Since the last decade, avocado oil has generated interest among consumers owing to technological and nutritional characteristics, which is evidenced by an increasing number of production capacities of manufacturers backed with rigorous research and development for using efficient extraction techniques for avocado oil. Fact.MR reveals that the avocado oil market is expected to grow by an ~ 8% CAGR over the forecast period. This notable growth in the avocado oil market is mainly influenced by the extensive use of avocado in end-use industries, including cosmetics and personal care, medicinal, and others. Moreover, avocado oil is gaining traction in cooking applications, which further fuels the market growth throughout the forecast period. Furthermore, key players operating in the avocado oil market are increasing their business footprint rapidly, which creates lucrative opportunities in the market.
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Key Highlights on the Global Avocado Oil Market
- Region wise, Latin America is expected to showcase higher consumption of avocado oil in the coming years. Growth of the avocado oil market in this region is largely driven by avocado oil sales and exports from Mexico, which is the largest producer of avocado oil. Moreover, North America has shown high growth potential for avocado oil market owing to higher demand for the product due to health benefits it offers. North America avocado oil market is projected to expand at a high value CAGR of 8.7% during the forecast period
- Extra-virgin avocado oil has gained high traction since past years. The sale of extra-virgin avocado oil is the largest as compared to other avocado oil product types. This is mainly because extra-virgin oil has a higher smoke point. It is produced at lower temperatures owing to which it has higher nutritional value, strong flavor and aroma. It has natural taste and is extensively used for spreading, emulsifying, drizzling and dipping in cooking applications
- By application, the retail segment is expected to lead the global avocado oil market. The sale of avocado oil for medicinal and cosmetic and personal care applications is also expected to trigger the growth of the global market during the forecast period
- Sale of avocado oil from specialty stores is expected to touch an estimate of over US$ 550 Mn by 2026 end. Specialty stores segment is the largest with a high valuation and is poised to lead the global market. Also modern trade is expected to gain high traction in the coming years
- By source, hass is a highly preferred choice for the production of avocado oil. The hass segment is expected to grow at a high value CAGR of 8.1% during the period of assessment