The global avocado market is expected to witness high growth dynamics over the course of this research study conducted by Transparency Market Research, i.e. 2018-2026. Promising growth is predominantly attributed to rapidly expanding healthy food segment, globally. Reduction in production complexity and introduction of new geographies for avocado production is expected to form the supply side driving force for the avocado market. Global revenue generated from avocado market is estimated to be valued at US$ 13,641.2 Mn by the end of 2018 and is expected to increase at a CAGR of 5.9% over the forecast period. By the end of 2026, the market will possibly attain a value worth US$ 21,561.8 Mn.
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Drivers & Restraints:
The increasing preference for health-enhancing food in the developed and developing regions is expected to form a major driving force for the avocado market over the forecast period. The health benefits of avocado fruit are staged as the major marketing strategy for the promotion of avocado fruits as well as an extensive range of avocado-based products. Over the course of study, findings direct a higher growth rate for the processed avocado products. Retail sector is expected to form a major volume share of the global avocado market owing to the larger demand for fresh avocados from the consumers. The millennial population increasingly consuming fresh foods and are also using ready-to-eat and heat-n-eat fresh prepared food products, as they perceive these products as quick versions of homemade meals and save on time and efforts in cooking.
Moreover, a rise in the awareness in the consumption of fruits is another key factor driving the demand for fruits and vegetables. There has been an upsurge in the popularity of Mexican and Pan-Latin flavors, making them a part of mainstream culinary culture. Nearly 73% of U.S. consumers use Mexican food and ingredients, and the sales of Hispanic food and beverages are expected to reach US$ 10.7 billion in 2017. Avocados have been one of the preferred ingredients in Mexican and Hispanic food items.
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By nature, the global avocado market is segmented into organic and conventional. The conventional segment is expected to dominate the global avocado market in terms of both value volume owing to its low production cost and labor input. An organic segment is foreseen to experience comparatively stronger growth rates owing to the rapid adoption of organic based food in developed regions.
By form, the global avocado market is bifurcated as raw and processed. The raw segment is expected to dominate owing to higher fresh avocado demand in retail. The processed segment is further classified into oil, guacamole, puree and other sub-segments. Oil and guacamole will occupy a major volume share of the processed avocado segment.
By distribution channel, the avocado market is segmented into direct and indirect. The indirect segment will account for the largest volume share owing to high demand for avocado fruits in retail. The indirect segment is further sub-segmented into store-based retailing and e-retailers. The store-based retailing comprises hypermarket/supermarket, convenience stores, independent small grocers, and other store-based retailing. By end-use, the global avocado market is segmented into food & beverage industry, retail, cosmetics and personal care, and other end-use industries. The source, the global avocado market is segmented into hass, reed, fuerte, and other avocado sources.
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Analysis by Region:
On the basis of region, the market is segmented into North America, Latin America, Europe, APEJ, and the Middle East and Africa. While Latin America region is expected to dominate the global avocado market over the forecast period in terms of both value share and volume share, North America will follow successively in terms of volume consumption. Europe and APEJ are likely to exhibit relatively similar volume consumption with totally varying market dynamics; Europe is experiencing higher demand from processed segments, whereas APEJ is experiencing higher revenues from the fresh segment. MEA is also identified as the key region in the market in terms of both production and consumption.
Key Vendor Analysis:
Some of the major companies operating in the global avocado market includes McDaniel Fruit Co., Henry Avocado Corporation, Del Rey Avocado Co. Inc., The Horton Fruit Company, Fresh Del Monte Produce Inc., Superior Foods Companies, Brooks Tropicals Holding, Inc., Salud Foodgroup Europe B.V., Costa Group Holdings Limited, West Pak Avocado, Inc., Olivado USA, and Calavo Growers, Inc.