As per the latest research report by Future Market Insights (FMI), the global demand for avocado oil is estimated to witness growth at a year-on-year (Y-O-Y) of over four per cent in 2019.
This growth can be ascribed to a cohort of factors, ranging from changing lifestyles to rising gravitation toward health and well-being. As per the report, ever-evolving dietary preferences aligned with the health and wellness trend is foreseen to boost growth of avocado oil.
According to the report, avocado oil mixed with other natural edible oils, such as almond oil, olive oil, and others, is a pervasive trend shaping market growth. Manufacturers are vying to offer such innovative blends of avocado oil with other edible oil types in a bid to capitalise on the growing demand for better-than-the rest offerings.
Rising demand for natural & healthy to propel sales of avocado oil
Rising instances of heart problems and other chronic diseases is inducing a move away from fatty oils, creating sustained opportunities for manufacturers of the avocado oil market. The incessant demand for natural and healthy oils is strengthening the demand for edible oils, with avocado oil being one of the most popular varieties.
“Moreover, the rising demand for physical and cognitive well-being among the consumers is one of the major drivers for the increase in the demand for avocado oil. Modern consumers are considering multiple factors while purchasing products such as oil, with health benefits being the utmost priority. These particulars provide credence to the optimistic growth of the avocado oil market over the forecast period,” unveiled the report.
As per the report, consumers prefer products that are naturally derived and have a rich nutritional profile. In line with the aforementioned, avocado oil fits the bill as an excellent option well-aligned with consumer requirements.
Avocado oil has a high smoking point as compared to that of other alternatives, which makes it a suitable choice for cooking at high temperatures.
Avocado oil obtained without the excessive use of solvents or heat contains an antioxidant, lutein, which is associated with reduced risk of age-related macular degeneration and helps to improve the vision.
This, in turn, boosts its visibility as a natural and healthy ingredient for use in personal care and skin care products, propelling the growth of avocado oil market.
Surging demand for clean-label products to exert positive impact on avocado oil market growth
The demand for clean label products is anticipated to work in favour for the key stakeholders of the avocado oil market. Moreover, consumers are showing strong interest in products infused with simple and natural ingredients, thereby fuelling adoption of avocado oil in various end-user verticals.
According to the report, Europe is anticipated to register impressive growth rate between 2019 and 2029, and Latin America, which owns a major share in the avocado oil market, is anticipated to retain its lucrativeness over the forecast period. As per the report estimates, Latin America and Europe will continue to be the most attractive regions in the avocado oil market in terms of revenue-generating opportunities.
Some of the key avocado oil market players are Spectrum Organics Products, LLC; Sesajal S A de C V, Crofts Ltd, Tron Hermanos, Cibaria International, S A de C V, The Village Press, Aconcagua Oil and Extract SA, Westfalia Fruit (Pty) Ltd, Avocado Health Limited, and CalPure Foods, Inc, amongst others.
Manufacturers in the avocado oil market are focussing on strategic transactions, including mergers and acquisitions, to tap into new customer segments and enhance their profitability.