Enjoy complimentary customisation on priority with our Enterprise License!
The avocado market size is forecast to increase by USD 6.89 billion at a CAGR of 7.41% between 2023 and 2028. The growing enthusiasm for plant-based diets serves as a major catalyst propelling market expansion. As consumers increasingly embrace plant-centric eating habits motivated by health advantages and environmental consciousness, avocado varieties emerge as a perfect fit within this trend. Renowned for their nutritional density and adaptability, avocados fulfill the demand for nutrient-rich alternatives. Laden with healthy fats, fiber, and vital vitamins, they offer a plethora of health benefits. Their creamy texture and mild flavor make them suitable for diverse culinary uses, further enhancing their appeal. This wave in interest underscores a broader shift towards sustainable and health-conscious food choices, reshaping consumer preferences and driving innovation.
To learn more about the market report, Request Free Sample
The avocado market is thriving, with global consumption tracked through FAOSTAT, highlighting significant growth in countries like the Dominican Republic. The fruit's versatility makes it popular in B2B and B2C sectors, supported by the rise of e-commerce, convenience stores, and specialty shops. Avocados are favored for their nutritional values, aligning with a healthy lifestyle, and are increasingly featured in hotels, cafes, and homemade meals. To optimize operations, businesses are leveraging software programs for gathering, cleaning, and processing raw data. Data cleansing is essential for ensuring accuracy, enabling effective business intelligence and informed decision-making. This adaptability in the avocado market facilitates innovative approaches to meet consumer demands and capitalize on emerging trends.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The conventional segment is estimated to witness significant growth during the forecast period. The market is projected to expand due to rising consumer awareness regarding the nutritional benefits of avocados. Rich in protein and calcium, avocados are an ideal snack for urban populations following modern trends. The fruit's high digestive value, aiding constipation and gastrointestinal health, makes it a popular choice. Avocados are used in various food products, including vegetarian salads, guacamole, and processed avocado oil.
Tetra Pak packaging ensures the preservation of freshness and cold chain distribution, increasing consumption. Changing lifestyles and urbanization have led to the growth of modern retail channels, providing easy access to raw avocados and processed avocado products. The launch of new avocado-based products, such as Westfalia Fruit's extra-virgin avocado oil, further boosts market growth.
Get a glance at the market share of various segments. Request Free Sample
The conventional segment accounted for USD 11.16 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions, Request Free Sample
The market in North America is experiencing growth due to the rising awareness of healthy lifestyles and the demand for healthy food products. The US, as the largest market, sources most avocados from California, where over 3,000 growers cultivate them on 50,000 acres. This increased production contributes to the market's growth in terms of both revenue and volume. The middle-class population's preference for nutritious snacks, especially among millennials and non-millennials, fuels import demand in advanced markets. The hospitality industry and government guidelines also influence market growth, with avocados used in various dishes and as a replacement for processed foods like instant noodles and pizza. However, loss of plants due to lockdown scenarios and quarantine measures may impact production. Avocados, rich in mono-saturated fat, potassium, fiber, folate, essential vitamins, and minerals, are considered superfoods and are used in innovations like sea salt, sea salt lime, and roasted chipotle avocado products.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The health benefits of avocados is the key driver of the market. The market is anticipated to expand during the forecast period, driven in part by increasing consumer awareness of the fruit's health benefits. Avocados are a rich source of essential vitamins and minerals, including vitamins C, E, K, and B-6, as well as calcium, riboflavin, niacin, folate, pantothenic acid, magnesium, potassium, lutein, and omega-3 fatty acids. Tetra pak packaging and the snacking trend have made avocados more accessible, particularly in urban areas. Modern retail and cold chain infrastructure have facilitated the consumption of avocados in their fresh, raw form. Avocados are a protein source and aid in digestion, helping alleviate constipation and contributing to gastrointestinal tract health.
Processed avocados, such as guacamole, are popular in vegetarian salads and other dishes. Changing lifestyles and urbanization have led to the exploration of new distribution channels for avocados.
The adoption of new technologies that extend shelf-life of avocados is the upcoming trend in the market. The market is experiencing growth due to technological advancements by companies. Tetra Pak's smart packaging, for instance, uses RFID tags to monitor avocado ripeness in real-time. This technology, along with coatings like Naturcover, helps maintain avocado freshness and reduce losses. The market is driven by the snacking trend, urbanization, and modern retail. Avocados are a rich source of protein and calcium, making them a popular choice for health-conscious consumers. The fresh form of raw fruit is beneficial for digestion and can help alleviate constipation. Processed avocados, such as guacamole, are increasingly popular in vegetarian salads and other dishes.
Changing lifestyles and the cold chain distribution system are expanding consumption of avocados, which have been linked to improved gastrointestinal health and a reduced risk of colon cancer.
The low popularity of avocado oil is a key challenge affecting the market growth. The market faces a significant challenge due to the relatively low awareness and demand for avocado oil compared to other oils like olive, coconut, soybean, and canola. Avocados, known for their high protein and calcium content, have gained popularity as a fresh fruit for snacking, particularly in response to urbanization and modern retail trends. However, the consumption of avocados in processed forms, such as oil, lags behind. This disparity can be attributed to various factors, including the cold chain infrastructure required for avocado oil production and distribution, higher price point, and the prevalence of more widely available and affordable alternatives.
The changing lifestyles and increasing preference for vegetarian salads and healthier food options present opportunities for expanding avocado oil's market reach through innovative distribution channels. Tetra Pak packaging solutions and improved cold chain infrastructure could potentially address some of these challenges by ensuring the freshness and preservation of avocado oil. Additionally, focusing on the health benefits, such as aiding digestion, alleviating constipation, and potential protection against colon cancer, could help increase consumer awareness and demand for avocado oil.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Brooks Tropicals LLC: The company offers avocado products such as SlimCado. It is a tropical avocado that naturally has up to half the fat and a third fewer calories than the Hass avocado.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Avocados have gained significant market attention due to their numerous health benefits and unique taste. The market is thriving, with various producers and suppliers catering to the growing demand. Markets in North America and Europe are major consumers, with Mexico being the largest producer. Avocado production processes involve harvesting, transporting, and distributing the fruits to various markets. Producers use modern techniques such as proper irrigation, pest control, and post-harvest handling to ensure high-quality avocados. Markets are segmented based on types, such as Hass and Fuerte, and distribution channels, including supermarkets, restaurants, and online sales. The market is projected to grow further due to increasing consumer awareness and the versatility of avocados in various dishes. Producers and marketers must focus on sustainable farming practices and efficient supply chain management to meet the growing demand.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
162 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.41% |
|
Market growth 2024-2028 |
USD 6.89 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.37 |
|
Regional analysis |
North America, South America, APAC, Middle East and Africa, and Europe |
|
Performing market contribution |
North America at 34% |
|
Key countries |
Mexico, Chile, US, Indonesia, and Colombia |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Brooks Tropicals LLC, Calavo Growers Inc., Costa Group Holdings Ltd., Del Monte Foods Inc., Del Rey Avocado Co. Inc., Fresca Group Ltd., Greenyard NV, Henry Avocado Corp., Index Fresh Inc., JBR Avocados, McDaniel Fruit Co., Melissas World Variety Produce Inc., MHAIAs, Natures Touch Frozen Foods Inc., Propal, Rincon Farms Produce, Salud Foodgroup Europe BV, Tesco Plc, West Pak Avocado Inc., and Westfalia Fruit Pty Ltd. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
