Avocado market value could almost double in the next decade

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Avocado market value could almost double in the next decade

A new report published by Fact.MR suggests 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.

By the end of 2034, the global avocado market is forecasted to be valued at US$ 34.18 billion, with the North American market expected to reach US$ 8.31 billion.

This growth is led, in part, due to the health benefits offered by the fruit. In general, consuming plant-based food has become increasingly important 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.

Additionally, according to a study by the University of Guelph, avocatin B in avocados is effective in the treatment of leukemia, which has made the fruit popular among people with the disease. 

Avocados provide important nutrients including vitamin C, potassium, protein, and healthy fats, among others. 

“The nutritional composition of avocados, including essential vitamins and monounsaturated fatty acids, is driving their extensive use as a vital dietary component. Avocados are popular among health-conscious consumers looking for holistic nutrition,” says a Fact.MR analyst.

Cosmetics and personal care

The advantages of avocados for the skin are also driving their popularity in skincare formulations, as they play a vital role in addressing various skin concerns. Additionally, 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 diminish wrinkles and fine lines effectively.

Market conditions and strategies 

Key players in the avocado industry are focusing on expanding their product lines, enhancing distribution networks, and leveraging advanced processing technologies. Top avocado 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.

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.

Related article: Mid-season California avocado crop update published

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