A newly published report by Fact.MR states that the global avocado market is estimated to reach a valuation of US$ 19.27 billion in 2024 and has been evaluated to further expand at a CAGR of 5.9% from 2024 to 2034.
Avocado consumption has surged among leukemia patients, as indicated by recent research, because of the presence of avocatin B. Expectant mothers are often advised to incorporate avocados into their diets to reduce the risk of miscarriage and neural tube defects. Avocado consumption during pregnancy also supports fetal development by providing essential nutrients.
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In addition to the fruit, avocado leaves offer various health benefits, promoting heart health by enhancing circulation, reducing blood pressure, and alleviating hypertension. Suppliers often capitalize on the demand for avocado leaves to gain substantial profits.
Consumption of plant-based food items has witnessed a notable uptick in recent years. This trend is primarily driven by a shift towards healthier dietary choices among the burgeoning middle-income demographic, especially in developing nations.
Key Takeaways from Market Study
The global avocado market is forecasted to attain a valuation of US$ 34.18 billion by the end of 2034.
The South Korean market is calculated to expand at a CAGR of 6.6% from 2024 to 2034.
The North American market is projected to reach US$ 8.31 billion by 2034-end.
Mexico is analyzed to account for a market share of 19.9% in the North American region by 2034.
Based on source, Hass avocado sales are projected to rise at a CAGR of 5.9% from 2024 to 2034.
The East Asia market is forecasted to expand at a CAGR of 6.2% through 2034.
Extensive Use of Avocados in Cosmetics and Personal Care Products
Advantages of avocados for the skin are driving their popularity in skincare formulations, as they play a vital role in addressing various skin concerns. Their natural properties can alleviate inflammation, including acne, eczema, and dryness, while soothing and healing peeling skin. With potent anti-inflammatory effects, avocados contribute to skin health and inflammation relief. Rich in essential vitamins A, C, and E, along with oleic and linoleic acids, avocados offer remarkable anti-aging properties to effectively diminish wrinkles and fine lines.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the avocado market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on nature (organic, conventional), form (raw, processed), source (Hass, Reed, Fuerte, others), distribution channel (direct sales, indirect sales), and end use (food & beverages, retail, cosmetics & personal care, others), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
Top Companies are Calavo Growers, West Pak Avocados, Mission Produce, Aguacates Seleccionados JBR, Camposol, Westfalia Fruit, McDaniel Fruit Co., Henry Avocado Corporation, The Horton Fruit Company, Fresh Del Monte Produce Inc., Superior Foods Companies, AMS Enterprise, Hormel Foods Corporations, Costa Group Holdings Limited, Brooks Tropicals Holding Inc.
Competitive Analysis
Key players in the avocado industry are focusing on expanding their product lines, enhancing distribution networks, and leveraging advanced processing technologies. The strategies employed vary by company size, with larger manufacturers emphasizing omnichannel sales and acquiring smaller companies to diversify their offerings. This approach allows them to tap into emerging market trends such as avocado extracts, avocado powder, and avocado oil, thereby expanding their reach into previously untapped markets.
Horton Fruit Company, for example, is prioritizing the enhancement of its distribution network across the United States. The company maintains a fleet of refrigerated vehicles and provides next-day delivery within a 500-mile radius every day. Additionally, Horton Fruit owns two third-party logistics (3PL) firms to facilitate the nationwide shipping and distribution of their products.