Overview and Scope
Avocado is an oval or pear-shaped fruit with a green, slightly bumpy skin and a large central seed. It is commonly used in cooking and is creamy and rich in healthy fats, making it a popular ingredient in dishes like salads. Avocados are also known for their high nutritional value and are a good source of vitamins and minerals.
Sizing and Forecast
The avocado market size has grown strongly in recent years. It will grow from $15 billion in 2023 to $16.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to health and nutrition trends, changing dietary preferences, culinary trends, supply chain improvements, globalization of markets..
The avocado market size is expected to see strong growth in the next few years. It will grow to $21.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to continued health consciousness, diverse culinary applications, sustainable agriculture practices, expanding global production, exploration of new markets.. Major trends in the forecast period include innovative avocado packaging solutions, focus on social and environmental responsibility, diversification in avocado varieties, incorporation of avocado in beauty and personal care products, globalization of avocado consumption..
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Segmentation & Regional Insights
The avocado market covered in this report is segmented –
1) By Type: Hass Avocado, Bacon Avocado, Other Types
2) By Form: Raw, Processed
3) By Nature: Organic, Conventional
4) By Distribution Channel: Hypermarkets/Supermarkets, Departmental Stores, Online Channels, Other Distribution Channels
5) By End-User: Food And Beverage Industry, Retail, Cosmetics And Personal Care, Other End-User Industries
North America was the largest region in the avocado market in 2023. The regions covered in the avocado market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand from end users such as the food and beverage industry is expected to boost the growth of the avocado market going forward. The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food. Avocados are highly nutritious and versatile and can help improve heart health, digestion, and weight management, incorporating avocados into a healthy diet can provide multiple health benefits and help individuals focus on a healthier lifestyle. For instance, in 2021, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, Scotland registered 1,185 companies that manufacture food and beverages. Further, exports of food and beverages rose by 12% in 2021 to $7.9 billion (£5.9 billion). Additionally, in the same year, food and beverages turnover accounted for $12.5 billion (£10.4 billion), which is 30% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the avocado market.
Key Industry Players
Major companies operating in the avocado are focusing on technological advancements such as personalized AI-driven for personalized recommendations, enhancing farming practices, and optimizing supply chains to improve production efficiency and meet market demand. A personalized AI-driven platform has emerged to cater to the high demand for avocados in the United States, meeting the nation’s significant craving for this fruit. For instance, in March 2021, Avocados From Mexico, a US-based selling brand of avocados, launched Avocado Nation, a multi-area platform powered by Artificial Intelligence that allows AFM to leverage its consumers’ content preferences to deliver highly personalized experiences.
The avocado market report table of contents includes:
1. Executive Summary
2. Avocado Market Characteristics
3. Avocado Market Trends And Strategies
4. Avocado Market – Macro Economic Scenario
5. Global Avocado Market Size and Growth
…..
32. Global Avocado Market Competitive Benchmarking
33. Global Avocado Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Avocado Market
35. Avocado Market Future Outlook and Potential Analysis
36. Appendix
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