According to the latest report by IMARC Group, titled “Avocado Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global avocado oil market reached a value of US$ 461 Million in 2018. Avocado oil is an edible oil that is pressed from the pulp of avocados. It contains high levels of oleic acid, which is a monounsaturated omega-9 fatty acid that has been proven healthy for the heart. It is also a rich source of essential minerals, beta carotene, protein, potassium, lecithin, and vitamins A, D, and E, along with small amounts of polyunsaturated fat. Apart from the food and beverages industry, it forms an essential part of the cosmetic industry owing to its antioxidant and anti-inflammatory properties. When applied on the skin, it calms itchiness, heals chapped areas, treats acne, replenishes dryness, prevents blemishes, reduces signs of aging, increases collagen metabolism and shields the skin from ultraviolet damage.
The growing awareness about the rich nutritional profile of avocado oil is one of the key factors driving the market. With the rise health-consciousness across the globe, consumers are now inclined toward incorporating healthy ingredients in their daily dietary habits. Furthermore, hectic lifestyle has significantly reduced physical activeness, thus resulting in the emergence of various lifestyle diseases. In order to combat this, consumers are increasingly replacing butter and vegetable oil containing high concentrations of saturated fats with avocado oil, which has a higher content of beneficiary fatty acids. In addition to this, the rising popularity of organic skin care and personal care products is contributing to the sales of carrier oils, thus further augmenting the demand for avocado oil. On account of the aforementioned factors, the global avocado oil market size is expected to reach US$ 708 Million by 2024, growing at a CAGR of around 7% during 2019-2024.
- Based on the product type, the market has been divided into extra virgin oil, refined oil, blends and others. Amongst these, extra virgin oil is the most preferred product type.
- On the basis of application, cosmetics hold the dominant market share. Other major segments include food and beverages, pharmaceuticals and others.
- Based on the distribution channel, the market has been bifurcated into business to business and business to consumer. At present, the business to business segment accounts for the majority of the market share.
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, North America exhibits a clear dominance in the market.
- The competitive landscape of the market has also been analyzed in the report with the key players operating in the market being Olivado Group, Sesajal, Grupo Industrial Batellero, The Village Press, Spectrum Organics, Bella Vado, and Chosen Foods LLC.
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