Avocado Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the avocado market was valued at USD 14.6 billion in 2022, and a CAGR of 8.1% is expected during the forecast period. Growing health awareness and increasing demand for nutritious food are driving the growth of the avocado market. The nutritional benefits of healthy food are the reason behind the rapidly growing avocado market. Avocados are widely used in various cuisines, snacks, and recipes, making them a versatile and popular ingredient. The expanding popularity of avocados, with increasing consumption in both developed and emerging markets, is driving growth in the market.

The general trend toward a healthier lifestyle and the change in dietary patterns are driving significant growth in the market. The introduction of avocado oil, fruits, and snacks is gaining immense popularity with time. The visual appeal and popularity of avocados on social media platforms are driving significant growth in the market.

Impact of Covid-19

The COVID-19 had disrupted the supply chain in the market, and due to stringent lockdown and social distancing, the market had initially slowed down. Economic uncertainties during COVID-19 compelled the consumers to go for the safety-first approach, and they occupied themselves with collecting essential goods only. This all badly hampered the growth of the market. Increasing demand for avocados to meet the need for nutritional foods and fruits in emerging and developed countries is driving growth in the market. The increasing popularity of nutritious foods among millennials is driving the growth of the market.

Growth Drivers

Increasing health awareness and rising disposable income worldwide are driving the growth of the avocado market. Increasing demand for protein, minerals, and vitamins is driving growth in the demand for avocado. Its business value increases its significance, and increasing demand for foods and fruits that are rich in vitamin C makes the bones stronger. Increasing anti-inflammatory properties in avocado are driving market growth significantly. It is well known to improve vision, prevent heart disease, and improve digestion. The nutritional value of avocado makes it more suitable for people seeking all the essential ingredients.

Rising disposable income levels and changing lifestyles are also driving the growth of the avocado market. In both developed and emerging regions, there is a demand for healthy and nutritious food. Increasing emphasis on healthy lifestyles and dietary choices is growing the demand for the avocado market. Increasing demand for avocados all over the world is fulfilled by the large manufacturer countries, like India, China, Brazil, Turkey, Germany, the USA, and South Africa, which are the big markets in the region.

Segmentation

Avocado Form Outlook

·         Fresh

·         Processed

Avocado Market Distribution Channel Outlook

·         B2B

·         B2C

Regional Outlook

·         Asia Pacific

·         North America

·         Europe

·         Latin America

·         Middle East and Africa

Avocado Market by Type Segmentation

On the basis of the type, the avocado market is segmented into 2 types. Fresh, and Processed. Fresh Avocado refers to the whole unaltered fruit that you find in the produce section. Processed avocado undergoes various treatments like freezing, canning, or turning, into products such as guacamole. The processing does impact taste, texture, and nutritional context. Processed Avocado is the leading segment, and is expected to dominate the market during the forecast period significantly due to longer shelf life. Though processing does alter nutritional aspects, but still it is preferred due to its long life.

Avocado Market Distribution Channel Segmentation

On the basis of the distribution channel, the avocado market is segmented into B2B and B2C types. In the B2B distribution channel, avocado growers sell bulk quantities directly to wholesalers, who distribute to retailers and food service providers. B2B channels supply avocado to restaurants, cafeterias, and other food service establishments. Avocado producers in one region distribute to one market through B2B channels involving exporters and importers. Super markets and grocery stores serve as B2C channels, offering avocados directly to consumers.

E-commerce platforms enable consumers to purchase avocados online, with home delivery as an option. There are local B2C channels where consumers do buy avocados directly from growers, and there are specialty stores catering to niche markets for avocados and related products. Increasing demand for avocados due to their nutritious benefits is driving the growth of the market significantly. Increasing health awareness among people all around the world and increasing government initiatives to promote the benefits of nutritious snacks and foods are propelling market growth.

Regional Outlook

On the basis of the regions, the avocado market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America dominated the market during 2022 and is expected to dominate the market during the forecast period. Increasing demand for avocados due to their nutritional value among consumers is increasing its popularity. Increasing disposable income in countries like the United States, Canada, and Mexico in the region is driving the growth of the market.

The Asia-Pacific region is expected to witness moderate growth during the forecast period. India, China, and Turkey, along with South Africa, are expecting significant growth in the market due to increasing awareness among the people. The change in dietary patterns and rising disposable income are driving the growth of the market. European countries, due to rising disposable income and increasing awareness among users about dietary patterns and nutritious foods, are driving growth in the market. Germany, Italy, Greece, Sweden, England, Turkey, and Russia are the big markets in the region.

The Middle East and Africa are witnessing slow growth due to a lack of awareness among the people about nutritious food. Post-COVID-19, the shift in the nature of people's diet is propelling growth in the market. The increasing popularity of nutritious foods and snacks is driving demand in the avocado market. In the Latin America region, due to poor health infrastructure and a lack of awareness among the people, the market is slowly growing. The avocado market has a bright future due to increasing weight loss.

Key Players

·         Simpson Farms

·         Propal

·         Duclos Farms

·         AustChilli Group

·         Mission Produce INC

·         Aquacates JBR

·         Calavo Grovers INC

·         WestFalia Fruit

·         WestPak Avocado INC

·         Other Players