Avocado-Based Products Market: Market Outlook
Avocado-based products are gaining traction across the world and being used in most food and beverage products. Avocado is presumed to be a superfood that contains numerous health and nutritional benefits which has further established the proper market set up for avocado-based products. Some of the avocado-based products are avocado puree, avocado oil, and others are increasingly becoming favourable among the food & beverage manufacturers. The avocado-based products are utilized in infant food, snacks, dairy products, and others.
Avocado-based products have also found its application in cosmetics, nutraceutical, and other industries. Avocado oil, due to its moisturizing properties, used cosmetics products such as face cream, sunscreen, anti-aging cream, and others. Avocado is rich in vitamin K, vitamin E, vitamin C, and other nutrients which make it a preferable ingredient to use in nutraceutical and pharmaceutical industries. Avocado is becoming exponentially popular due to being considered a highly nutritious food and demand is fueling from every corner of the world. Avocado-based products have also witnessed a similar demand pattern as the avocado and avocado-based products market is expected to show substantial growth.
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What are the Key Trends Impacting Growth of the Avocado-based Products Market?
There has been a significant increase in the demand for organic products with the rising clean eating habits among the consumers. The availability of organically produced avocado-based products has attracted a lot of consumers looking for chemical- and pesticide-free products. It has also helped the foodservice industry offer organic products made using organic avocado. Manufacturers of avocado-based products are also working closely with the suppliers or farmers to understand the quality of the avocado. The demand for organic products is expected to influence the demand from the market of the avocado-based product
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How Rising Awareness Towards the Health Benefits of Avocado-Based Products is Benefitting the Market Growth?
The avocado-based products market is driven by an unexpected rise in consumer preference towards avocado-based products. Avocado is an incredibly nutritious fruit that has heart-healthy monounsaturated fatty acids which reduced inflammation and fight against cancer. This makes avocado oil, avocado-based products, beneficial to use as a cooking oil. Moreover, the avocado puree is also gaining rapid traction in the food & beverage industry. The beverage, confectionery, infant food, and other manufacturers are moving towards adopting the use of avocado puree in their products.
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How E-commerce Become Important Sales Channel for Avocado-based Products Market?
A large number of manufacturers have started selling avocado-based products via e-Commerce websites such as Amazon, Walmart, etc. Most of these websites don’t provide attractive offers on their products to increase the sales of avocado-based products through the website. Many emerging players and established avocado-based product brands are also looking to expand their business lines by selling their products through e-Commerce. Online retailing is the new era of an advanced platform for selling avocado-based products. The manufacturers can increase their viewership of the avocado-based products, which in return gives the increased profits through the online retail channels.
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How Avocado Puree, Powder, and Oils are Playing Crucial Role in the Growth of Avocado-based Products Market?
Another driving factor for the avocado-based product's market is the growing use of avocado powder, puree, and oil in the cosmetics and nutraceutical industry. In cosmetics products, avocado oil is a beneficial product to use. Whereas, the avocado powder is increasingly being used in dietary supplements, functional food, and other products. Additionally, the consumer has been progressively consuming healthy fruit products which is further increasing the retail sales of avocado-based products and subsequently fueling the growth of the market of the avocado-based product. The exponential rise in consumption of organic food products is also providing the potential sales increase in organic avocado-based products.
What are the Key Challenges that may Restrain Growth of the Avocado-based Products Market?
According to the FAOSTAT, the global production of avocado is around 7 Mn Tons in 2019. The production quantity of avocado is not enough to fulfill the global demand for avocado and avocado-based products. Thus, the prices of avocado are comparatively higher than any other fruits owing to the that the prices of avocado-based products are also high. Thus, the high prices of avocado-based products are expected to hinder the growth of global avocado-based products in the market, especially in developing markets.
