The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The avocado market has experienced robust growth in recent years, with the size growing from $15 billion in 2023 to $16.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. This expansion can be attributed to various factors such as health and nutrition trends, changing dietary preferences, culinary trends, supply chain improvements, and globalization of markets.

Future Projections

Expectations for the avocado market continue to be optimistic, with projections indicating further growth. By 2028, the market is anticipated to reach $21.55 billion, reflecting a compound annual growth rate (CAGR) of 7.3%. Factors contributing to this forecast include sustained health consciousness, diverse culinary applications, sustainable agriculture practices, expanding global production, and the exploration of new markets.

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The Growing Influence of Food and Beverage Industry Driving Avocado Market Growth

Health Benefits and Market Demand

The increasing demand from end users, particularly the food and beverage industry, is poised to drive the growth of the avocado market. Avocados are recognized for their nutritional value and versatility, contributing to improved heart health, digestion, and weight management. As consumers prioritize healthier lifestyles, incorporating avocados into their diets becomes increasingly popular.

Industry Insights

In 2021, Scotland witnessed significant growth in its food and beverage sector, reflecting the broader trend of increasing consumption and production within the industry. This growth underscores the relevance of avocados as a sought-after ingredient in various food and beverage products. Major companies operating in the avocado market include Calavo Growers Inc., West Pak Avocado Inc., and Mission Produce Inc., among others.

Unveils Enhanced Avocado Storage, Ripening, and Pan-European Packing Capabilities

Advancements in Storage

An emerging trend in the avocado market is the introduction of enhanced storage facilities aimed at improving efficiency, reducing waste, and maintaining product quality. These facilities incorporate specialized storage and ripening rooms designed specifically for avocados. For instance, Westfalia Fruit France recently constructed a new facility in southern France equipped with avocado storage, ripening rooms, and advanced packaging capabilities.

Industry Acquisitions and Expansion

In October 2021, Butterfly Equity acquired a majority stake in Chosen Foods LLC, a leading producer of avocado-based kitchen staples. This acquisition highlights the growing interest in avocado-centric products and their potential for global expansion. Chosen Foods LLC specializes in products made with avocado or avocado oil, catering to consumers’ increasing demand for healthy and nutritious options.

Segmentation and Regional Insights

Market Segmentation

The avocado market is segmented based on various factors, including type, form, nature, distribution channel, and end-user. This segmentation allows for targeted strategies to meet the diverse needs of consumers and industries. Avocado types include Hass, Bacon, and others, while forms range from raw to processed. Additionally, distribution channels encompass hypermarkets/supermarkets, online channels, and more.

Regional Dominance

North America emerged as the largest region in the avocado market in 2023, highlighting the region’s significant contribution to market growth. This dominance underscores the widespread popularity of avocados in North America and reflects the region’s role as a key market for avocado producers and suppliers.

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The Avocado Global Market Report 2024  provides comprehensive insights on the avocado market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the avocado market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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