The global avocado oil market size is anticipated to reach USD 822.29 million by 2028 and exhibit a CAGR of 5.82% during the forecast period. The rising emphasis on organic oil production and technological development in product manufacturing is expected to be the key factor driving the market growth. Fortune Business Insights^TM has presented this information in its report titled, “Avocado Oil Market, 2021-2028”. The market size stood at USD 533.53 million in 2020 and USD 553.27 million in 2021. 

Furthermore, the growing awareness of the health benefits offered by the product is expected to boost the market growth in the coming years. 

COVID-19 Impact-

Despite the hindrances that were caused, avocado oil sales shot up during the pandemic. Some companies even reported an increase in sales over the past year. For instance, the Origen Group reported a 10% increase in its sales in 2020. However, the costs of fruit oils escalated due to transportation delays, raw material scarcity, and shutdowns of production plants. Nonetheless, consumers’ consciousness for health and wellbeing is rising in the wake of changing lifestyle habits. This is anticipated to amplify the market growth in the forthcoming years.

Segments-

Type, Application, and Region are Studied

On the basis of type, the market is fragmented into blend, pure/refined oil, virgin oil, and extra virgin oil. On the basis of application, the market is segmented into personal care and cosmetics, pharmaceuticals and medicinal formulations, food and beverages, and others. Geographically, the market is classified into Asia Pacific, Europe, North America, South America, and the Middle East & Africa. 

Report Coverage-

• It provides a comprehensive market analysis.
• It assesses the various growth strategies adopted by major market players.
• It highlights the impact of the COVID-19 pandemic.
• It includes the latest industry developments.
• It covers a detailed analysis of the various market segments such as type, application, and regions. 

Drivers & Restraints-

Increasing Emphasis on Organic Oil Production to Boost Market Growth

The growing consumers’ preference for healthy food boosts the demand for organic food products. Avocado oil comprises high contents of good fats and lower saturated fat content, making it one of the best oils to consume. This bolsters the emphasis on organic oil production and is expected to fuel the avocado oil market growth.

The rising technological developments in product manufacturing to enhance product quality & yield and reduce pollution are anticipated to amplify the market growth in the forthcoming years. The developments in extraction technology are expected to complement the market growth.

Additionally, the rising preference for recyclable oil packaging to reduce environmental impact and greenhouse gasses is projected to be a key trend positively influencing the market growth. The rising adoption of bag-in-box packaging is expected to offer lucrative growth for the market. 

However, easily available alternatives may impede the market growth. 

 Regional Insights-

Growing Product Popularity to Fuel Growth in North America

North America is anticipated to attain the largest avocado oil market share. The growing product popularity due to its technological and nutritional attributes, such as high oleic fatty acid contents and vitamin E, is propelling the market growth. 

Asia Pacific is projected to witness remarkable growth in the global market. The increasing product popularity across Japan, China, and other countries is a key factor boosting the region’s market growth. The Chinese government plans to increase avocado production due to easy raw material availability. 

South America and Europe are expected to exhibit substantial growth due to increasing product demand from personal care, cosmetics, and food industries. Product innovation and technological developments are anticipated to be vital for the market growth. 

The Middle East & Africa is predicted to exhibit sluggish growth due to low product awareness and marketing. 

Competitive Landscape-

Key Players Launch New Products to Acquire Growth

The market comprises various key players operating domestically and internationally. Olivado USA, Spectrum Organics Products, Grove Avocado oil, and la Tourangelle Inc. are a few key players with the maximum market share. They adopt acquisitions, mergers, partnerships, collaborations, and other strategies to garner growth. They emphasize product innovation, packaging improvements, and market research to improve product functionality and improve their market positions. For instance, in July 2021, Stonewall Kitchen, a U.S.-based brand, launched several products, including olive oil and avocado oil blend from Napa Valley Naturals.

Industry Developments-

• September 2021: Butterfly, a Los Angeles-based private equity firm, announced the acquisition of a majority of Chosen foods LLC’s stakes, as part of its ‘seed-to-fork’ strategy.

List of Key Market Players- 

• Spectrum Organics Products LLC (Oregon, U.S.)
• Bella Vado Inc. (California, U.S.)
• The Village Press (New York, U.S.)
• La Tourangelle, Inc. (California, U.S.)
• Proteco Gold Pty Ltd. (Queensland, Australia)
• Sesajal S.A de C.V. (JALISCO, Mexico)
• Grupo Industrial Batellero (Lerma de Villada, Mexico)
• Grove Avocado Oil (Bay of Plenty Region, New Zealand)
• Cibaria International (California, U.S.)
• Olivado USA (Florida, U.S.) 

Source: 

https://www.fortunebusinessinsights.com/industry-reports/avocado-oil-market-101938