Avocados Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Avocados Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Avocados Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the avocado market are developing new varieties using advanced technologies, such as high-pressure processing (HPP), to produce quality avocados. High-pressure processing (HPP) technology is a food preservation method that involves subjecting packaged food products to high levels of hydrostatic pressure, between 100 and 800 megapascals (MPa), to inactivate harmful microorganisms and enzymes to preserve the nutritional quality, flavor, and texture of the food. For instance, in October 2023, Halls Fresh Produce, a South Africa-based food company, launched the Naked Avocado. The Naked Avocado is a fresh offering designed to minimize waste and ensure consistently ripe, pre-prepared avocados. It is packaged with three avocado halves devoid of skin and pits. This product relies on high-pressure processing (HPP) technology to extend its refrigerated shelf life to one month.
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)
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Avocados Market Report Structure
3. Avocados Market Trends And Strategies
4. Avocados Market – Macro Economic Scenario
5. Avocados Market Size And Growth
…..
27. Avocados Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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