New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Avocado and Avocado Derivatives Market Size, Share, Growth, Sales and Revenue 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),”; the global avocado and avocado derivatives market size is driven by demand from personal care industry, rising demand for avocado and avocado derivatives in asia pacific and popularity of organic avocado.
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Global Avocado and Avocado Derivatives Market – Report Scope:
| Market Size Value in | USD 7.36 Billion in 2022 |
| Market Size Value by | USD 9.96 Billion by 2028 |
| Growth rate | CAGR of 5.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 154 |
| No. of Tables | 86 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Type, Category, and Application |
Global Avocado and Avocado Derivatives Market: Competitive Landscape
The key players operating in the avocado and avocado derivatives market include Westfalia Fruit Pty. Ltd.; Salud Foodgroup Europe BV; Exportadora Propal S.A.; Berje Inc.; Lemonconcentrate SLU; Avocado Brasil Commercio de; Alimentos Ltda.; ConnOils, LLC.; Mission Produce, Inc.; Calao Growers, Inc.; and Meridian Fruits SPR de RL de CV. These companies are emphasizing on new product launches and geographical expansions to meet the growing consumer demand worldwide. These companies have a widespread global presence, which helps them serve a large set of customers globally and subsequently increase their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios.
Impact of COVID-19 Pandemic on Global Avocado and Avocado Derivatives Market Growth:
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The avocado and avocado derivatives industry suffered serious disruptions in supply chains and shutdowns of production plants in the initial phases of the pandemic. The pandemic disturbed supply chains, manufacturing, delivery schedules, and goods sales. Further, various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various countries on international travel compelled enterprises to temporarily suspend their collaboration and partnership plans. All these factors hampered the avocado and avocado derivatives market growth.
Before the COVID-19 pandemic, the avocado and avocado derivatives market was mainly driven by the rising demand for avocado and avocado-based products, owing to their richness in oleic acid, healthy fats that reduce cholesterol and improve heart health and mouthfeel that consumers find indulging. However, after the COVID-19 outbreak, there was a severe disruption in supply chains due to the imposition of lockdowns and trade bans. This created a significant shortage of raw materials, hampering the production activities of various avocado-based product manufacturers worldwide.
Since the COVID-19 pandemic, government regulatory bodies, such as World Health Organization (WHO) and the UN High Level Commission on Health Employment and Economic Growth (UHC), are focusing on investments in education and job creation in the food & beverages sector to achieve the goals of improved health outcomes, global health security, and inclusive economic growth. Hence, the rising investment in food & beverage workforces is driving the global avocado and avocado derivatives market.
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Rising Demand for Natural Ingredients in Various Industries to Provide Lucrative Growth Opportunities:
Organic and natural products are gaining significant popularity owing to their perceived health benefits. People worldwide are highly concerned about their health and wellness, and they pay more attention to ingredients used in processed products. They are willing to pay high prices for products that are free of synthetic ingredients. Thus, industries such as personal care, food & beverages, and pharmaceutical are incorporating plant-based ingredients such as avocado oil, powder, and extract into their products.
With a focus on holistic and conscious food consumption, consumers prefer products made with natural and ethically sourced ingredients. According to a study commenced by Symrise in August 2020, ~43–49% of the surveyed consumers from Mexico, Argentina, Brazil, and Colombia were willing to pay more for products with natural ingredients. Avocado is a natural ingredient that is known to have high nutritional value. It is enriched with vitamins (B, K, C, and E), potassium, carotenoids, and phytosterols. Moreover, using natural substances for cosmetics manufacturing, which have no adverse effects on the skin, is common approach manufacturers use to attract more customers. Thus, the increasing demand for natural ingredients among various end-use industries is expected to further create a lucrative growth opportunity for the avocado and avocado derivatives market.
