Publication Month: Jul 2020 | Report Code: TIPRE00010900 | No. of Pages: 208 | Category: Food and Beverages | Status: Published
Avocado oil are perceived to be one of the healthiest ingredient which can be used in various food products such as bakery & confectionary, beverages, dairy & frozen desserts, and sweet & savory snacks. Avocado oil is gaining high popularity among the consumers due to rising awareness about the health benefits offered by avocado oil. Avocado oil also has numerous benefits due to its high content of antioxidants and healthy fats.
Asia Pacific is the fastest growing region in the global avocado oil market. Rising awareness about the nutritional benefits of avocado oil coupled with changing consumer preference towards oil containing low fat and cholesterol is boosting the growth of the Avocado Oil Market in APAC. Also, the emerging trend of plant-based personal care and cosmetic products is expected to drive the Avocado Oil Market in APAC. Furthermore, a wide range of applications of avocado oil in pharmaceuticals, nutraceuticals, and food industries are fueling the demand for avocado oil in Asian countries. Additionally, significant growth in health issues such as chronic diseases and heart diseases arising from substantial consumption of high-fat butter and oils is boosting the demand for healthy oils such as avocado oil. Some beneficial properties of avocado oils, such as an optimum level of antioxidants and good fatty acids, are attracting health-conscious consumers in APAC towards avocado oil products.
The COVID-19 pandemic originated in Wuhan (China) in December 2019, and since then, it has spread across the globe at a fast pace. The US, Brazil, India, Russia, Italy, China, Spain, France and Germany are among the worst-affected countries in terms confirmed cases and reported deaths as of June 2020. The pandemic has affected economies and industries due to enforced lockdowns, travel bans, and business shutdowns. Chemical and materials is one of the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. The global economic break down due to COVID-19 is also affecting the growth of the Avocado Oil market growth due to shutting down of factories and obstacles in supply chain.
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Organic avocado oil is derived from organically grown avocados. The organic avocados are cultivated without the incorporation of artificial fertilizers or harmful chemicals. The farmers use organic growth stimulators in avocados cultivation. Organic avocados allow the retention of essential nutrients without hampering the nutritional aspect of the product. The use of chemicals and fertilizers in conventional farming mostly affects the health aspect and nutrients level. Rising inclination of people toward organic products has encouraged the food manufacturers to invest heavily in products produced with organic constituents. This is further projected to bolsters the growth of the organic Avocado Oil Market.
Consumer spending on organic food products has been increased consecutively in years. The consumers in developed and developing countries such as the US, Canada, Germany, France, Italy, UK, China, India, Japan, and Australia, among others, are willing to pay higher prices for organic products, such as organic avocado oil. This demand is also ascribed to rising willingness to spend on healthy and nutritional food and rising awareness among the consumers related to benefits offered by the consumption of organic food products. The rising population demanding more healthy food options and increasing disposable income have been fueling the demand for organic avocado oil. Therefore, the emerging trend of organic food is projected to provide huge market opportunities for avocado oil producers over the projected period.
The avocado oil market, based on type, is segmented into extra virgin oil, virgin, refined and blends. Virgin oil is expected to grow at the highest CAGR during the forecast period. Virgin avocado oil refers to a type of oil that contains high levels of monounsaturated fatty acids and bioactive components that are beneficial to human health. It is obtained by just pressing with no heat or chemicals added. The presence of bioactive components like alpha-tocopherol and beta-sitosterol and the physicochemical composition makes it suitable to be used as a functional oil for the management of hypertension, hypercholesterolemia, diabetes, and fatty liver disease. This oil also helps in reducing the cardio metabolic risk and possesses antimicrobial properties. The virgin avocado oil contains a high concentration of chlorophyll, which contributes to its appearance and its health profile. However, a high level of chlorophyll can cause an adverse effect on the oxidative stability of virgin avocado oil owing to the easy photo-oxidation when exposed to light and oxygen. The quality characteristics, volatile compounds, bioactive phytochemicals and antioxidant capacities of virgin avocado oil is usually extracted using a couple of green methods, namely subcritical carbon dioxide extraction and ultrasound-assisted aqueous extraction (UAAE). The virgin oil extracted through the subcritical carbon dioxide extraction process exhibit superior levels of antioxidant capacity and tocopherols content as compared to ultrasound-assisted aqueous & conventional solvent methods. Besides being used in cooking virgin avocado oil is also used in the treatment and recovery of metabolism dysfunction induced by hypercholesterolemia mainly via energy, amino acid, lipid and gut microbiota metabolism
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The avocado oil market, based on nature, is segmented into organic and conventional. The conventional segment accounted for a substantial share of the global avocado oil market, whereas the organic segment is expected to register the fastest CAGR during the forecast period. Organic avocado oil refers to oil that is pure and is made from organic avocado, which is rich in folate. potassium and vitamins K, C, and E. The high smoke point of these oil makes it extremely versatile and safe for usage in medium to high cooking, stir-frying, baking, and broiling purposes. The USDA certified organic avocado oil is unfiltered, undiluted, and made without any additives or fillers. As these avocados are USDA certified, it means at least 70% of its ingredients are organically produced. Avocado is a type of crop that easily lends itself to organic practices as it has relatively low pest pressure, low nutrient demand, and low weed pressure when matured. The leaves of avocado recycle nutrients back to the tree, so the need for nutrients by the tree is less as compared to other plants. The leaves also help in pest suppression as they harbor a large number of predators and parasites. Copper is sprayed over the avocados as it acts as a fungicide and is approved for organic use. The organic matter is supplemented by organic nutrients such as kelp, fish emulsion, meal, compost, and other sources of nutrients. The main issue faced by organic avocado growers is sourcing nutrients, weed management, and pest control. Organic nutrient sources tend to be bulky and expensive. Organic pest management tends to be higher, as well. However, organically produced avocado oil is rich in vitamins, and fatty acids and serves are incredible carries oils. They are used in skincare, haircare, and aromatherapy.
