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Avocado oil market set to grow by ~ 8% CAGR over forecast period: Report
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Saturday, 12 October, 2019, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Since the last decade, avocado oil has generated interest among consumers owing to technological and nutritional characteristics, which is evidenced by an increasing number of production capacities of manufacturers backed with rigorous research and development for using efficient extraction techniques for avocado oil.
A recently-released report by Fact.MR reveals that the avocado oil market is expected to grow by an ~ 8% CAGR over the forecast period. This notable growth in the avocado oil market is mainly influenced by the extensive use of avocado in end-use industries, including cosmetics and personal care, medicinal, and others.
Moreover, avocado oil is gaining traction in cooking applications, which further fuels the market growth throughout the forecast period. Furthermore, key players operating in the avocado oil market are increasing their business footprint rapidly, which creates lucrative opportunities in the market.
Study also found that companies involved in the avocado oil market are rigorously investing in finding efficient extraction methods to increase their production capacity. The global avocado oil market is growing with inorganic growth as majority of the companies are focussed on mergers and acquisitions as well as collaborations with farmers to increase their presence and strength in the global market.
More than 40% companies in the avocado oil market are focussed on increasing their production. Prominent companies are mainly focussed on offering their products through online retailers and brick and mortar stores.
Product launches have also increased since the last four years in the avocado oil market, and emerging companies are focussed on improving their packaging formats to target specific consumers who are willing to try new on-the-shelf retail products. Compared to other end uses, the demand for avocado oil in the retail sector is expected to be more than 70% over the forecast period.
The study reveals that global avocado fruit production has reached five million metric tonne, and annual production is expected to increase by nearly 200,000 metric tonne. Mexico produces around 1.8 million metric tonne of avocado fruit.
Countries including Colombia, Peru, Chile, Kenya, and Indonesia are also anticipated to increase their production capacity. The quality and availability of raw materials will surely affect market growth. In the global avocado oil market, extensive availability of raw material will push the market growth to a greater extent.
Moreover, rising demand for healthy and natural food among consumers is also expected to create a lucrative opportunity for the avocado oil market in the forecast period. Avocado oil is put into the market as a more advantageous option to olive oil, and an alternative to other dressing and cooking oils. Constantly altering buying patterns of individuals such as first identifying the supplement synthesis of a nourishment item, and an inclination towards organic and natural products is predicted to create a notable thrust for the growth of the avocado oil market.
This report also found that market leaders operating in the avocado oil market are investing rigorously in research & developments and advanced technologies to develop apt substitutes for fats. Growing awareness about the health benefits of consuming vegetable oils is making consumers aware of the various types of edible oils that can be used for cooking, which is fueling the growth of the avocado oil market. Production of edible oils and fats that contain no fatty acids is expected to be the most popular and prolific trend in the avocado oil market, which will propel the market growth extensively.
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