Publication Month: Jan 2023 | Report Code: TIPRE00029816 | No. of Pages: 154 | Category: Food and Beverages | Status: Published
Avocados contain vitamins A, B, C, E, and K, including essential nutrients. They also possess phytochemicals, like beta-sitosterol and antioxidants. The presence of essential nutrients is augmenting the demand for avocado fruit globally. The need for avocados is increasing globally due to their health benefits, as they improve vision, prevent heart-related diseases, and help improve digestion. The increased demand across the globe has resulted in expanded production.
In 2022, Europe held the largest share of the global avocado and avocado derivatives market, and Asia Pacific is estimated to register the fastest CAGR 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.
The demand for avocados is increasing in Asia Pacific due to their health benefits, as they improve vision, prevent heart-related diseases, and help improve digestion. They also contain phytochemicals, such as beta-sitosterol, and antioxidants, such as lycopene and beta-carotene. The presence of essential nutrients in avocados is boosting their demand in the region.
|Market Size Value in||US$ 7,368.65 Million in 2022|
|Market Size Value by||US$ 9,963.37 Million by 2028|
|Growth rate||CAGR of 5.2% from 2022 to 2028|
|No. of Pages||154|
|No. of Tables||86|
|No. of Charts & Figures||83|
|Historical data available||Yes|
|Segments covered||Type, Category, and Application|
|Free Sample Copy Available|
North America was one of the worst-affected economies due to the COVID-19 pandemic. In 2020, the severely impacted food & beverages and personal care industries reduced the demand for avocado and avocado derivatives in the region. However, in 2021, the marketplace started recovering from losses due to the relaxation of government restrictions and the rise in vaccination rates. Avocado and avocado derivatives manufacturers started operating at full capacity, which helped them overcome the demand and supply gap. In the current market scenario, businesses have gained ground due to a slowdown in the spread of the virus, the completion of vaccination in various countries in North America, and the removal of government restrictions.
During the COVID-19 pandemic, the demand for healthy and nutrient-based products increased, which subsequently bolstered the demand for avocado and avocado derivatives in the region. Further, on September 13, 2021, California Avocado Commission raised funds for avocado businesses as growers and manufacturers were significantly impacted by COVID-19.
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Avocado extracts have been studied for their skin-healing properties as they are enriched with lecithin and phytosterols. It is comparable with lanolin due to its good skin penetration ability, high vitamin content, low odor, and excellent shelf life. Avocado extracts produce finer emulsions in products such as skin creams and lotions. Moreover, avocado oil is one of the most penetrating oils, and its skin tissue penetration ability is rated similar to lanolin. It, thus, serves as a "carrier" for other substances that lack penetrating ability. Owing to this property, avocado oil is used in nourishing creams, massage creams, all-purpose creams, massage oils (muscle oils), and other preparations facilitating penetration and lubrication.
Plant-based cosmetics and toiletries are gaining significant popularity worldwide, further contributing to the demand for avocados in the personal care industry. Avocados are incorporated into a wide range of skincare and hair-care products, including hair conditioners, face creams, hand lotions, and bath oils. For example, Coty's Air Spun provides avocado-enriched skin care products, including cleansing cream, freshener, moisturizer, night cream, lotion toner, milk cleanser, conditioning moisturizer, hand & nail cream or lotion. The rising disposable income also favors the proliferation of cosmetics and personal care industries worldwide. Thus, the flourishing cosmetics and personal care industries bolster the global avocado and avocado derivatives market growth.
Based on type, the avocado and avocado derivatives market is categorized into whole, oil, puree, and others. The whole segment held the largest share of the market during the forecast period. The oil segment is expected to register the highest CAGR during the forecast period. Avocado oil, extracted from fruit pulp, is utilized in the production of various personal care products, pharmaceuticals, and food & beverages. It has acquired prominence in medicinal applications owing to its biological properties that contribute to the acceleration of wound healing and improvement in heart health and the digestive system. Avocado oil also aids in weight loss, skin radiance, and detoxification. Therefore, leading players in the personal care industry extensively use this specialty ingredient in hair and skin care solutions. Avocado oil is also gaining popularity as a food ingredient facilitating various health benefits. ~70% of avocado oil comprises heart-healthy oleic acid, which is a monounsaturated omega-9 fatty acid. The increased consumption of nutritional cooking oil with the growing health awareness is a key factor boosting the demand for avocado oil among food & beverage manufacturers. These are among the factors contributing to the growing avocado and avocado derivatives market size.
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Based on category, the avocado and avocado derivatives market is segmented into organic and conventional. The organic segment held a larger share of the market during the forecast period, whereas the conventional segment is projected to register a higher CAGR during the forecast period. Synthetic fertilizers, pesticides, insecticides, herbicides, and fungicides are used in conventional avocado farming. Genetically modified organisms or genetically modified crop varieties used by avocado growers deliver consistent crop yields. Conventional farming involves planting these crops in full, direct sunlight, which leads to rapid crop growth and allows the growth of more plants in the given area. Conventionally grown avocados are cheaper than organic ones. However, the use of chemicals and fertilizers in conventional farming primarily affects health and the nutrient levels of the yield. As a result, the popularity of organic products is growing notably due to their high quality and sustainability. On the other hand, manufacturers may continue to use conventional avocados owing to their affordability and easy availability.
Based on application, the avocado and avocado derivatives market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The food & beverages segment accounted for the largest market share in 2022 The demand for avocados is increasing in food and beverage manufacturing with the continuously growing popularity of high-nutrient food. According to a survey conducted by Tetra Pak in February 2021, consumers prefer avocado-based snacks with attributes such as healthy (56%), nutritious (51%), high in protein (40.8%), and calcium content (41.2%). The rising consumer inclination toward specialty products is encouraging companies in the food & beverages sector to incorporate such exotic ingredients into their processed food products. For instance, General Mills offers yogurt in its specialized keto-friendly product range. This product has low carbohydrate and sugar content and high-fat content, and it offers 12–15 gm of protein per serving. The fat content of this product is increased by adding avocado oil.
The major 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. They have a widespread global presence, which allows them to serve a large set of customers globally and subsequently increase their market share. These market players focus heavily on new product launches and regional expansions to increase their product range in specialty portfolios.
The List of Companies - Avocado and Avocado Derivatives Market