Global Avocado and Avocado Derivatives Market: Segmental Overview
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 market in 2022. Whole avocados are usually consumed directly by consumers, or they are processed into avocado oil, puree/pulp, and powder. Moreover, whole avocados are sliced/diced and packed into packages that are suitable for bulk and retail sales. Avocados contain nutrients such as fatty acids, vitamins, minerals, protein, lecithin, and beta-carotene. Owing to their essential nutrient content, the demand for whole avocados is growing in industries such as food & beverages, personal care, and pharmaceuticals. Moreover, a surge in the consumption of avocados over the years due to the increasing awareness of the health benefits of avocados has triggered the import and export of avocados from different countries, which has favored the growth of the market across the globe.
Based on category, the avocado and avocado derivatives market is segmented into organic and conventional. The organic segment is expected to register a higher CAGR during the forecast period. Organic avocado is grown in soil free from chemical fertilizers (such as synthetic nitrogen, phosphate, and potash) and genetically modified ingredients. Herbicides and synthetic pesticides are also avoided in organic avocado farming. Rather, growers use organic growth stimulators for the cultivation of organic avocados. Generally, organic avocados are more expensive than conventional avocados due to their superior quality. The rising inclination of people toward organic products has encouraged manufacturers to invest heavily in products produced with organic constituents, which boosts the demand for organic avocados.
Adhering to organic farming prerequisites and standards allows certified organic avocado growers to ensure consistent product quality. Companies are focusing on achieving organic certifications to address the rising demand for organic avocados in the market. Salud Foodgroup BV has received organic certification from Skal Biocontrole, a member of the European Organic Certifiers Council (EOCC), to market its avocado pulp.
Based on application, the avocado and avocado derivatives market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The personal care segment is expected to register the highest CAGR during the forecast period. The popularity of organic cosmetics and personal care products is increasing with the growing awareness of the possible side effects and allergies caused by hazardous chemicals used in these products. Avocado is one of the significant natural ingredients used in plant-based personal care and cosmetics. Avocado, with its effective skin penetration ability, exhibits strong healing properties. Moreover, avocado oil is enriched with monosaturated fats and oleic acid, which makes it a beneficial ingredient for hair care treatments. The avocado is rich in antioxidants, which aid in exfoliation and skin tightening. Such dermatological properties raise the demand for avocado products in the cosmetic & personal care industry.
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Global Avocado and Avocado Derivatives Market – Regional Overview
Asia Pacific is expected to register the fastest CAGR in the avocado and avocado derivatives market during the forecast period.
The avocado and avocado derivatives market in Asia Pacific is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific is a significant market for the beauty & personal care industry. It is also the world’s largest personal care market, which contributed 39% of the global market in 2018, according to L’Oréal’s annual report.
In addition to its massive consumption of beauty products, in recent years, Asia Pacific has also been a source of innovation for the beauty industry, with the West particularly fascinated with K-Beauty (from Korea) and, more recently, J-Beauty (from Japan). Furthermore, the rising intake of plant-based oils amid the adoption of vegan diets is expected to fuel the growth of the avocado and avocado derivatives market.
Browse other research published by The Insight Partners:
Global Avocado Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Category (Organic, Conventional); Application (Food and Beverages, Nutraceuticals, Personal Care, Other) and Geography
Global Avocado Oil Market Size Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Extra Virgin, Virgin, Refined, and Blends), Nature (Organic and Conventional), Variety (Hass, Pinkerton, Fuerte, Gwen, and Others), Application (Food & Beverages, Pharmaceuticals, Cosmetics, and Others), Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores, Online Stores, and Others), and Geography
Global Extra Virgin Avocado Oil Market Size Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product Type (Food Grade, Medicine Grade, Beauty and cosmetics Grade); End User (Edible Oil, Cosmetics and Skin Care Products, Others) and Geography
Global Organic Personal Care Ingredients Market Size Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Organic, Natural); Product (Natural surfactants, Emollients, Active ingredients, Sugar polymers); Application (Skin care, Oral care, Hair care, Cosmetics) and Geography
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