The FactMR report tracks the avocado extract market for the period 2018-2027. According to the report, the avocado extract market is projected to grow at 5.7% CAGR through 2027. Avocado powder has made its way through the food industry as a super-food which allows the use of avocado fruit along with its nutritious qualities in food production.
Each segment of the keyword market has been individually analyzed on the basis of pricing, distribution, and demand prospect for the following regions:
- North America (Canada, US)
- Latin America (Argentina, Mexico)
- Europe (NORDIC, UK)
- APEJ (China, India)
- MEA and Japan
Avocado Oil Accounts for Over Three-Fifth of Avocado Extract Consumption in 2018
The study opines that among different avocado extract products, avocado oil is highly consumed. Along with the health benefits, growing demand for edible oils and application in food & beverage and cosmetics industries are few of the important fillips responsible for the rising consumption of avocado oil.
In addition, rising consumption of packaged and processed foods also contributes to the rising demand for avocado oil which is one of the most widely used ingredients in processed food & beverage products.
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Food and Beverage Industry Remains Lucrative Avenue, Application in Pharmaceutical Industry Rising Rapidly
Application of avocado extracts remains heavily consolidated in the food and beverage industry. Fact.MR estimates that nearly 35% of the avocado extract application in 2019 will be in the food and beverage industry. Rising consumer preference for natural ingredients in food products and clean label trend are fueling the utilization of avocado extracts in the food industry. According to the study, consumption of avocado extracts in the pharmaceutical industry is growing at a healthy rate. Avocado extract consumption in pharmaceutical industry is estimated to grow at 7.1% y-o-y in 2019. Dissemination of knowledge regarding healthfulness of avocado and beneficial results in disease management present growing potential for avocado application in the pharmaceutical industry.
Cosmetics and dietary supplements are other lucrative avenues for avocado extracts market as demand is estimated to rise steadily in the coming years. Avocado oil application in the cosmetics industry is traditional, however, consumer preference for avocado ingredients in natural beauty products is rising.
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The study opines that Latin America will continue to hold its pole position in the avocado extract market. While hosting the largest avocado producing countries including Mexico, Peru, Columbia, the Dominical Republic, Argentina, Chile and Brazil, Latin America, one third of the global consumption was held by Latin America in 2018. North America follows Latin America in avocado extract consumption wherein market remains import-oriented with significant import from Mexico.
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