Since the last decade, avocado oil has generated interest among consumers owing to technological and nutritional characteristics, which is evidenced by an increasing number of production capacities of manufacturers backed with rigorous research and development for using efficient extraction techniques for avocado oil. Fact.MR reveals that the avocado oil market is expected to grow by an ~ 8% CAGR over the forecast period.
This notable growth in the avocado oil market is mainly influenced by the extensive use of avocado in end-use industries, including cosmetics and personal care, medicinal, and others. Moreover, avocado oil is gaining traction in cooking applications, which further fuels the market growth throughout the forecast period. Furthermore, key players operating in the avocado oil market are increasing their business footprint rapidly, which creates lucrative opportunities in the market.
Growing Awareness for a Healthy Lifestyle to Fuel the Demand for Avocado Oil
Higher consumer inclination towards a healthy lifestyle has pushed the consumption of healthy food products and ingredients. Of late, people have become more conscious regarding their diet and food intake.
In addition, obesity rate has also increased since 2016. During this period, more than 1.9 billion people, especially adults, were overweight.
According to WHO, obesity and over weight problems are the main causes of deaths. To combat these health issues, individuals are increasing their consumption of healthy vegetables and fruits, such as avocados that reduce cholesterol levels and triglycerides, which is expected to aid the demand for avocado oil.
Avocado Oil to Witness High Consumption in Latin American Countries
Increasing awareness regarding a healthy lifestyle has driven the demand and consumption of avocado oil in Latin America. Latin America region has witnessed a high rate of occurrence of health problems such as heart diseases, chronic disorders, and associated cardiovascular problems owing to high consumption of fats and a poor lifestyle.
With growing awareness regarding the advantages of avocado oil, its consumption has spurred across the region.
In Latin America, consumption of avocado oil is largely observed in Mexico, which is considered as the largest producer and supplier of avocados. Moreover, the demand for avocado oil in North America is also expanding at a higher rate since couple of years.
The avocado oil market in North America is projected to expand at a high rate in the coming years, followed by Asia Pacific excluding Japan.