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The avocado market size is forecast to increase by USD 5.67 billion between 2022 and 2027, accelerating at a CAGR of 6.58%. In 2017, Mexico held the largest market share, projecting an annual revenue of USD 2.21 billion. The report provides a forecast for the Avocado Market industry, categorizing it into Product Types segmented into conventional and organic, Distribution Channels segmented into offline and online, and Geography segmented into North America, South America, APAC, Middle East and Africa, and Europe. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the above segments.
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The COVID-19 pandemic negatively impacted North America, especially the US, in 2020, leading to lockdowns and increased home cooking. This boosted avocado consumption and vendor revenues. As restrictions eased in 2021, the avocado market in North America is expected to continue growing due to increased avocado consumption for their health benefits and the return to normalcy in the food and beverage industry.
The growing preference for plant-based diets is a key factor driving the avocado market. The rising popularity of plant-based diets is driving avocado demand. As more people adopt plant-based eating, they seek sustainable, nutrient-rich alternatives to animal products. Avocados, known for their nutritional value and versatility, align perfectly with this trend. They provide essential nutrients for well-rounded plant-based meals, featuring healthy fats, fiber, vitamins, and minerals. Avocados' creamy texture and neutral flavor make them a versatile ingredient for various dishes.
Moreover, as people reduce animal product consumption, avocados can effectively mimic similar textures and flavors in recipes. The growing preference for plant-based diets is expected to boost market growth in the coming years.
Conventional Segment Holds the Largest Share in the Avocado Market
The conventional segment was valued at USD 10.59 billion in 2017 and continued to grow until 2021. The demand for conventional avocados is expected to increase during the forecast period, owing to awareness among people about the health benefits of avocados, as they are rich in essential vitamins and minerals. The application of avocado as an ingredient in the production of several food products will increase the demand for conventional avocados during the forecast period. Avocados are used to produce avocado oil, guacamole, and salads. The launch of new products based on avocados will help in the growth of the segment during the forecast period.
Avocado Market - Revenue Share by Conventional Segment, 2017-2027
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North America Holds a Prominent Position in the Avocado Market
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Increasing awareness of avocado health benefits, the launch of new avocado-based products, and the introduction of novel avocado varieties by vendors will drive North America's avocado market growth. In 2022, the US dominated the market, with California as its largest producer. California's extensive avocado production positively influences volume and cost efficiency.
Consumer awareness of avocados' nutritional value and the demand for avocado-infused products are key growth drivers. Vendors are responding with innovative offerings. Heightened production across North America also contributes to market expansion. In 2021, Mexico and the Dominican Republic were major producers, with Michoacan leading Mexico's production. In conclusion, consumer awareness, new avocado varieties, and avocado-based products will boost the North American avocado market in the forecast period.
Avocado Market Size, By Region, Global, 2017-2027
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The Avocado Market is fragmented in nature. Some significant players include Brooks Tropicals LLC, Calavo Growers Inc., Costa Group Holdings Ltd., Del Monte Foods Inc., Del Rey Avocado Co. Inc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
The avocado market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
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Avocado Market Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.58% |
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Market growth 2023-2027 |
USD 5.67 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.98 |
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Regional analysis |
North America, South America, APAC, Middle East and Africa, and Europe |
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Performing market contribution |
North America at 34% |
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Key countries |
Mexico, US, Indonesia, Chile, and Colombia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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