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.
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.
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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.
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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.
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