The scope of our recent study, titled "Avocado and Avocado Derivatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Whole, Oil, Puree, and Others), Category (Organic and Conventional), and Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Personal Care, and Others)" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The avocado and avocado derivatives market is projected to reach US$ 9,963.37 million by 2028 from US$ 7,368.65 million in 2022. It is expected to grow at a CAGR of 5.2% from 2022 to 2028.
Global manufacturers are using new technologies in production due to the rising demand for raw or whole fruit. The popularity of fresh avocados among consumers can be attributed to the growing consumption of fresh foods and easy product availability. The high fiber content of fresh fruits of avocado helps with digestion, prevents constipation, maintains the health of the gastrointestinal tract, and reduces the risk of colon cancer.
Based on type, the avocado and avocado derivatives market is segmented into whole, oil, puree, and others. The whole segment held the largest share of the avocado and avocado derivatives market in 2022 whereas the oil segment is projected to register the fastest CAGR during the forecast period. Avocado oil, extracted from fruit pulp, is used to produce various personal care products, pharmaceuticals, and food & beverages. It has acquired prominence in medicinal applications owing to its biological properties that contribute to the acceleration of wound healing and improvement in heart health and the digestive system. Avocado oil also aids in weight loss, skin radiance, and detoxification. Therefore, leading players in the personal care industry extensively use this specialty ingredient in hair and skin care solutions. Avocado oil is also gaining popularity as a food ingredient facilitating various health benefits. ~70% of avocado oil comprises heart-healthy oleic acid, which is a monounsaturated omega-9 fatty acid. The increased consumption of nutritional cooking oil due to the growing health awareness is a key factor boosting the demand for avocado oil among food & beverage manufacturers.
The avocado and avocado derivatives market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Europe held the largest share in the avocado and avocado derivatives market in 2022, and Asia Pacific is expected to register the fastest CAGR during the forecast period. The Europe avocado and avocado derivatives market is categorized into Germany, France, Italy, Russia, the UK, and the Rest of Europe. The region is home to major global market players such as Salude Food Group Europe BV, Exportadora Propal SA, and Berje Inc. Hence, the market is competitive in these countries. The increasing demand for avocados as whole fruit and avocado-based products such as oil and puree in clean-label, organic, and vegan products is witnessing traction in the European market. Avocado and avocado derivatives are gaining huge popularity among consumers in the region owing to the health benefits of avocado and its unique flavor. Additionally, the demand for avocado-based products is propelling in Europe due to increasing consumer interest in different cuisines. Thus, the import of avocados is increasing in Europe.
Impact of COVID-19 Pandemic on Avocado and Avocado Derivatives Market
The growth of several industries, including food & beverages and pharmaceuticals & nutraceuticals, was hampered by the COVID-19 outbreak. The shutdown of manufacturing units caused disturbances in global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020.
Moreover, governments in Europe, Asia Pacific, and North America imposed bans on international travel, which compelled companies to discontinue their collaboration and partnership plans temporarily. These factors hampered various industries in 2020 and early 2021, restraining the growth of various markets, including the avocado and avocado derivatives market. On the other hand, the pandemic created a significant demand for healthy and nutritious food products, such as avocado fresh fruits, avocado oil, and avocado puree, driving the market significantly.
The report segments the avocado and avocado derivatives market as follows:
Based on type, the avocado and avocado derivatives market is segmented into whole, oils, puree, and others. Based on category, the market is segmented into organic and conventional. Based on application, the avocado and avocado derivatives market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. Based on geography, the avocado and avocado derivatives market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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