The extra virgin avocado oil market was valued at $373.0 million in 2018, and is estimated to reach $527.1 million by 2026, registering a CAGR of 4.40% from 2019 to 2026. In 2018, the food & beverage segment accounted for a majority share and is expected to grow at a CAGR of 3.30% throughout the forecast period. Extra virgin avocado oil is extracted from pressing avocados and then filtering it, which has strong avocado aroma, with a green color. The extra virgin avocado oil is used in cosmetics and food & beverage industry. This oil is rich in vitamin A, D, E, C, omega 3 fatty acid, and oleic acid. It is used in hair & skin care solutions and cooking oil due to its proven health benefits and high smoking point. The adoption of extra virgin avocado oil has been witnessed to be considerably high in the developed countries such as the U.S., Canada, and Germany, while emerging countries such as China, Brazil, and India are catching up quickly.
Extra virgin avocado oil has been gaining traction in the emerging markets such as the U.S., Canada, and Germany. This is attributed to rise in preference for avocado oil due to increase in the diseases such as diabetes, blood pressure, and coronary heart diseases. Furthermore, surge in health awareness and increase in consumption of healthy and nutritious cooking oil among health-conscious consumers are the key factors that drive the global extra virgin avocado oil market growth. Moreover, increase in application of extra virgin avocado oil in production of cosmetics industry significantly contributes toward the growth of the global extra virgin avocado oil market. However, high cost of avocado oil, rise in concerns pertaining to storage, and small shelf life of the oil limit the market growth. On the contrary, upsurge in demand for trendy cosmetics such as nutricosmetics, which contains extra virgin avocado oil as ingredient, are anticipated to provide remunerative opportunities for market expansion.
The global extra virgin avocado oil market is segmented into application, distribution channel, and region. On the basis of application, the market is divided into food & beverage and cosmetic. The distribution channel covered in the study include supermarkets/hypermarkets, beauty stores, and online store. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Cosmetic segment would exhibit the highest CAGR of 4.60% during 2019-2026.
The food & beverage segment garnered the highest share in the extra virgin avocado oil market in 2018. This is attributed to rise in adoption of avocado oil in the food & beverage industry by considering its high smoking point. Additionally, the rising awareness of health benefits of extra virgin avocado oil is also responsible to boost the growth of the global market. However, the cosmetics segment is expected to witness the fastest growth, owing to increase in awareness for nutricosmetics, which contain avocado oil as ingredient.
By Distribution Channel
online store segment would exhibit the highest CAGR of 5.10% during 2019-2026.
Depending on the extra virgin avocado oil market analysis, the supermarkets/hypermarkets segment generated the maximum revenue in 2018 and is expected to remain dominant throughout the forecast period. This is attributed to the availability of avocado cooking oil and cosmetics at a single place. However, the online store segment is expected to grow at the highest CAGR throughout the extra virgin avocado oil market forecast, owing to rise in the penetration of online shopping in the developed as well as the emerging countries.
LAMEA would exhibit the highest CAGR of 4.90% during 2019-2026.
Region wise, North America is the most prominent regional market. This is attributed to the highly evolved retail structure and increased adoption of extra virgin avocado oil due to rise in prevalence of obesity and heart diseases. Moreover, upsurge in expenditure of consumers on dietary food and cosmetics adds to the popularity of avocado fruit and extra virgin avocado oil in this region. However, Mexico is expected to grow at the highest CAGR throughout the forecast period, owing to technological development in avocado harvesting.
The key players profiled in the report which contributes in the in the extra virgin avocado oil market share include Aceitera Mevi México SA de CV, Aconcagua Oil & Extract SA, Avocado Oil New Zealand Ltd (Grove Avocado Oil), Bella Vado, Inc., CalPure Foods, Inc., Crofts Ltd., Mt. Kenya Fresh Avocados, Nobel Foods, Olivado Ltd., and Westfalia Fruit (Pty) Ltd.
The other players in the global extra virgin avocado oil market include Spectrum Organics Products, LLC (Hain Celestial Group, Inc.), La Tourangelle, Inc., Madana Inc., Proteco Gold Pty Ltd, Sesajal S.A de C.V., Cibaria International, The Village Press, Avocados Australia Limited., Chosen Foods, LLC, Grupo Industrial Batellero, La Tourangelle, Avoolio, Ahuacatlan Avocado Oil, Kevala, Bio Planete, Da Gama Avocado Oil, Cate de mi Corazón, AvoPure, Kahangi Estate, and Tron Hermanos, S.A. de C.V.
Key Benefits for Stakeholders:
- The report provides a quantitative analysis of the current extra virgin avocado oil market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the extra virgin avocado oil market size and segmentation assists in determining the prevailing opportunities.
- The major countries in each region are mapped according to their revenue contribution to the global extra virgin avocado oil market.
- The market player positioning facilitates benchmarking and provides a clear understanding of the present position of the players operating in the industry.
Extra Virgin Avocado Oil Market Report Highlights
By Distribution Channel
Key Market Players
CalPure Foods, Inc., Crofts Ltd., Avocado Oil New Zealand Ltd (Grove Avocado Oil), Mt. Kenya Fresh Avocados, Westfalia Fruit (Pty) Ltd, Aceitera Mevi México SA de CV, Olivado Ltd, Nobel Foods, Aconcagua Oil & Extract SA, Bella Vado, Inc.
The extra virgin avocado oil market holds a substantial scope for growth during the forecast period. Currently, the market is witnessing significant growth, and is expected to exhibit steady growth in major markets, such as the U.S., Germany, China, India, and Brazil.
Rise in demand for extra virgin avocado oil from the food & beverage industry owing to its properties such as high smoking point drives the market growth during the forecast period. The adoption of extra virgin avocado oil is increased in the developed countries such as the U.S. and Germany owing to its health benefits associated with the extra virgin avocado oil. In addition, rise in trend of cosmetics containing natural and nutritional ingredients in emerging countries is expected to offer remunerative opportunity for market expansion during the forecast period. Furthermore, the rise in popularity of avocado oil in emerging economies due to its health benefits are anticipated to provide lucrative opportunities for the market growth.