty acids, making it a popular choice for heart-healthy cooking. Its high smoke point and mild flavor also make it an excellent option for high-heat cooking. The market for avocado oil is expected to grow significantly due to its numerous health benefits and increasing consumer preference for natural and organic food products. The market is also influenced by various factors such as production costs, supply and demand dynamics, and government regulations. The market for avocado oil is diverse and includes various types of avocado oils, such as cold-pressed, refined, and organic. The market is also segmented by regions, including North America, Europe, Asia Pacific, and the Rest of the World.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Refined Avocado Oil
• Crude Avocado Oil
• Distribution Channel
• Offline
• Online
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio