Avocado Oil Market Size was valued at USD 0.49 Billion in 2021. The Avocado Oil market industry is projected to grow from USD 0.54 Billion in 2024 to USD 0.91 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 0.92% during the forecast period (2024 - 2030). Demand for plant-based products is increasingly, which contributes to the growth of the avocado oil market. The high use of avocado oil in cooking, as it is known to contain high protein, soluble and insoluble fibers, antioxidants, various vitamins and minerals, and inclination towards natural and healthier ingredients owing to the rise in health consciousness among the population also accelerates the increase in the demand for the avocado oil market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The consumers growing inclination toward healthy food as a pursuit toward good health and wellness has significantly increased the incorporation of organic food products in their daily diets. The easier access to infinite information with the help of the internet has made consumers increasingly aware of their healthier need for food, leading to the increase in demand for organic products.
Organic avocado oil is among the best oils with lower saturated fat content and higher good fat content, and it provides various benefits to people. Therefore, the incorporation of organic oil is increasing in the processed food industry. Moreover, most consumers are ready to pay a little extra for supreme quality products, which encourages processed food manufacturers to incorporate such ingredients. The companies operating in the market continue to enhance their products with certified organic oils, which is predicted to promote the avocado oil market growth. For instance, in April 2020, Nutiva, U.S.-based brand of plant-based organic foods, introduced organic avocado fruit oil in three variantsAdditionally, The product continues to be of interest to the pharmaceutical, food, and personal care industries and is also generating better attention in other areas such as nanotechnology and environmental care. Recently, new supplementary technologies have been applied to improve the extracted product's yield and quality and decrease pollution. These technologies include supercritical fluid extraction, ultrasound-assisted oil extraction, and pressurized fluids. The extensive focus on research and development of better technologies to produce the maximum yield is anticipated to support the steady growth of the market.
The Avocado Oil market segmentation, based on type, includes extra virgin oil, virgin oil, pure/refined oil, and blend. The pure/refined oil segment held a considerable share of the market in 2020. The cosmetics and personal care industry particularly appreciates the pure/refined oil due to its high vitamin E content, affordability (as it is less expensive than the extra virgin and virgin oil), and emollient properties. Moreover, the current vogue of applying natural oils directly to the skin is likely to positively impact extra virgin oil sales. The demand for extra virgin oil is prominently increasing from the food sector due to the surety of quality. The extensive information available regarding extra virgin avocado fruit oil nutrition benefits is anticipated to drive the segment growth.
Based on Application, the Avocado Oil market segmentation includes Food & Beverages , Pharmaceuticals & Nutraceuticals, and Others. The food and beverage application of the product is anticipated to grow at the fastest CAGR in the coming years. The rising consumer inclination toward specialty products and increasing focus of the key players on incorporating such ingredients in their processed food items are predicted to support the steady growth of the segment. For instance, General Mills keto-friendly brand launched yogurt, which is high in fat, low in carbs and sugar, and has 12-15 gm of protein per serving. Their yogurts use avocado fruit oil to increase the fat content.
Figure 2: Avocado Oil Market, by Distribution Channels, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Avocado oil is well-known, with increasing consumption in North America and rising popularity in the rest of the world. The North America market stood at 272.21 billion din 2020, and it is predicted to dominate the market during the forecast period. The region’s dominance is attributed to growing interest among consumers about the product and its uses due to the product’s nutritional and technological characteristics. Avocado fruit oil used in cooking has some proven benefits due to its vitamin E content and high oleic fatty acid content. Henceforth, the increasing concerns for better health and rising interest in diverse dietary components, with particular attention to fat that has been correlated to various diseases, such as obesity and diabetes, are anticipated to support the steady growth of the regional market. In North America, Spectrum Organics Products, La Tourangelle, Inc., and Olivado USA are some of the crucial players operating in the avocado market and constantly focusing on expanding their product offerings.
