Avocado
is a fruit that has found impetus among people in the last few years, due to
revelations about its health benefits. The product has been in demand in the
food industry and is also finding application in the cosmetics and pharmaceutical
sectors. Looking at the vast business potential, Transparency Market Research
has published a report on the global avocado market.
The report is an
extensive analysis of the prevailing and future trends in the global avocado market.
Further, it provides detailed insights into the potential drivers, crucial
challenges, growth predictions, key strategies adopted by the major players,
and the geographical analysis.
According to TMR
analysts, the global avocado market was valued at US$13.64 bn in 2018 and is
predicted to attain an overall value of US$21.56 bn by 2026. The market is
projected to grow a healthy CAGR of 5.9% every year during the forecast period
of 2018-2026.
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Competition
in the global avocado market is strong as many new players are entering the
market. Considering it is a perishable commodity, the scope for growth and
expansion is very high in the global avocado market. Organic strategies like
acquisition of regional players, launching new operations, and expanding the
product line are some common efforts to sustain in the competition.
Geographically, Latin
America is believed to lead the global avocado market and North America is
expected to stay a close second in the league. Factors such as rising awareness
about health and importance of consuming natural food products is driving
demand in the avocado market here.
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High Nutritional Value to Steer Demand in the Global
Avocado Market
Research has proved that
avocado has high nutritional value. Rich in vitamins, it is a natural source of
vitamin B, K, C, and E. Further, it is also a rich source of potassium,
carotenoids, and phytosterols. With numerous nutritional benefits, avocado is
preferred as a natural ingredient in several food products today. This is a
primary reason for constant growth in the global avocado market.
Further, it is gaining
importance in the pharmaceutical and cosmetics industry. With its health
benefits, pharmaceutical companies and cosmetic product manufacturers feel it
could be a key ingredient in their products. Research is on to develop products
based on avocado extracts and ingredients. This attracts demand in the global
avocado market. Further, the fact that avocado is a natural source, it garners
increased interest among consumers.
Innovation
to Create New Avenues for Business
While avocado can be
consumed directly in its ripe form, food manufacturers feel it could be used in
different variations to attract consumers. Several avocado based products such
as jellies, jams, juice, dips, candies, chutney, etc. are being introduced
across various cuisines to kindle the interest among people. Several players in
the food market are exploring new products with the punch of avocado to open
fresh avenues for business. These aspects are predicted to drive growth in the
global avocado market.
Further, research has
proved benefits of using avocado on skin care products. Players in the cosmetic
industry are introducing skin care products with avocado as a key ingredient.
Positive results in terms of business hint at stable growth potential in this
new arena. Thus, consumption in the global avocado market is believed to shoot
up during the forecast period.
The study presented here
is based on a Transparency Market Research report titled “Avocado Market
(Nature - Organic, Conventional; Form - Raw, Processed; Source - Hass, Reed,
Fuerte, Others; Distribution Channel - Direct Sales, Indirect Sales; End-use -
Food and Beverages Industry, Retail Industry, Cosmetics and Personal Care,
Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2018 – 2026.”
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