New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Avocado Global Market Report 2023" - https://www.reportlinker.com/p06466499/?utm_source=GNW
, Henry Avocado Corporation, Del Rey Avocado Co. Inc., Brooks Tropicals LLC, Melissas World Variety Produce Inc., and Oppy.
The global avocado market is expected to grow from $13.81 billion in 2022 to $15 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The avocado market is expected to reach $19.99 billion in 2027 at a CAGR of 7.5%.
The avocado market consists of sales of fresh avocados and value-added products like guacamole, avocado oil, spreads, and avocado-based snacks.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Avocado is an oval or pear-shaped fruit with a green, slightly bumpy skin and a large central seed.It is commonly used in cooking and is creamy and rich in healthy fats, making it a popular ingredient in dishes like salads.
Avocados are also known for their high nutritional value and are a good source of vitamins and minerals.
North America was the largest region in the avocado market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of avocados are has avocado, bacon avocado, and other types.Hass avocado is the most commonly grown and popular avocado variety available in most markets, with dark, pebbled skin and creamy, nutty flesh.
The various forms include raw and processed, which are organic and conventional in nature and distributed through hypermarkets or supermarkets, departmental stores, online channels, and other distribution channels. These are used by various end-users such as the food and beverage industry, retail, cosmetics and personal care, and other end-user industries.
The increasing demand from end users such as the food and beverage industry is expected to boost the growth of the avocado market going forward.The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food.
Avocados are highly nutritious and versatile and can help improve heart health, digestion, and weight management, incorporating avocados into a healthy diet can provide multiple health benefits and help individuals focus on a healthier lifestyle.For instance, in 2021, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, Scotland registered 1,185 companies that manufacture food and beverages.
Further, exports of food and beverages rose by 12% in 2021 to $7.9 billion (£5.9 billion). Additionally, in the same year, food and beverages turnover accounts for $12.5 billion (£10.4 billion), which is 30% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the avocado market.
The introduction of new technologies is a popular trend in the avocado market.Several new technologies, such as drones and sensors, are being developed and implemented in the avocado industry to improve efficiency, reduce waste, and enhance product quality.
For instance, in October 2022, Apeel Sciences, a US-based food company, launched advanced imaging technology and machine learning to increase visibility into the internal quality and ripeness of avocados, allowing producers and grocery retailers to make better sorting, merchandising decisions, potentially reducing food waste and enhancing consumer access to ripe and reliable avocados.
In October 2020, Oppy, a Canada-based food producer company, acquired Eco Farms for an undisclosed amount.Through this acquisition, Oppy enhanced its supply chain capabilities and increased their presence in the global avocado market.
Ecofarms is a US-based food production company that grows, packs, and distributes organic avocados and other organic produce.
The countries covered in the avocado market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The avocado market research report is one of a series of new reports that provides avocado market statistics, including the avocado industry’s global market size, regional shares, competitors with an avocado market share, detailed avocado market segments, market trends, and opportunities, and any further data you may need to thrive in the avocado industry. This avocado market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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