Report: South America Avocado and Avocado Derivatives Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Whole, Oil, Puree, and Others), Category (Organic and Conventional), and Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Personal Care, and Others)
Strategic Development Initiatives by Manufacturers to Drive Market in South America
According to our latest market study on "South America Avocado and Avocado Derivatives Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, Category, and Application," the market was valued at US$ 1,039.72 million in 2022 and is projected to reach US$ 1,392.88 million by 2028; it is expected to grow at a CAGR of 5.0% from 2022 to 2028.
Avocados are associated with a variety of health benefits. It is rich in vitamins, minerals, carbohydrates, medium chain triglycerides, and dietary fibers, which help in improving immune health, skin and hair health, and bone health. Moreover, the consumption of organic and natural products is increasingly becoming popular owing to their perceived health benefits. This factor is driving the popularity of avocados in South American countries. Further, the increasing demand for avocados across food & beverages, pharmaceutical, personal care, animal feed, and other end-use industries are driving the South America avocado and avocado derivates market growth.
Westfalia Fruit Pty Ltd, Salud Foodgroup Europe BV, Exportadora Propal SA, Berje Inc, Lemonconcentrate SLU, Avocado Brasil Comercio de Alimentos Ltda, ConnOils LLC, Mission Produce Inc, Calavo Growers Inc, and MERIDIAN FRUITS SPR de RL de CV are a few of the key players operating in the South America avocado and avocado derivatives market. These companies are investing in product innovation and expansion strategies to meet the demands generated in these regions.
Impact of COVID-19 Pandemic on South America Avocado and Avocado Derivatives Market
Before the onset of the COVID-19 pandemic, the rising demand for food and beverages, pharmaceuticals and nutraceuticals, and personal care products made with 100% natural ingredients has been a prime contributor to the avocado and avocado derivates market growth in South America. The rising awareness of the health benefits of avocado consumption is also contributing to the market growth. However, after the COVID-19 outbreak, South American countries experienced severe disruption in supply chains in early 2020 due to lockdowns and trade restrictions, which created food insecurity and hampered the activities of avocado-based product manufacturers. The lockdown and border restrictions imposed by governments of South American countries during the COVID-19 pandemic adversely affected the agri-food supply chains in the countries, including Brazil, Chile, Argentina, and Colombia. Avocado growers and suppliers suffered significant economic losses during the first wave of the pandemic due to trade restrictions and processing unit shutdowns.
With the relaxation of government restrictions and the rise in vaccination rates, in 2021, the South American marketplaces started recovering from losses incurred in 2020. Moreover, businesses regained traction due to a slowdown in the spread of COVID-19, the completion of vaccination, and the removal of government restrictions in various South American countries. Avocado cultivators and avocado-based product manufacturers are operating at full capacity, which has helped them overcome the demand and supply gap.
The report segments South America avocado and avocado derivatives market as follows:
Based on type, the South America avocado and avocado derivatives market is segmented into whole, oil, puree, and others. Based on category, the market is bifurcated into organic and conventional. Based on application, the South America avocado and avocado derivatives market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others.
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