The avocado oil market is likely to see continued growth, largely driven by consumers’ heightened awareness of the health benefits associated with this oil. Avocado oil is celebrated for its heart-healthy attributes, featuring high monounsaturated fats and a favorable fatty acid profile. As health-conscious individuals increasingly seek healthier cooking oils and ingredients, demand for avocado oil is expected to remain robust.
The global avocado oil market is expected to be valued at US$ 950 Million in 2032. The market is likely to exhibit robust growth at a CAGR of 5.5% during the forecast period (2022-2032).
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Many countries, particularly those with suitable climates for avocado cultivation, have been expanding their avocado production. This surge in avocado availability is expected to translate into an increased supply of avocado oil, potentially contributing to price stability and accessibility for consumers.
One of the primary drivers of the avocado oil market is set to be increasing awareness regarding the health benefits it provides. The high content of monounsaturated fats in avocados, specifically oleic acid, and its low levels of saturated fats make them a healthier alternative to other cooking oils that are higher in calories.
Additionally, with an increasing number of people following strict vegan diets, plant-based oils such as avocado oil are gaining high traction. Vegetable oil substitutes such as avocado oil can also replace butter, which has been found to have increased levels of unhealthy cholesterol.
Furthermore, growing usage of avocado oil in medicines will drive its demand in the next ten years. Various health benefits of avocados would make it increasingly popular for medicinal purposes.
Avocados are infused with antioxidants, omega-3 fatty acids, and phytonutrients that help to manage heart disease, cancer, diabetes, and other chronic diseases. They also promote weight loss and offer relief from joint pain. With many people turning to alternative remedies to traditional medicines, it will help boost the market for avocado oil.
By product, the pure oil category is set to generate a sizable market share during the anticipated time frame. Pure oil is highly valued in the cosmetics and personal care industry due to its high vitamin E content, low cost, and emollient properties. In addition, the benefits of applying avocado oil on the skin will also drive sales.
Avocados are a popular choice among health-conscious consumers who want to use an oil that is high in monounsaturated fatty acids and has a light flavor. It also does not have any of the cholesterol or trans fats found in butter and cooking oils. As more people turn to avocado oil for cooking, demand for the same will continue to grow. A third of all restaurants in the U.S., including McDonald’s, offer avocado oil as an option for their customers.
- In 2021, the North America avocado oil market created an absolute dollar opportunity of nearly US$ 272.21 Million.
- Based on product, the extra-virgin oil segment is expected to account for 44% of the global avocado oil sales during the next ten years.
- The global avocado oil market is projected to reach a valuation of US$ 556 Million by the end of 2022.
- In Asia Pacific, China is set to generate maximum revenue by 2032 amid large-scale avocado planting activities in Guangdong, Yunnan, and Fujian provinces.
- The U.S. avocado oil market is estimated to remain at the forefront in North America on the back of presence of key players like Olivado USA in the country.
- Growing popularity of organic personal care and cosmetic products is set to boost sales of specialty ingredients like avocado oil.
- Avocado oil companies are projected to use recyclable packaging rather than plastic to attract more consumers who are concerned about the environment.
- Easy availability of cost-effective avocado oil substitutes like olive oil and sunflower oil may hamper sales in the market.
- Presence of many counterfeit products on supermarket and hypermarket shelves can hinder demand in the next ten years.
Leading players in the avocado oil market are increasing their international exposure by making use of various marketing tactics such as new product development, partnerships, technical advancements, research & development efforts, investments, and acquisitions. Research and development activities by key participants are helping them to enhance their production process, which may also aid in the expansion of the avocado oil market.
- In October 2021, Jackson’s Honest, a company based in the United States, increased its snack assortment of sweet potato chips with new packaging. In addition to the traditional sea salt with coconut oil chips, the line-up includes three additional avocado oil flavors: spicy tomatillo, sea salt, and Carolina BBQ.
- In August 2021, Vital Farms situated in Austin, Texas, introduced its newest product, pasture-raised butter with sea salt and avocado oil. This flavorful and creamy product is made with butter, 100% pure avocado oil, and sea salt. It is ideal for any culinary occasion.
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