Avocado Market Expected to Reach USD 45.1 billion by 2031, Garnering a 10.3% CAGR: Report by Transparency Market Research, Inc.

Avocado market growth is being driven by increased demand for entire fruits and a desire for low-carb foods.

Wilmington, Delaware, United States, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global avocado market was projected to attain US$ 18.8 billion in 2022. It is anticipated to garner a 10.3% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 45.1 billion by 2031.

Avocados, sometimes known as alligator pears, are enormous, pear-shaped fruits with green to blackish skin, a single huge seed, and soft, light-green flesh. It is commonly consumed raw, particularly in salads. Avocados are extremely healthy, including critical vitamins A, B, C, E, and K, as well as 25 other key elements.

They also include important phytochemicals, including beta-sitosterol, and antioxidants like lycopene and beta-carotene. The fruit is well-known for its robust nutritional profile, which includes plenty of fiber, folate, potassium, vitamin E, and magnesium.

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A medium-sized avocado has around 50 calories and 20 different vitamins, minerals, and phytonutrients. They contain 81 micrograms of lutein and 19 micrograms of beta-carotene. Avocados come in several varieties, including HASS, pinkerton, fuerte, and bacon.

Key Findings of the Market Report

Avocados include 25 necessary vitamins, as well as phytochemicals like beta-sitosterol and antioxidants like lycopene and beta-carotene.
The rise in consumer health consciousness is contributing to the worldwide avocado market dynamics, since avocados are regarded as a superfood because of its high omega and multinutrient content.
Avocado is known as one of the most nutrient-dense foods, with high levels of fiber, folate, potassium, vitamin E, and magnesium.
Avocado market growth is also driven by the health advantages of avocados, such as increased vision, heart disease prevention, and digestion.
The boost in demand has resulted in an increase in global output.

Market Trends for Avocado

Avocados provide critical nutrients such vitamins C, B5, B6, E, and K, as well as potassium, folate, protein, and healthy fats. Avocados contain seven grams of carbs per 100-gram serving, the majority of which are fiber, making them a low-carb alternative.
Furthermore, when individuals reduce their consumption of animal-derived foods, avocados may easily replace comparable textures and tastes in dishes. Avocados added to a low-calorie diet help with weight loss and support the growth of good intestinal flora.
Avocado has grown in popularity as a favorite ingredient in a variety of meals, including guacamole dip, salads, and sandwiches, and is now a menu staple in many restaurants across the world. Avocado toast, which originated in California and Australia, has now become a famous restaurant menu item across the world.

Global Market for Avocado: Regional Outlook

In 2022, North America held the biggest share. The increase in consumption, production, and popularity of various varieties of avocados is fuelling the regional market landscape.
The rise in demand for Hass avocados is being driven by the popularity of plant-based and low-carbohydrate diets like keto and paleo. This, in turn, is expanding the avocado market. There are various avocado kinds, but Hass is the most popular and well-known in the United States due to its high fat content, distinctive flavor, and creamy texture.
Mexico produces around 2.39 million metric tons of avocados per year, accounting for more than 25% of global avocado output. Similarly, the United States is one of the world's largest users of avocado. According to the USDA, the annual per capita availability of avocados in the United States is more than 8 pounds.
Thus, rising consumer demand in North America is likely to improve avocado production and distribution in the near future.

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Global Avocado Market: Key Players

To satisfy customer expectations, key companies in the avocado market focus on efficiently supplying high-quality goods with exceptional texture and packaging. Avocado growers are working on increasing production capacities to fulfill market demands. The following companies are well-known participants in the global avocado market:

McDaniel Fruit Co.
Henry Avocado Corporation
Del Rey Avocado Co. Inc.
The Horton Fruit Company
Fresh Del Monte Produce Inc.
Superior Foods Companies
Brooks Tropicals Holding, Inc.
Salud Foodgroup Europe B.V.
Costa Group Holdings Limited
West Pak Avocado, Inc.
Calavo Grower. Inc.
Hormel Foods Corporation
MegaMex Foods
Olivado USA
Mother Herbs Private Limited
SVA Organics
AMS Enterprises
Sunvado
CG Produce
Leathams LTD

Some key developments by the players in this market are:

Fresh Del Monte, a major fresh produce manufacturer and distributor, started to deliver Kenya-grown avocados to the European market in August 2022. These avocados are sustainable and of the Hass variety, giving them a creamy consistency.
Mission Produce Inc., a global leader in the sourcing, production, and distribution of fresh Hass avocados, will establish a new megacenter in Laredo, Texas, in September 2021. The megacenter offers packaging, bagging, ripening, transportation, cold storage, cross-docking, inspections, and drayage.

Global Avocado Market Segmentation

Source

Hass
Reed
Fuerte
Others

Form

Raw
Processed
Oil

Refined Oil
Extra Virgin Oil
Blend

Guacamole
Puree
Others

Nature

Organic
Conventional

End Use

Food & Beverages Industry

Snacks
Dairy Products
Sauces & Dressings
Bakery Products
Others

Retail/Household
Cosmetics & Personal Care
Others

Distribution

Business-to-Business
Business-to-Consumer

Hypermarkets/Supermarkets
Convenience Stores
Independent Small Groceries
Online Retailing
Others

Region

North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
Middle East & Africa

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