Sizing and Forecast
The avocados market size has grown strongly in recent years. It will grow from $17.66 billion in 2023 to $19.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increased awareness of the health benefits, nutritious and low in calorie food, increasing demand for organic goods, growth in infant food segment, changing dietary habits.
The avocados market size is expected to see strong growth in the next few years. It will grow to $28.15 billion in 2028 at a compound annual growth rate (CAGR) 9.8%. The growth in the forecast period can be attributed to shift in avocado-based products sales from brick-and-mortar stores to eCommerce platforms, rising adoption of organic food products, rise in avocado-based snacks, convenience foods, and products, growing demand for ready-to-eat and ready-to-cook food products, increasing demand for exotic fruits and vegetables. Major trends in the forecast period include trend towards healthier eating habits, versatility in food and beverage applications, technological advancements in food processing and packaging , expansion of avocado-based beauty and personal care products, increasing trend of veganism and vegetarianism.
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The avocados market covered in this report is segmented –
1) By Type: Hass Avocado, Other Types
2) By Form: Fresh, Processed
3) By Application: Food, Cosmetic, Medical, Other Applications
4) By Distribution Channel: Business-To-Business (B2B), Business-To-Consumers (B2C)
North America was the largest region in the avocados market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the avocados market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing awareness of the health benefits is expected to propel the growth of the avocado market going forward. The awareness of health benefits is increasing due to growing interest in preventive healthcare, rising healthcare costs, and recognizing the importance of lifestyle choices in preventing chronic diseases. Avocados are packed with essential nutrients such as vitamins (such as vitamin K, vitamin C, vitamin E, and B vitamins), minerals (including potassium, magnesium, and copper), and dietary fiber. These nutrients contribute to overall health and well-being. For instance, in May 2023, according to the International Food Information Council, a US-based nonprofit organization, the percentage of Americans who say they followed a diet or eating pattern in the past year increased to 52% in 2022 from the previous four years’ averages of 39% in 2021 and 43% in 2020. Therefore, raising awareness of the health benefits is driving the growth of the avocado market.
Key Industry Players
Major companies operating in the avocados market report are Fresh Del Monte Produce Inc.; Calavo Growers Inc.; Mission Produce Inc.; Costa Group; Westfalia Fruit; Emrald Produce Ltd; The Horton Fruit Company; Del Rey Avocado Co. Inc; Oppy; Superior Food Company; Brooks Tropicals Holding, Inc.; Henry Avocado Corporation; AustChilli Group; Simpson Farms; West Pak Avocado Inc.; McDaniel Fruit Co.; Salud Foodgroup Europe B.V.; Duclos Farms; Melissas World Variety Produce Inc.; Shanley Farms; Empacadora Avehass S.A. de C.V.; Greenyard NV; Olivado EPZ Limited; JBR Avocados
The avocados market report table of contents includes:
1. Executive Summary
2. Avocados Characteristics
3. Avocados Trends And Strategies
4. Avocados – Macro Economic Scenario
5. Global Avocados Size and Growth
…..
32. Global Avocados Competitive Benchmarking
33. Global Avocados Competitive Dashboard
34. Key Mergers And Acquisitions In The Avocados
35. Avocados Future Outlook and Potential Analysis
36. Appendix
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