LONDON--(BUSINESS WIRE)--The global avocado oil market is expected to grow at a CAGR of more than 13% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global avocado oil market for 2017-2021. The market is segmented based on product, which include crude avocado oil, extra virgin avocado oil, and virgin avocado oil.
The growth of the global avocado oil market is expected to be primarily due to the increasing awareness about the nutritional and health benefits associated with avocado oil. With growing popularity and rise in production of avocado oil, the average selling price of avocado oil is expected to reduce. Though avocado oil is gaining popularity in various developed and developing countries, the growth of the market is affected by the presence of other healthy and essential oils.
Technavio’s food and beverage research analysts categorize the global avocado oil market into the following segments by regions:
- Americas
- APAC
- EMEA
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Americas: largest avocado oil market
“Growing awareness about healthy lifestyle is one of the factors that is driving the demand for avocado oil in the region. The demand is mainly due to its health benefits. Increased rate of health problems like chronic diseases and heart diseases, caused due to increased consumption of high-fat oils and butter, led to increased demand for healthy oils. The consumers in the region prefer to purchase healthy oils over other oils,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
The Americas has the largest market share in the global avocado oil market. Mexico is the largest producer of avocado in the world. It contributes to nearly 50% of the global avocado production. Added to this, the Dominican Republic, the US, Chile, and Peru are some of the leading producers of avocado in the world. The US, Canada, Mexico, Brazil, Peru, and others are the leading consumers of avocado oil in the region.
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Avocado oil market in APAC
The demand for avocado oil will increase due to the growing awareness about healthy lifestyle. Increased rate of chronic diseases and other health problems have fueled the demand for healthy oils. The production of avocados in APAC region is very less as compared to other regions. Indonesia, China, Thailand, and Australia are some of the leading producers of avocado in the region. Many private labels, local, and small vendors present in the region will provide an avocado oil. However, presence of other healthier oils will impact the market growth during the forecast period.
Avocado oil market in EMEA
The overall production of avocado in EMEA is quite low compared to the Americas. Rwanda, Kenya, Morocco, and Israel are some of the countries where the production of avocado has increased to many folds from a decade. The European Union, Kenya, and Rwanda are the key avocado and avocado oil consuming countries of EMEA.
“Israel, Kenya, and France are some of the countries in EMEA, that have very high per capita consumption of avocado. The increasing popularity for avocado has led to increasing demand for avocado products, mainly avocado oil. The oil is gaining popularity among consumers owing to health benefits and versatility of the oil,” says Manjunath.
The top vendors in the global avocado oil market highlighted in the report are:
- Bella Vado
- CHOSEN FOODS
- NOBEL FOODS
- Sesajal
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