Avocados Market Segmented By Raw, Processed Form in Organic and Conventional Nature in Food Industry, Retail, Cosmetic Industry
Industry: Food and Beverages
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 270
Report ID: PMRREP20581
The market for avocado can be expected to expand at a value based CAGR of 5.9% and show an increase in revenue from US$ 19,268.5 Mn to around US$ 32,279.3 Mn by 2032.
Avocado Market Size (2024E) |
US$ 19,268.5 Mn |
Projected Sales of Avocado (2033F) |
US$ 32,279.3 Mn |
Value CAGR (2024-2033) |
5.9% |
Value Share of Top 4 Countries (2022E) |
23.8% |
The global avocado market has witnessed significant growth in the historical period registering a CAGR of 5.8% in the historical period and was valued at US$ 19,268.5 Mn in 2024. The market is expected to grow steadily with increasing consumption and awareness about benefits related to avocados.
The global avocado market comprises all the verticals of the avocado sector from fresh raw avocados to processed puree. The market can be segmented on the basis of various parameters on the premise of which this study is designed. The basis over which the market is defined in this study includes nature, form, distribution channel, end-use, source, and region. With a promising growth rate of 5.9% in terms of value over the forecast period, the global avocado market is anticipated to form a lucrative opportunity for all the key participants involved in the value chain. Organic offerings of avocado are the most attractive segment of the market on a global scale. Thanks to the shifting preference to healthy eating and ethical, environmental-friendly food in developed and developing regions, this is considered as a growth factor for the organic segment.
Innovative marketing strategies are to be applied over the retail sector to gain competitive advantages by engaging in flash sales, dedicated displays and bulk offers, as more and more retails players are entering the market which is crowding the retail segment. New and improved processed offerings of avocado is expected to hit the market over the forecast period to capture the on-the-go consumer segment in urban regions. This is attributed to create a substantial demand from the food and beverage industry.
The global market for avocado is estimated to reach an approximate valuation of US$ 32,279.3 Mn in the forecast period.
“Increasing Urge in Consumers for a Healthy Lifestyle”
Increasing consumer preferences towards keeping a healthy lifestyle has led to the higher consumption of healthy food products and food ingredients. Off late, consumers have become more conscious about their food intake and diet. There has been a significant rise in the consumption of tree nuts, which include nuts, organic fruits, vegetables, avocados, etc., over the past few years, primarily supported by a shift towards healthier eating habits and preferences among the fast-growing middle-class section of consumers, especially in developing countries.
“Rising Awareness Among Consumers”
Since 1975, worldwide obesity nearly tripled. In 2016, more than 1.9 billion adults over the age of 18 years and older were tagged overweight, of which, 650 million were obese. According to WHO, most of the global population are situated in countries where problems related to overweight and obesity kill more individuals than underweight issues. Simultaneously, there is greater awareness regarding the consumption of various fruits and vegetables, especially avocados, berries, and grapes that help in lowering cholesterol and triglyceride levels, and in losing weight. As a result, its health benefits help drive the demand for avocados in the global market.
“Fresh Fruit, Including Hass Avocados, Are Popular Among Consumers”
Consumers are consuming more frequent, smaller meals throughout the day, while searching for healthier options. The better-for-you snacks are estimated to rise at a significant rate. This category includes fruits, nutrition bars, and Greek yogurt, and is projected to grow almost 5% by 2018. According to the American Wholesale Marketers Association (AWMA), fresh snacks i.e. fruits including avocados—are popular among consumers.
“Lack of Vertical Integration for Manufacturers in the Market”
A large proportion of the avocado growing and processing companies in the market lack an approach of expansion of their business operations into different steps of the production and supply chain, which leads to an inflation of avocado and associated product prices, as manufacturers become bound to spend additional costs on transportation and processing, leading to an increased turnaround time of the processed avocados and products. This is expected to hamper the growth of the avocado market over the forecast period, owing to the inadequacy of potential consumers willing to bear the high costs of prolonged procedures and operations.
What is the value share held by U.S. for the avocado market?
With more than 3 kg/capita consumption rate, the United States forms the most attractive avocado market in North America. The market in the region is majorly supplied by the local production from California and Florida. The rest of the demand is supplied by Mexico majorly and other Latin America countries. The region is currently experiencing demand of hass avocados in both retail and processed food industry. The U.S. currently holds a value share of 19.4% in the global market and a valuation of US$ 3,589.7 Mn
Organic segment is expected to form a high growth segment in the region. With consumer preference sifting towards clean label and ethical eating habits, the organic segment is expected to see strong growth rates over the forecast period.
How is the European Avocado Market Faring?
European region holds 12% of the current market share and is valued at US$ 2,191.9 Mn in 2023.
Large working population in the region, majorly in the EU region forms a major market for the processed on-the-go format of avocado offerings. This is expected to boost the food industry demand over the forecast period. The region has adopted to taste of the hass variety and thus forms the major form segment in terms of consumption. Other varieties have very little demand in the region mostly from food industry considering the lower price point.
Which Nature of Avocado Accounts for High Revenue Generation?
The conventional nature of avocado holds the maximum value of US$ 12,187.9 Mn in 2023 and 67.0% of the value share.
Current market trends indicate rising popularity of organic products, but the increasing capital costs for the same drive the farmers to cultivate avocados by conventional means and is responsible for the high revenue generation. Organic farming is cost and time intensive requiring constant monitoring to maintain a healthy crop, therefore, conventional means are still preferred and dominate the market.
Which Form of Avocado is seen more across the World?
The maximum consumption of avocados is in its raw form which holds a value of US$ 16,749.2 Mn and a value CAGR of 5.8% for our forecast duration.
Raw avocados are easy to transport and most food recipes involving avocado have it in its raw form. Moreover, processing avocado increases the cost and thus makes for low demand in the market and holds a mere 7.9% of the market. Avocados have various benefits including a high fibre content which is greatly reduced when the food is processed and hence raw form is highly demanded by the customers.
The global avocado market is dominated by small players who occupy almost 65% of the global share whereas medium and large enterprises occupy approximately 10% and 25% of the market respectively. The small manufacturers focus on strengthening their product portfolio while enhancing their distribution network and adopting modern technologies. This approach varies based on the size of the corporation as big manufacturers focus more Omni-channel retailing while acquiring new companies/ small scale outfits. This helps in increasing their footprints among the untapped markets.
Attribute |
Details |
Forecast period |
2024-2033 |
Historical data available for |
2017-2022 |
Market analysis |
USD million for value |
Key regions covered |
|
Key countries covered |
|
Key market segments covered |
|
Key companies profiled |
|
Report coverage |
|
Customization & pricing |
Available upon request |
By Nature:
By Form:
By Source:
By Distribution Channel:
By End Use:
By Region:
To know more about delivery timeline for this report Contact Sales
The global market for avocado has a value of US$ 18,195.5 Mn in 2023.
The global market for avocado has a value CAGR of 5.8% from 2017-2022.
The global market for avocado has a value of US$ 32,279.3 Mn in 2033.
The global market for avocado has a value CAGR of 5.9% from 2023-2033.
The top players in the global avocado market includes Fresh Del Monte Produce Inc., Costa Group Holdings Limited, Olivado USA, Calavo Growers, Inc.