USD 16.69 billion
Avocado Market Size, Share, Growth Analysis, By Form(Fresh and Processed), By Distribution Channels(B2B and B2C), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30H2103 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
59
|Figures:
77
Avocado Market Insights
Global Avocado Market size was valued at USD 16.69 billion in 2022 and is poised to grow from USD 18.33 billion in 2023 to USD 38.71 billion by 2031, growing at a CAGR of 9.80% during the forecast period (2024-2031).
Avocado consumption is rising worldwide as a result of the fruits' favourable effects on digestion, vision, and heart health. Production has increased as a result of rising demand on a global scale. Producing 8.05 million metric tonnes of avocados, up nearly 1 million tonnes, according to FAOSTAT. With a total production area of over 224,422 acres and over 2.3 million tonnes, Mexico is the world's leading producer of avocados. The Dominican Republic, Colombia, Peru, Indonesia, and other tropical nations are among the top producers of avocados. According to a Tetra Pak poll, customers prefer avocado-based snacks that are nutritious (51%), healthy (56%), high in protein (40.8%), and have a high calcium content (41.2%). The global market is anticipated to grow in the next few years due to the rising trend of snacking.
US Avocado Market is poised to grow at a sustainable CAGR for the next forecast period.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Processed
Fastest Growth
Processed
Growth Rate
9.80% CAGR
Global Avocado Market ($ Bn)
Country Share for North America Region (%)
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Avocado Market Segmental Analysis
Global Avocado Market is segmented on the basis of form, distribution channels and region. By form, the market is segmented into fresh and processed. By distribution channels, the market is segmented into B2B and B2C. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Avocado Market Analysis by Distribution Channels
Due to the rising customer demand for fresh avocados through various channels, the B2C sector dominated the market in 2022. The B2C channel includes e-commerce, supermarkets and hypermarkets, convenience stores, specialty shops and other retail establishments. Consumers are prepared to pay more for a range of high-quality goods that are fresh, safe, and convenient due to shifting eating preferences. How fruits and vegetables are exhibited is heavily influenced by retail establishments.
During the projected period, the B2B segment is expected to expand at an impressive 8.1% annual rate. Processors and food service providers are included in the B2B sector. Considering how healthy avocados are, their popularity is growing. Consumers are increasingly choosing wholesome cuisine at cafés and restaurants, such as sandwiches, salads, and healthy chips like avocado chips, as a result of rising health consciousness, especially among the youthful population.
Avocado Market Analysis by Form
In 2022, the fresh form's revenue share was 78.2%, which was the highest. Due to the increased demand for raw fruit, international producers are utilizing innovative technology in their manufacturing processes. The rising popularity of fresh meals and ease product accessibility can be linked to customers' liking of fresh avocados. The high fiber content of fresh form promotes healthy gastrointestinal function, prevents constipation, aids in digestion, and lowers the risk of colon cancer.
Although they are increasingly popular, avocados are primarily consumed in their fresh form. The expansion of this market is mostly being driven by increased disposable income levels and shifting lifestyles. With processed goods, consumers don't have to worry about food waste or wasted fruit. In addition, an April 2022 story in The Produce News reported that the demand for salads with added protein accounts for 67.4% of the market for packed salads worldwide. The demand for processed fresh avocados is fueled by new product introductions and flavor options in the category.
Global Avocado Market By Form
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Avocado Market Regional Insights
The largest portion of income, more than 45.0% of the total, came from North America. The increasing spending power of consumers in this area is another factor fueling the industry's growth. Due to the region's availability of alluring opportunities for the consumer products industry, it is projected that the market would soon display profitable expansion. The sector is growing as a result of rising import demand as well as per-person avocado consumption. The top two product importers are expected to remain the United States of America and Europe.
