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According to The Insight Partners’ research, the global avocado market was valued at US$ 669.48 million in 2018 and is expected to reach US$ 1,452.25 million by 2027, expanding at 9.1% CAGR from 2019 to 2027. The health benefits of avocado oil and increasing prevalence of lifestyle disorders are the crucial factors accredited for market expansion.
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Avocado oil is perceived as one of the healthiest ingredients used in bakery products, beverages, dairy & frozen desserts, sweets & snacks, etc. The oil offers numerous benefits due to high content of antioxidants and healthy fats. Almost 70% of avocado oil types available in the market consist of oleic acid that improves cardiac health. Research shows that consumption of avocado oil maintains heart health and reduces blood pressure and blood cholesterol levels. The lutein content in avocado oil improves eye conditions and lowers the risk of age-related eye diseases.
Various lifestyle disorders such as diabetes, obesity, cardiovascular problems, etc. caused due to the consumption of high-fat butter and oils are increasing the demand for healthy avocado oil. According to WHO, more than 17 million people worldwide die of cardiovascular diseases (CVD) each year, mainly due to strokes and heart attacks. Around 80% of premature death cases can be avoided by engaging in physical activities and maintaining a healthy diet comprising natural ingredients. Therefore, medical practitioners and scientists across the world are searching for various natural remedies to cure chronic cardiovascular diseases. This, in turn, boosted the demand for avocado oil consumption for maintaining health and keeping away the lifestyle disorders.
However, easily available alternatives to avocado oil hinder the growth of the global avocado oil market.
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Based on type, the avocado oil market is segmented into extra virgin, virgin, refined, and blends. The extra virgin segment captured 43.4% market share in 2018. The segment garnered US$ 290.6 million in 2018 and is expected to generate US$ 640.3 million by 2027 at 9.3% CAGR from 2019 to 2027.
By nature, the avocado oil market is split into organic and conventional. The organic segment dominated the market in 2018 with 79.3% of the total business share. It was accounted for US$ 530.9 million in 2018 and is likely to hit US$ 1,135.3 million by 2027, rising at 8.9% CAGR for the forecast period.
Speaking of variety, the avocado oil market is fragmented into hass, pinkerton, fuerte, gwen, and others; of which, hass alone occupied 50.7% of the market share in 2018 with the sum of US$ 339.2 million. Further, it is projected to reach US$ 728.1 million by 2027 featuring a CAGR of 9.0% during the forecast period.
In terms of application, the avocado oil market is divided into food & beverages, pharmaceuticals, cosmetics, and others. Among these, the food & beverage segment led the market with a 43.8% share of the business in 2018. It amassed US$ 293.5 million in 2018 and is slated to accrue US$ 647.0 million by 2027, expanding at an annual growth rate of 9.3% till 2027.
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Coming to the distribution channel, the market categorization comprises hypermarkets & supermarkets, specialty stores, online stores, and others. The hypermarkets & supermarkets segment occupied 45.8% of the market share in 2018. The segment was worth US$ 306.9 million in 2018 and is expected to accumulate US$ 661.7 million by 2027, growing at 9.0% CAGR throughout the forecast period.
Based on region, North America led the market in 2018 with 42.1% of the total share. The avocado oil market in North America stood at US$ 281.73 million in 2018 and is estimated to be worth US$ 618.66 million by 2027, expanding at 9.2% CAGR. However, Asia Pacific exhibited the fastest growth with the highest CAGR of 9.9%. The market was valued at US$ 148.32 million in 2018 and is likely to escalate to US$ 342.73 million by 2027.
Key players profiled in the global avocado oil market report are Aconcagua Oil & Extract S.A.; Avocado Health Limited; Crofts Ltd; Bella Vado, Inc; La Tourangelle; MADANA Inc; Mevi Avocados, Inc; Olivado; Sesajal S.A de C.V.; and Spectrum Organics Products, LLC.
In June 2018, La Tourangelle launched a new product line of organic salad dressings made up of artisan oils. These products exhibit a variety of flavors, such as organic virgin avocado oil, organic extra virgin olive oil, organic toasted sesame oil, etc.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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