Strategic Development Initiatives by Manufacturers to Drive Avocado and Avocado Derivatives Market
According to our new research study, "Avocado and Avocado Derivatives Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Type, Category, Application, and Geography," the market is projected to reach US$ 9,963.37 million by 2028 from US$ 7,368.65 million in 2022. It is expected to grow at a CAGR of 5.2% from 2022 to 2028.
Avocado and avocado derivatives are associated with a variety of health benefits. They are rich in vitamins, minerals, carbohydrates, medium-chain triglycerides, and dietary fibers, which help improve immune health, skin and hair health, and bone health. Moreover, organic and natural products are increasingly becoming popular owing to their perceived health benefits. This factor is driving the popularity of avocado and avocado derivatives globally. Further, the increasing demand for avocados from various end-use industries such as food & beverages, pharmaceutical, personal care, and animal feed is driving the avocado and avocado derivatives market growth.
Avocado and Avocado Derivatives Market Breakdown – by Region
Avocado and Avocado Derivatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Whole, Oil, Puree, and Others), Category (Organic and Conventional), and Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Personal Care, and Others),
Avocado and Avocado Derivatives Market Share & Growth | 2028
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Based on category, the conventional segment held a larger market share in 2022, and the organic segment is expected to register a faster CAGR over the forecast period. Organic avocado is grown in soil free from chemical fertilizers (such as synthetic nitrogen, phosphate, and potash) and genetically modified ingredients. Herbicides and synthetic pesticides are also avoided in organic avocado farming. Rather, growers use organic growth stimulators for the cultivation of organic avocados. Generally, organic avocados are more expensive than conventional avocados due to their superior quality. The rising inclination of people toward organic products has encouraged manufacturers to invest heavily in products produced with organic constituents, which boosts the demand for organic avocados.
Adhering to organic farming prerequisites and standards allows certified organic avocado growers to ensure consistent product quality. Companies are focusing on achieving organic certifications to address the rising demand for organic avocados. Salud Foodgroup BV has received organic certification from Skal Biocontrole, a member of the European Organic Certifiers Council (EOCC), to market its avocado pulp.
Key players operating in the global avocado and avocado derivatives market include Westfalia Fruit Pty. Ltd.; Salud Foodgroup Europe BV; Exportadora Propal S.A.; Berje Inc.; Lemonconcentrate SLU; Avocado Brasil Commercio de; Alimentos Ltda.; ConnOils, LLC.; Mission Produce, Inc.; Calao Growers, Inc.; and Meridian Fruits SPR de RL de CV. These companies have a widespread global presence, which allows them to serve a large set of customers from all over the world and subsequently increase their market share. They highly focus on new product launches and geographical expansion to expand their product range in specialty portfolios.
Impact of COVID-19 Pandemic on Avocado and Avocado Derivatives Market
Due to the rapid decline in global economic activity and restrictions on international transport caused by the COVID-19 pandemic, the global supply and demand for avocados and avocado derivatives experienced disruptions. The adverse effects of physical distancing measures were more immediate for the relatively labor-intensive production and trade of avocados. Considering avocados’ perishability, they require timely and well-coordinated harvesting, post-harvest handling, and uninterrupted cold chains. Delays in supply chains were particularly troublesome for avocados due to a decrease in transport during the pandemic-induced lockdowns, which affected product quality and reduced the weight and value of shipments received by importing countries.
However, government organizations and associations published COVID-19 Food Assistance Program to help avocado growers improve their production. For instance, on August 26, 2021, The US Department of Agriculture updated the Coronavirus Food Assistance Program, which provided US$ 650 million in funds for the pandemic response and safety grant program. This program provided financial assistance to small businesses in certain commodity areas, including specialty crop producers and distributors. Moreover, the demand for avocados and avocado-based products during the pandemic increased significantly as consumers were subject to both physical and mental stress and wanted to improve health and immunity. This factor positively impacted the avocado and avocado derivatives market growth. Moreover, organic avocados and derivatives experienced an increase in demand as consumers became health-conscious, especially after the outbreak.
The report segments the avocado and avocado derivatives market as follows:
Based on type, the avocado and avocado derivatives market is segmented into whole, oil, puree, and others. Based on category, the market is segmented into organic and conventional. Based on application, the avocado and avocado derivatives market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. Based on geography, the avocado and avocado derivatives market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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