Figure 3: AVOCADO OIL MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific is expected to grow at the highest CAGR in the foreseeable years, mainly due to the rising popularity of the product in China, Japan, and others. In recent years, China has started large-scale planting of avocado in Guangdong, Yunnan, and Fujian provinces. According to the government of China, in the next few years, China will increase its production capacity of avocado fruit oil due to the easy availability of raw materials. Furthermore, the rising demand for the product from other Asian countries, such as Japan and Malaysia, and the wide availability of the product in online and offline distribution channels are expected to drive the regional market.
Europe and South America are anticipated to grow at a significant pace due to the growing demand for the product from the food, cosmetics, and personal care industries. Technological advancement, product innovation, and rising awareness among customers regarding the benefits of the product are anticipated to impact the regional market growth positively. On the other hand, the Middle East & Africa is expected to witness slow growth in the market. Comparatively, limited product awareness and marketing are anticipated to restrict the regional market growth up to a certain extent regardless of the strong potential consumer base in this region.
Avocado Oil Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Avocado Oil market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Avocado Oil industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Avocado Oil. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Avocado Oil industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Avocado Oil industry to benefit customers and expand the market sector. The Avocado Oil market has recently given medicine some of the most important advantages. Major hair care product market players, including rupo Industrial Batellero S.A. de C.V (Mexico), Aconcagua Oil & Extract S.A. (Chile),Spectrum Organic Products, LLC (US),Avocado Oil de México (Mexico), and others, are attempting to increase market demand by funding R&D initiatives.
GRUPO INDUSTRIAL BATELLERO, S.A de C.V., is a 100% mexican young business, that produces gourmet food and personal care products made with Hass avocado of domestic production. We also commercialize gourmet food carefully chosen and made with 100% natural products.
Also, Spectrum Organic Products, LLC based on U.S provide a Spectrum® Refined Avocado Oil cold-pressed oil is a wonderful source of good-for-you monounsaturated fats, and is a delicious choice over a salad of organic baby greens and avocado, in grilled polenta, or in chutney and avocado dips.
Avocado Oil Industry DevelopmentsIn August 2022, a company in Michoacán is putting avocado waste to good use, transforming it into biogas and organic fertilizer, using avocado seeds and skin to create fertilizer and fuel. The tonnes of avocado waste are converted into clean energy in Michoacán.In September 2021,Butterfly announced its partnership with Chosen Foods, an industry leader and creator of avocado-based kitchen staples, including cooking sprays, dressings, mayonnaises, simmer sauces, guacamole, and salsa.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 0.49 Billion |
| Market Size 2024 | USD 0.54 Billion |
| Market Size 2030 | USD 0.91 Billion |
| Compound Annual Growth Rate (CAGR) | 0.92% (2024-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Category, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Grupo Industrial Batellero S.A. de C.V (Mexico), Aconcagua Oil & Extract S.A. (Chile),Spectrum Organic Products, LLC (US),Avocado Oil de México (Mexico),Nobel Foods (Mexico),La Tourangelle, Inc. (US),AMD Oil Sales LLC (US),The Village Press (US),Chosen Foods LLC (US),Bella Vado, Inc. (US) |
| Key Market Opportunities | Utilization of avocado oil in cooking and hair and skincare |
| Key Market Dynamics | Expansion in the interest for plant-based restorative items |
Frequently Asked Questions (FAQ) :
The Avocado Oil market size was valued at USD 0.49 Billion in 2021.
The market is projected to grow at a CAGR of 0.92% during the forecast period, 2024-2030.
Asia Pacific had the largest share in the Avocado Oil market.
The key players in the market are Amway Corp, Coty Inc, Henkel AG and Co KGaA, Kao Corp, L'Oréal SA, The Procter and Gamble Co, and The Unilever Group.
The Pure oil is dominated the market in 2021.
The food & beverage based had the largest share in the market for Avocado Oil.
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