The avocado oil market, based on variety, is segmented into hass, pinkerton, fuerte, gwen and others. The hass segment accounted for a substantial share of the global avocado oil market, whereas the fuerte segment is expected to register the fastest CAGR during the forecast period. The Fuerte avocados are often considered as the archetypical avocados. They are green in color, shaped like a pear, and ranges from six to twelve ounces in size. The fuerte avocados have smooth, medium-thin skin that is easy to peel and has a dense & pale green flesh. They are marginally oily with a rich and creamy flavor. The hazelnut notes offered by them makes them one of the best-tasting avocados. The trees of fuerte avocados are large and widespread. Their leaves have a strong anise smell when crushed. The fruit set is irregular. Some trees do not bear many fruits, while the others are very productive, with a tendency to alternate in bearing and producing adequate crop every year. This depends upon the weather at setting time, climate, and other factors. The avocado trees differ from each other in the types of flowers that they bear. Type A possesses female flowers in the morning and male pollen-producing flowers in the noon. The type B is opposite like that of fuerte avocados. The fruit set in fuerte avocado trees improves when the trees are interplanted with type A variety due to the presence of more pollen. Unlike most other fruits, the avocado fruits do not ripen on the trees but begin to ripen after being harvested. Their sugar level minimizes with maturity. The fuerte avocados are available mid-winter until early spring. The extra virgin oil made from fuerte avocados proffers smooth and buttery taste of ripe fuerte avocados and perfect for gentle heating over the frying pan. It is also suitable for seafood when it is drizzled over salads & vegetables.
The avocado oil market, based on application, is segmented into food and beverages, pharmaceuticals, cosmetics and others. The food and beverages segment accounted for a substantial share of the global avocado oil market, whereas the cosmetics segment is expected to register the fastest CAGR during the forecast period. One of the suggested uses of avocado oil is in cosmetics. Apart from its green color, avocado oil is compared with lanolin as it has excellent skin penetration, low odor, high vitamin content, and excellent keeping qualities, which makes it suitable for skin and hair usage. The presence of antioxidants, anti-inflammatory, emollient and toning agents in avocado oil helps calm the itchy skin, heal chapped skin, replenish dry skin, hydrate & moisturize the skin, and protect against skin damage. They also help in making the skin glow and mitigates blemishes, dry skin, wrinkles and acne. The application of avocado oil helps in stimulating blood flow and unclog the blocked follicles, which help in reducing hair loss. The beta carotene, protein, fatty acids, lecithin, and vitamin A, D, and E that are present in avocado oil help in moisturizing and protecting the skin from damaging UV rays. It also increases collagen metabolism. Avocado oil acts as a carrier for other substances that lack penetrating power. This property makes it of value for the use in tissue or nourishing creams, all-purpose creams, massage creams, massage oils, and other preparations where lubrication is essential.
The avocado oil market, based on distribution channel, is segmented into hypermarkets and supermarkets, specialty stores, online stores and others. The hypermarkets and supermarkets segment accounted for a substantial share of the global avocado oil market, whereas the online stores segment is expected to register the fastest CAGR during the forecast period. An increase in the global population, coupled with an increase in the number of mobile phones online retail, has expanded significantly for years. Benefits such as quick service, home delivery, different and secured payment options, and attractive discounts have also fuelled the growth of online retailers worldwide. Consumers opt for online shopping of avocado oil also because it saves time, and it is convenient. The manufacturers prefer selling avocado oil online as it eliminates the need for wholesalers and retailers, thus giving them a larger share in profits. Besides, selling online can help the avocado oil manufacturing companies to strengthen their brand, control the pricing, and also to connect directly to customers. Companies such as Amazon, Choosefoods, Natures Basket, Nykaa, Flipkart, and Rouhessentials are involved in selling avocado oil online. The online retail segment dominates the distribution segment for the Avocado Oil Market as online retail provides more options to purchase biscuits at a discounted price.
|Market Size Value in||US$ 669.5 Million in 2018|
|Market Size Value by||US$ 1,452.2 Million by 2027|
|Growth rate||CAGR of 9.1% from 2019-2027|
|No. of Pages||208|
|No. of Tables||137|
|No. of Charts & Figures||102|
|Historical data available||Yes|
|Segments covered||Type , Nature , Variety , Application , Distribution Channel , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Several strategies are commonly adopted by companies to expand their footprint worldwide. Bella Vado, Inc., Olivado USA, Spectrum Organics Products, LLC., Aconcagua Oil & Extract S.A., and Crofts Ltd are among the key players in the global avocado oil market implementing these strategies to enlarge the customer base and gain significant share, which, in turn, allows them to maintain their brand name globally.
The List of Companies - Global Avocado Oil Market