The Avocado Oil Market is estimated to be valued at US$ 1660.15 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Avocado oil is extracted from the fleshy green avocado fruit. It has a distinct, rich flavor and has a variety of health benefits including high mono-unsaturated fatty acids and antioxidants. Avocado oil is grown as a specialty crop in certain countries worldwide and has benefits as a cooking oil alternative to vegetable or olive oils due to its nutritional advantages.

Market key trends:

One of the major trends driving the growth of the avocado oil market is its increasing popularity and usage due to various health benefits. Avocado oil is high in monounsaturated fatty acids and polyhydroxylated fatty alcohols, which have anti-inflammatory properties. It also contains vitamins A, D, E and K along with minerals like potassium, magnesium and folate. The oil also contains phytochemicals that help reduce cholesterol levels and protect against heart disease. Due to these nutritional advantages, avocado oil is increasingly being used as a cooking alternative to other vegetable oils. The rising health and wellness trend has further boosted the product demand globally over the forecast period.

Porter's Analysis

Threat of new entrants: New entrants face high capital requirements to build processing facilities and distribution channels. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute oils. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of number of avocado growers. Threat of new substitutes: Substitute oils like olive oil pose threat but avocado oil has gained popularity due to its unique nutritional profile. Competitive rivalry: Intense competition among existing players.

SWOT Analysis

Strengths: High nutritional value; versatile applications; growing popularity. Weaknesses: Seasonal supply of avocados; price volatility. Opportunities: Increasing health awareness; new product development. Threats: Substitute oils; climate change impacting production.

Key Takeaways

The global avocado oil market is expected to witness high growth at a CAGR of 7.8% over the forecast period, due to increasing awareness about the health benefits of avocado oil. Mexico dominates the avocado oil market with a share of over 30% in 2023, owing to large avocado production. California and Chile are other major markets growing rapidly.

Regionally, North America leads the avocado oil market with over 40% share in 2023 owing to high avocado consumption, especially in the US. Asia Pacific exhibits bright prospects due to changing lifestyles and diets in countries like India and China.

Key players operating in the avocado oil market are 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. The players are focused on business expansion and new product launches catering to consumer preference for organic and cold-pressed avocado oil.

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https://www.ukwebwire.com/avocado-oil-market-size-share-growth-outlook-2023/