The global avocado oil market was valued at US$ 62.8 million in 2016 and is expected to reach US$ 177.4 million by 2025, witnessing a CAGR of 12.27% over the forecast period (2017-2025), according to Avocado Oil Market, by Product Type (Virgin Oil, Extra Virgin Oil, Refined Oil, and Blend), by Application (Personal Care Products, Cooking, Medicinal Products, and Others), and by Distribution Channel (Hypermarkets, Supermarkets, Specialty Stores, Convenience Stores, and Others). Avocado oil is extracted from the pulp of avocado fruit originated in Central America and Mexico. High protein, antioxidant, good fats, soluble and insoluble fibers, and various minerals and vitamins are some of the benefits associated with avocado oil, which in turn increases its demand and fueled growth of the avocado oil market. Furthermore, it is also used in the treatment of health related problems as coronary heart diseases, leading to growth of the market. In 2017, avocado oil is listed as a prescription drug in France for the treatment of knee and hip osteoarthritis, owing to its ability to counter the negative effects of arthritis when taken internally. They are considered to be as healthy as almond or olive, however are more expensive, which in turn hampers the market growth.
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Key Trends and Analysis of the Avocado Oil Market:
- Among product types, the extra virgin oil segment accounted to held highest market share in the avocado oil market, mainly owing to its high smoke point. The extra virgin oil has high nutritional content, strong flavor, and aroma as it is produced at low temperature. It has a natural taste, as coloring agents and artificial flavors are not added. Moreover, it is used in spreading, emulsifying, drizzling, dipping, and other cooking processes.
- Among applications, personal care product segment accounted for a dominant position in market in 2016 and is expected to maintain its dominance over the forecast period. This is mainly owing to properties of avocado oil such as high absorption and skin penetration. Cosmetic Ingredient Review (CIR) Expert Panel has assessed the safety for use of avocado in cosmetics and personal care products.
Key Takeaways of the Market:
- According to ’ study, North America held a largest market share, in terms of volume, in the global avocado oil market in 2016. North America market is driven by increasing number of chronic and heart diseases. According to the Centers for Disease Control and Prevention (CDC), around 49% of people in U.S. have at least one of the risk factors of heart diseases that include high cholesterol level, high blood pressure, and smoking habits. This led 366,000 deaths in 2015.
- Asia Pacific holds a second largest position in the global avocado oil market, owing to increasing consumer awareness related to healthy lifestyle and increasing use of cosmetic and personal products. According to India Brand Equity Foundation (IBEF), per capita spend on beauty and personal care products was valued at US$ 7 billion in India. Increasing consumption of avocado in Asia Pacific, especially in economies such as Japan, South Korea, and Malaysia, which imports avocado products from South Africa, Mexico, Peru, Chile, and U.S. According to China Business Network, the overall consumption of avocado in China was estimated to around 4,000 tons in 2014, a significant increase as compared to previous years.
- Manufacturers are focusing towards expanding their product portfolio. In 2017, Good Health, the manufacturer of snacks, expand its portfolio with an exciting line of Avocado Oil Ridge Cut Potato chips launched at Natural Products West.
- The key 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.