Avocado Oil Segment Analysis By Product Type
The Avocado Oil Market based on product can be further segmented into Virgin Oil, Extra Virgin Oil, Refined Oil, Blend and Others. Cancer of disease segment is the major segment generating revenue in 2020. Extra virgin avocado oil is getting prominence in growing countries including the United States, Canada, and Germany. This is owing to a growth in the popularity of avocado oil as a result of the rise in illnesses such as diabetes, high blood pressure, and myocardial infarction. Also, there is an increase in health consciousness and consumption of healthy and nutritious cooking oil among health-conscious customers are driving the worldwide extra virgin avocado oil market. Furthermore, this segment is estimated to register the fastest CAGR of 6.24% for the period 2021-2026. Additionally, a surge in the use of extra virgin avocado oil in the cosmetics industry adds substantially to the growth of the worldwide extra virgin avocado oil market. On the other hand, an increase in demand for fashionable cosmetics such as nutricosmetics, which use extra virgin avocado oil as an ingredient, is expected to create lucrative market development prospects.
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Avocado Oil Segment Analysis By Distribution Channel
The Avocado Oil Market based on drug type can be further segmented into Hypermarkets/Supermarkets, Specialty Stores, Convenience Stores, Online Retail and Others. The supermarkets/hypermarkets segment registers for the highest avocado oil market share in 2020. This is mainly owing to facts as these stores are incorporated with numerous alternatives and the availability of varieties of avocado oil from various brands. Furthermore, sales of avocado oils by hypermarkets is believed to rise effectively as consumers prefer these retail channels for shopping owing to the in-store promotions by retailers and price comparisons is anticipated to further expand the consumption rate over the forecast period 2021-2026.
On the contrary, the online retail segment is forecasted to register the fastest CAGR of 7.7% over 2021-2026. This is mainly owing to the fact that there is an increase in the number of online retail channels, especially in developing economies, which has augmented the penetration of modern grocery retail chains during the COVID-19, further contributing to the sales of avocado oils in the up-coming years.
Avocado Oil Segment Analysis By Geography
North America dominated the Avocado Oil Market with a major share of 45.2% in the year 2020. This is mainly due to the increase in health challenges such as heart disease and chronic illnesses, which are caused by a high consumption of high-fat oils, which drives the demand for avocado oil. Coronary Artery Disease (CAD) is the most prevalent kind of heart disease in the United States, and it can lead to a heart attack. Apart from this, the presence of well-known avocado oil producers such as Bella Vado, Inc., Grupo Industrial Batellero S.A. de C.V., Chosen Foods LLC, and Sesajal S.A. de C.V. is boosting the industry’s expansion in the region. During the projected period, the avocado oil business in the area is predicted to develop owing to the increased consumption of processed food and beverage goods.
However, Europe is estimated to outpace all the regions by clocking the highest CAGR of 6.5% during the forecast period 2021-2026 owing to the fact that EU countries such as UK, Germany, France, Italy, and Spain are showing a shift in the dietary habits by the consumers. This can be further attributed to the fact that the region in the study period has shown an up-surge in the demand for the consumption of processed and flavored food itineraries. Apart from this, an increase in awareness regarding the diseases among parents to the rise in awareness regarding health benefits of avocado oil among consumers is also increasing the growth of the Avocado Oil Market in this region.
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Avocado Oil Market Drivers
Increase In Health-Conscious People, Along With Need For Plant-Based Cosmetics, Is Projected To Augment Development
Avocado Oil Market is predicted to grow resulting in an increase in health consciousness among individuals as a result of the rising incidence of chronic disorders. Avocado Oil industry is predicted to be aided by an increase in the demand for plant-based cosmetics. Obesity and overweight issues are the leading causes of death, according to the World Health Organization. Individuals are increasing their diet of nutritious vegetables and fruits, such as avocados, to battle these health concerns, which is projected to boost demand for avocado oil. Avocados lower cholesterol and triglycerides. Besides, the market is anticipated to be driven by strong growth for avocado oil in personal care products attributable to its advantageous monounsaturated fatty acids like oleic acid and its moisturizing properties. The personal care products market in India is anticipated to reach US$ 10 billion by 2021, with a CAGR of 6%, according to the India Brand Equity Foundation (IBEF). Cosmetic product use is on the rise as people become more conscious of the importance of looking nice. As a result, the demand for avocado oil in the region rises.
Avocado Oil Market Challenges
High Product Costs And Its Subsequent Alternatives Presence Might Result In A Loss Of Output
One of the key concerns that is predicted to stifle the Avocado Oil Market’s growth is the rise of alternatives to avocado oil. Chia seed oil, olive oil, hemp oil, and other alternative oils made from healthy sources are competitors for avocado oil. These oils have their own set of advantages. This is likely to provide a challenge to the avocado oil industry throughout the forecast period 2021-2026 as customers have a variety of other goods to choose from. The lower shelf-life of avocado fruits, which deteriorate and rot in a short amount of time, is another hindrance to the Avocado Oil Market’s expansion. As a result, avocado oil producers have begun to relocate their oil extraction operations closer to avocado-producing regions.
Avocado Oil Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Avocado Oil market. In 2020, Avocado Oil market share is fragmented by the top ten players present in the market. The Avocado Oil market top 10 companies are:
Spectrum Organic Products LLC
Bella Vado Inc.
The Village Press
CalPure Foods Inc.
In August 2019, Black & Green introduced Indias first extra virgin Avocado oil.
In 2019, Avocado Health Ltd. started a new factory in Ethiopia, which can process 5,000 kg of fresh avocado per hour.
In 2020, North America dominated the Avocado Oil Market.
The rise in the number of chronic illnesses and a rise in consumer health consciousness are both growing, are anticipated to help in the global expansion of the Avocado Oil Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Avocado Oil Market report.
However, one of the key challenges limiting the growth of the Avocado Oil Market is the presence of alternatives to avocado oil which are becoming more common, and avocado oil is becoming more expensive.
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