The
global avocado market is expected to witness high growth dynamics
over the course of this research study conducted by Transparency
Market Research, i.e. 2018-2026. Promising growth is predominantly
attributed to rapidly expanding healthy food segment, globally.
Reduction in production complexity and introduction of new
geographies for avocado production is expected to form the supply
side driving force for the avocado market. Global revenue generated
from avocado market is estimated to be valued at US$ 13,641.2 Mn by
the end of 2018 and is expected to increase at a CAGR of 5.9% over
the forecast period. By the end of 2026, the market will possibly
attain a value worth US$ 21,561.8 Mn.
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The
increasing preference for health-enhancing food in the developed and
developing regions is expected to form a major driving force for the
avocado market over the forecast period. The health benefits of
avocado fruit are staged as the major marketing strategy for the
promotion of avocado fruits as well as an extensive range of
avocado-based products. Over the course of study, findings direct a
higher growth rate for the processed avocado products. Retail sector
is expected to form a major volume share of the global avocado market
owing to the larger demand for fresh avocados from the consumers. The
millennial population increasingly consuming fresh foods and are also
using ready-to-eat and heat-n-eat fresh prepared food products, as
they perceive these products as quick versions of homemade meals and
save on time and efforts in cooking.
Moreover,
a rise in the awareness in the consumption of fruits is another key
factor driving the demand for fruits and vegetables. There has been
an upsurge in the popularity of Mexican and Pan-Latin flavors, making
them a part of mainstream culinary culture. Nearly 73% of U.S.
consumers use Mexican food and ingredients, and the sales of Hispanic
food and beverages are expected to reach US$ 10.7 billion in 2017.
Avocados have been one of the preferred ingredients in Mexican and
Hispanic food items.
On
the basis of region, the market is segmented into North America,
Latin America, Europe, APEJ, and the Middle East and Africa. While
Latin America region is expected to dominate the global avocado
market over the forecast period in terms of both value share
and volume share, North America will follow successively in terms of
volume consumption. Europe and APEJ are likely to exhibit relatively
similar volume consumption with totally varying market dynamics;
Europe is experiencing higher demand from processed segments, whereas
APEJ is experiencing higher revenues from the fresh segment. MEA is
also identified as the key region in the market in terms of both
production and consumption.
Some
of the major companies operating in the global avocado market
includes McDaniel Fruit Co., Henry Avocado Corporation, Del Rey
Avocado Co. Inc., The Horton Fruit Company, Fresh Del Monte Produce
Inc., Superior Foods Companies, Brooks Tropicals Holding, Inc., Salud
Foodgroup Europe B.V., Costa Group Holdings Limited, West Pak
Avocado, Inc., Olivado USA, and Calavo Growers, Inc.
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