The global Hass avocado market is projected to register a CAGR of 4.8% during the forecast period(2020-2025)
NEW YORK, July 23, 2020 /PRNewswire/ -- The global Hass avocado market is projected to register a CAGR of 4.8% during the forecast period(2020-2025). Hass avocado is the most popular variety of avocado in the world. In the United States, per capita consumption of avocados, with more than 95 % constituted by Hass avocados, has tripled since the early 2000s, according to the USDA.
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Mexico has the largest cultivation area in the world. With an area of 218,000 hectares planted towards the end of 2018, it represents between 55% and 60% of the world's planted surface area of the Hass variety of avocados. Most of the Mexican Hass avocados are grown in the state of Michoacan, and Jalisco in west-central Mexico.
The avocado production is heavily impacted by weather conditions and hence, shows yearly variations. The fluctuations in production lead to high demand and hence price rise.
Key Market Trends
Increasing Awareness of Health Benefits of Hass Avocado
Avocados are a nutrient-dense food that provide relatively many health benefits that include abundant nutrients (vitamins C, B5, B6, E, and K), potassium, folate, protein, and healthy fats. Seven of the nine grams of carbohydrates in a 100-gram serving are fiber, qualifying avocados as a low-carb food.
Avocado has become a favorite ingredient in many dishes(guacamole dip, salads, sandwiches) and is now on the menu of several restaurants across the U.S. The Avocado toast, a humble breakfast that was earlier eaten mainly in California and Australia, now is a trendy and "instagrammable" menu item in many restaurants around the world.
According to the USDA, U.S. demand for avocados has increased steadily over the past two decades. Per capita consumption of avocados has tripled since 2001 to 8 pounds per person in 2018. While the average consumption of avocados in the United States amounted to 2.45 billion pounds per week in 2018.
North America Dominates the Market
Mexico is one of the major producer and exporter of Hass Avocado. The export volume of Hass avocados is facing an increasing trend owing to the increased demand from the neighboring countries as the consumption increases. Similarly, the value of the export is also anticipated to increase during the forecast period. Mexico has the largest cultivation area in the world. With an area of 218,000 hectares planted towards the end of 2018, it represents between 55% and 60% of the world's planted surface area of the Hass variety of avocados.
As per the ITC Trade, in 2019, the United States, Canada, Japan, Spain, and the Netherlands were the major importers of Hass avocados. Among all United Stated and Canada holds a major share of 77.6% and 8.2% of the import from the market. With the increasing domestic as well as international demand, the exports are anticipated to rise at a peripheral rate during the forecast period.
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