Avocado oil has shown a high demand from the consumers, oil and cosmetics industry due to the products extraordinary nutritive value and accompanying health benefits. Avocado oil is rich in antioxidants and contains edible fatty acids, which makes it a decent choice for consumers. Avocado oil is mostly helpful for people suffering from high blood pressure and other heart complaints. Moreover, high smoke point of avocado oil makes it appropriate for cooking purpose, which is contributing in the growth of avocado oil market size. Apart from edible use, avocado oil is also used in cosmetics like body lotions and creams due to its skin benefits.
Market Forecast
Avocado oil is extracted at low temperature by cold-press method from the avocado fruit. Avocado oil is monounsaturated fatty acid which is consumed in edible and non-edible forms. Avocado fruit has high content of oleic and omega 9 fatty acid. Avocado oil is commonly available in market in different variations like refined, virgin, extra-virgin and crude. Apart from its use in cooking, it also has other dynamic applications like cosmetics, owing to high vitamin E and K that benefits in skin problems like acne, dry skin, wrinkles, and heel cracks.
Increasing health awareness in the population has surged the demand for oils with supplemented nutrient advantage and coupled health benefit which has raised the demand for avocado oil in the market. Also, avocado fruits are available round the year which makes it easy for the manufacturers to extract the oil for consumer use uninterruptedly. Additionally, all these factors are projected to contribute to the estimated CAGR of 13.5% of avocado oil market during the forecast period 2017-2023.
Downstream Analysis
Avocado oil is segmented based on type which includes, crude avocado oil, virgin avocado oil and extra virgin avocado oil. Extra virgin oil is dominating the market in this segment. Extra virgin avocado oil is of upmost quality which is extracted from the superior quality avocado fruits. Extra-virgin oil is extracted by cold-press method at low temperature and it does not contain any chemical additives. Furthermore, high consumption of extra virgin oil owing to its health qualities is driving the growth in this segment.
On the basis of application, the avocado oil market is segmented in cooking/culinary, personal care products, medicinal products and others. Among all the applications, cooking/culinary is dominating the market due to its high smoke point which makes it appropriate for frying. However, the demand for avocado oil in personal care products is likely to experience a high demand from consumers owing to skin and hair health benefits.
On the basis of the distribution channel, the market is segmented into store-based and non-store-based distribution channel. However, the store-based distribution channel is dominating the market based on one-stop shopping experience.
Market Segmentation
Avocado oil market is segmented based on type, application, distribution channel and region.
Competitive Analysis
The major players in the avocado oil market
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Regional Analysis
The global avocado oil market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). In the global avocado oil market, North America is dominating among all the regions followed by Europe. North America has the foremost consumption of avocado oil, owing to health benefits associated with the consumption of avocado oil. In North America, the U.S. is dominating in the avocado oil market due to high production of avocado fruit. Furthermore, Germany is occupying the largest share in the avocado oil market in Europe.
Moreover, intensified percentage of chronic diseases and other health problems have a positive impact on the demand for healthy oils in country like China and India, in the Asia Pacific region. Also, high focus on R & D in avocado oil extraction process to enhance the oil quality, which is likely to support the market for avocado oil at the global level.
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