According to forecasts, the avocado market would expand fastest in Asia-Pacific. The primary factor driving Asia-Pacific's expanding avocado consumption is the region's retail sector, which now has the highest market share. This development can be attributed to the industry's hegemonic status in the avocado market. The expansion of the avocado market in APAC is anticipated to be largely fueled by the retail end-use industry in the region, which is expected to take the lead. Another element affecting the Asia-Pacific avocado market is the increased demand for avocados in the food industry.
Global Avocado Market By Region
- Largest
- Fastest
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Avocado Market Dynamics
Avocado Market Drivers
Health Advantages to Boost its Sales during Forecast Period
- Avocados are rich in nutrients such as vitamins, minerals, and healthy fats. They are known to have various health benefits, including reducing cholesterol levels, improving digestion, and helping to maintain a healthy weight. As a result, the increasing awareness and demand for healthy foods have been driving the growth of the avocado market.
- Many countries have favourable trade policies for avocados, which has led to an increase in avocado exports. This has resulted in more availability and lower prices for consumers, driving further demand for avocados.
Avocado Market Restraints
High Competition to Challenge Players in the Market
- Avocado consumption may be impacted by competition from substitute products such as other fruits or vegetables. The availability of alternative products and changing consumer preferences could impact the demand for avocados.
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Avocado Market Competitive Landscape
The market is characterized by the existence of a number of well-established businesses and a select number of new players. The main strategic objectives in the sector are the launch of new products, partnerships, and acquisitions.
Avocado Market Top Player’s Company Profiles
- Westfalia Fruit (South Africa)
- The Horton Fruit Company (USA)
- Fresh Del Monte Produce Inc. (USA)
- Henry Avocado Corporation (USA)
- Salud Foodgroup Europe B.V. (Netherlands)
- McDaniel Fruit Co. (USA)
- Brooks Tropicals Holding, Inc. (USA)
- Greenyard NV (Belgium)
- Olivado EPZ Limited (Kenya)
- Greenrope (South Africa)
- Superior Foods Companies (USA)
- Dole Food Company, Inc. (USA)
- Mt. Kenya Avocado Farms (Kenya)
- Eco Farms (USA)
- Emerald Produce Limited (Kenya)
- Shanley Farms (USA)
- The Avocado Company (USA)
- Lapis Lazuli (Chile)
- Costa Group (Australia)
Avocado Market Recent Developments
- In October 2022, In Graveson, in the region of Provence in the south of France, Westfalia Fruit France announced the construction of a new plant. The cutting-edge facility will contain chambers for ripening and storing avocados as well as packing capabilities to assist Westfalia's activities across Europe.
- In September 2022, Mission Produce Inc. revealed the opening of a cutting-edge ripening, packing, and forward distribution facility in Dartford, United Kingdom. Direct access to important international ports and transportation systems is available at this location.
- In May 2022, the official launch of Party Pak was gleefully announced by West Pak Avocado BB #:117036, assisting retailers to remain competitive in the produce area and expand the number of avocado SKUs they sell.
- In April 2022, Sam Agri and Westfalia formed a joint venture to start supplying Hass and other avocados to Indian clients.
Avocado Key Market Trends
- As consumers become more health-conscious and environmentally aware, there is growing demand for organic and sustainably grown avocados. Organic avocados are grown without the use of synthetic pesticides and fertilizers, which makes them more appealing to consumers who are concerned about the potential health and environmental risks associated with conventional farming practices.
Avocado Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global avocado market has experienced significant growth in recent years due to increasing demand for healthy and natural food products, growing popularity of avocado-based dishes, and the increasing recognition of the nutritional benefits of avocados. The market is expected to continue to grow in the coming years, driven by factors such as changing consumer preferences, rising awareness of the health benefits of avocados, and the increasing availability of avocados in new and emerging markets.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 16.69 billion |
| Market size value in 2031 | USD 38.71 billion |
| Growth Rate | 9.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Avocado Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Avocado Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Avocado Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Avocado Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Avocado Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Avocado Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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