Avocado oil is extracted from the Persea Americana fruit and is used as a cooking oil, in cosmetics, and for lubrication, due to its moisturizing and regenerative properties. Avocado fruit is also known as butter pea or vegetable butter originated in Central America.
Global Avocado oil was valued at US$ 1482.0 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.84% during the forecast period (2022 to 2030).
Drivers
Avocado oil consists high concentration of potassium, vitamins such as A, D, and E, and monounsaturated fats. Some of the properties of avocado oil are high smoke point to stop overheating of the oil and high monounsaturated fatty acids, fuels growth of the avocado oil market. Furthermore, increasing demand for healthy and natural foods is anticipated to fuel the market growth. The reduction of cholesterol level, control of psoriasis, and osteoarthritis are some of the benefits associated with avocado oil make it useful for the treatment of coronary heart disease, peripheral artery disease, and carotid artery disease, among others. Avocado is also used for the treatment of diabetes as it has low glycemic index by controlling its blood sugar level.
Avocado oil contains essential fats and vitamins that enhance the health of individuals. Concurrently, they do not contain cholesterol or sodium which helps in maintaining blood levels and managing cholesterol levels effectively. These oils are used in cooking as well as in cosmetics. The moisturizing ability of avocado has created immense growth opportunities for the avocado market in the cosmetic industry. The lifestyle changes due to rapid urbanization have boosted the demand for healthy oils which has eventually contributed to the growth of the avocado oil market
The COVID-19 outbreak has been affecting economies and industries in various countries, including the U.S., India, Brazil, Russia, Italy, the U.K., Iran, Spain, and China. Food and beverages is one the world’s major industries suffering serious disruptions in the form of supply chain breaks, events cancellations, and office shutdowns as a result of the lockdowns imposed in various countries to contain the disease spread. China is the global manufacturing hub and is the largest raw material supplier for various industries; it is also one of the worst-affected countries by the COVID-19 pandemic.
Figure 1. Global Avocado Oil Market Value Share (%), By Region, 2021
Market Restraints
Presence of multiple varieties of viable alternative, such as olive oil, coconut oil, and hemp oil, is restraining the growth of avocado oil market. Avocado oil is relatively expensive in comparison with other oil varieties that are available at affordable rates.
Popular alternatives, such as olive oil and palm oil, are being widely adopted across multiple verticals, including food, cosmetics, and cleaning agents. Such particulars, in turn, are likely to hamper the growth of avocado oil market during the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 1482.0 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 5.84% | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Companies covered: |
Sesajal S.A. de C.V., Olivado, Grupo Industrial Batellero S.A. de C.V, YASIN, Tron Hermanos SA de CV, The Village Press, Bella Vado, Chosen Foods LLC, and Storino's Quality Products |
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Market Trends
The expanding global population and need for various cooking oils primarily drive up the demand for edible oil. Consumers are exploring multiple kinds of edible oils that can be utilized for cooking as they become more aware of the health advantages of consuming vegetable oils. Avocado oil is not only healthier, but it also tastes lighter and more refreshing than other vegetable oil. This makes it ideal for sautéing, stovetop grilling, and other recipes that call for vegetable oil. Moreover, manufacturers are employing cutting-edge technological solutions to increase the nutritional content of edible oils, which is projected to drive up the demand for edible oils.
Furthermore, the expansion of the global retail sector, combined with an increase in consumer disposable income, is predicted to have a favorable impact on edible oil manufacturing and distribution around the world. As a result, the rapidly rising demand for edible oils from the world's growing population is likely to bolster the growth of the worldwide avocado oil market during the forecast period.
Figure 2. Global Avocado Oil Market Value Share (%), By Product Type, 2021
Recent Developments
Competitive Section
Major players operating in the global avocado oil market include Sesajal S.A. de C.V., Olivado, Grupo Industrial Batellero S.A. de C.V, YASIN, Tron Hermanos SA de CV, The Village Press, Bella Vado, Chosen Foods LLC, and Storino's Quality Products.
Avocado oil is a monounsaturated oil extracted from the avocado fruit. Avocado fruit consist of around 30% of oil mainly composed of omega 9 fatty acid and oleic acid. Increasing inclination among consumers towards the use of avocado oil due to its high nutrient contents is driving growth of the market. The high smoke point of avocado is one of the factor contributing towards the growth of avocado oil market. The higher smoke point refers to the temperature at which an oil starts to burn and smoke and is considered to stop overheating of an oil as overheating may destroy beneficial nutrients present in the refined oil. Avocado can control cholesterol level, psoriasis, and osteoarthritis are some of the health benefits associated with avocado which makes it useful for people suffering from cardiovascular diseases. The flavored and natural oil blends avocado oil is one of the trend in the avocado oil market. It is usually blended with safflower oil, coconut oil, shea butter, and almond oil. Avocado oil is heat stable and is one of the ideal option for cooking at high temperatures, driving the market growth.
Market Dynamics
According to Coherent Market Insights in 2021, North America is expected to hold dominant position in the global avocado oil market over the forecast period. This is mainly owing to increasing awareness related to healthy lifestyle and growing chronic diseases such as cancer, diabetes, asthma and Chronic Obstructive Pulmonary Disease (COPD). The standards have been proposed in Europe, to ensure that the sold avocado oil is of good quality in terms of composition, sensory, and other properties. The standards are important for cold pressed avocado oil, due to its production and culinary consumption, with its distinctive flavor is increasing worldwide. The avocado flesh must be free form pest, damage caused by low temperature, clean and free from any foreign matter are some of the minimum requirements as proposed in UNECE (United Nations Economic Commission for Europe) standards in 2020.
Plant-based personal care and cosmetic products are becoming increasingly popular among consumers. Growing awareness of the possible side effects of hazardous chemicals is a crucial aspect driving the sales of plant-based personal care and cosmetic products. Avocado oil shines out as a good ingredient for usage in the creation of personal care and cosmetic products. Avocado oil penetrates the skin efficiently and has strong healing properties. Moreover, avocado oil is high in oleic acid and monosaturated fats, making it an excellent ingredient for hair care treatments. Such dermatological advantages are anticipated to raise the demand for avocado oil in the cosmetic and personal care industry.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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