Avocado Market Outlook
According to the report by Expert Market Research (EMR), the global avocado market size reached a value of USD 18.14 billion in 2023. Aided by the fruit's rising popularity among health-conscious consumers and its versatile culinary applications, the market is projected to further grow at a CAGR of 9.2% between 2024 and 2032 to reach a value of USD 40.18 billion by 2032.
Avocados, often dubbed as 'green gold,' have transcended their traditional use to become a staple in diets worldwide, celebrated for their rich nutritional profile and creamy texture. The fruit's high content of healthy fats, vitamins, and minerals has cemented its status as a superfood, integral to wellness and dietary regimes.
The global shift towards health and wellness has been bolstering the avocado market growth. The fruit's health benefits, including heart-healthy fats, fibre, and antioxidants, have attracted a wide audience, propelling its inclusion in various dietary plans. Avocado's versatility has made it a favoured ingredient in culinary traditions around the world. From guacamole to smoothies and salads, its ability to blend into both savoury and sweet dishes has broadened its appeal and usage across different cuisines.
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Enhancements in agricultural practices and supply chain efficiencies have bolstered global production and trade. Countries like Mexico, Peru, and Colombia have expanded their avocado cultivation, contributing to the fruit's availability year-round and supporting the global avocado market expansion. A growing global middle class with increased disposable income has shown a willingness to spend on premium health foods, including avocados. The fruit's popularity in social media trends and dietary recommendations has further fuelled consumer demand.
The Hass variety is preferred by consumers and retailers due to its creamy texture and longer shelf life, making it ideal for export. Its popularity has led to an increase in its cultivation worldwide, and it now accounts for a significant portion of the global avocado market. The market is seeing a rise in products like avocado oil, which is prized for its high smoke point and health benefits, and ready-to-eat guacamole, which offers convenience for consumers. These products cater to the demand for healthy and convenient food options.
The environmental impact of avocado cultivation, such as water usage and deforestation, has come under scrutiny. In response, there is a push towards more sustainable practices, including water-efficient irrigation methods and responsible land management. As per the avocado market analysis, advances in packaging, such as modified atmosphere packaging, help extend the shelf life of avocados, reducing waste. Controlled ripening technologies also ensure that avocados reach consumers in the perfect state of ripeness.
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Diets that emphasise healthy fats, like the ketogenic diet, have contributed to the popularity of avocados. Their versatility in cooking and ability to complement various dishes have made them a staple in many health-conscious diets. As per the avocado market outlook, online sales channels have made it easier for consumers to purchase avocados and related products. This trend has been accelerated by the COVID-19 pandemic, as more consumers turned to online shopping for groceries.
North America currently accounts for a substantial portion of the avocado market share, with the United States being one of the largest markets due to its growing Hispanic population and the mainstreaming of avocado-based dishes. Europe has seen a rapid increase in demand, attributed to rising health consciousness and the popularity of Mediterranean diets. The Asia-Pacific region is emerging as a burgeoning market, with countries like China and Japan experiencing a significant uptick in avocado imports, driven by changing dietary preferences and increased awareness of the fruit's nutritional benefits.
Avocado Market Segmentation
The market can be divided based on form, application, distribution channel, and region.
Market Breakup by Product Type
- Fresh
- Processed
Market Breakup by Application
- Households
- HoReCa
- Pharmaceutical
- Others
Market Breakup by Distribution Channel
- Offline
- Online
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global avocado market. Some of the major players explored in the report by Expert Market Research are as follows:
- Mission Produce, Inc.
- Calavo Growers, Inc.
- Simpson Farms Pty Ltd.
- West Pak Avocado, Inc.
- Westfalia Fruit (Pty) Ltd.
- EMPACADORA AVEHASS S.A. DE C.V
- AustChilli Pty Ltd.
- Del Rey Avocado Company, Inc.
- Aguacates JBR
- Duclos Farms
- Others
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