Avocado-Based Products Market: Segmentation
Based on nature, the global avocado-based products market can be segmented as follows
Based on the type, the global avocado-based products market can be segmented as follows
- Avocado Puree
- Avocado Oil
- Avocado Powder
Based on the end-use, the global avocado-based products market can be segmented as follows
- Food & Beverage
- Infant Food
- Dressings & Sauces
- Dairy & Desserts
- Snacks & Meals
- Personal Care & Cosmetics
- Foodservice Industry
Based on the distribution channel, the global avocado-based products market can be segmented as follows
- Business to Business
- Business to Consumer
- Convenience Stores
- Specialty Stores
- Online Retail
Based on the region, the global avocado-based products market can be segmented as follows
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Avocado-Based Products Market: Competitive Landscape
Some of the key players operating in avocado-based products are
- The Green Labs LLC
- Connoils LLC
- True Nutrition
- Cham Foods
- Spectrum Organics Products, LLC (Hain Celestial Group, Inc.)
- FoPo Food Powder
- Reade International Corp
- Vita Forte Inc.
- DENK INGREDIENTS GMBH
What are the Opportunities for Market Participants in the Avocado-Based Products Market?
Avocado-Based products have witnessed rapid demand among the consumer as well as food manufacturers, this is further providing beneficial opportunities to the market participants of the avocado-based product's market. The rising health-conscious population across the world is seeking healthy and nutritious food products which led to a higher preference for avocado and avocado-based products among the consumer. The food & beverage manufacturers are also increasing the use of nutritive ingredients in food products to offer a more healthy option to the consumer. This is creating a profitable market scenario for the manufacturers of avocado-based products.
What strategies are the Key Players adopting for Increasing their Market Share in the Avocado-based Products Market?
To gain control over the supply, major suppliers and avocado-based product manufacturers are getting into long-term agreements with raw material suppliers. The benefits of this are better-regulated supply, the steady price per unit over the year, competitive end pricing, and reduced loss due to processing. Also, most suppliers are incorporating ripening houses to allocate volume of avocados for avocado-based products processing to cater to the demand in the market.
Also, the manufacturers of avocado-based products are focused on sourcing high-quality avocado by educating avocado farmers. Also, some key players are providing upgraded technology for producing and processing organic avocados and introducing the farmers to the business model, operational plan, marketing strategies, and value chain of the avocado-based products market.
How Germany and Spain are the Most Attractive Countries for the European Avocado-Based Products Market?
Germany is dominating the Europe avocado-based products market by witnessing the highest value share owing to the availability of a large number of manufacturers of avocado-based products in the region. Besides, German has a large number of highly health-conscious consumers and the consumption trend of highly nutritious and healthy products is increasing among the consumer. Whereas Spain is also showing a substantial value share in the global avocado-based products market and the prime growth aspect is higher utilization of avocado-based products in the food processing industry. However, other European countries are displaying the highest growth in the global avocado-based products market.
Why the U.S. is Dominating Value Share in the Global Avocado-based Products Market?
The United States is the world’s largest market for fresh avocados. With the increasing popularity of avocados in the U.S., the Interest in avocados continues to grow, as consumers there become increasingly familiar with avocados. The nutritional content and multiple health benefits of avocado are the key factors behind the sales of avocado-based products in the U.S. besides, the highly health-conscious consumers are inclining towards the consumption of natural, organic, and healthy food consumption which leads to the sales of avocado-based products across the U.S. However, the consumer in the U.S. is ready to spend more on healthy and nutritional products which are resulting in increased growth of avocado-based products in the U.S.
What is the Repercussion of the Pandemic on the Growth of the Avocado-Based Products Market?
COVID-19 disease outbreak is progressively becoming a major obstacle for the global economy. The food & beverage industry is also facing several challenges due to this global pandemic such as reduced sales, supply-chain, and others. Avocado-based products are one of the most demanding food products across the world. As the trade, production, and supply-chain activities have become difficult for a certain time, it also impacted the value chain of the avocado-based products market. This led to the increase in pricing of avocado and avocado-based products. However, as the economic activities have been restored the impact on avocado-based products due to pandemic will be recovered in foreseeable future.
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