The
global market for avocado is expected to grow astonishingly during
the course of 2018 to 2026, as studied by Transparency Market
Research (TMR) in its recent report. The outstanding growth is
evident due to the increasing preference towards healthy eating among
the huge population. Additionally, minimizing complexity of
production and exploring new regions for avocado production will
significantly boost the supply of avocados in the market. Thus,
improved supply will benefit the avocado market to grow during the
forecast period. Some of the key companies operating in the global
avocado market are The Horton Fruit Company, Fresh Del Monte Produce
Inc., McDaniel Fruit Co., West Pak Avocado, Inc., Del Rey Avocado Co.
Inc., Superior Foods Companies, Brooks Tropicals Holding, Inc., Henry
Avocado Corporation, Costa Group Holdings Limited, and Calavo
Growers, Inc., and Olivado USA.
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The
financial lookout for the global avocado market given by TMR stated
that, it is expected to increase at a CAGR of 5.9% during the tenure.
The revenue generated by the avocado market is projected to reach US$
21.56 bn by the end of 2026, which was US$ 13.64 bn in 2016. Among
the ways of production, conventional way of producing avocado is
estimated to dominate the market both in terms of value and in terms
of volume and in addition to low cost of production and minimal labor
input. The regional analysis done in the report shows that Latin
America dominates the global avocado market. Moreover, North America
and Latin America holds the strongest position by having 60% of the
revenue share collectively.
The
demand for avocados has increased at a high rate in past few years.
One main reason for this high demand is growing preference for
healthy food among the huge population is escalating the market.
Moreover, developing interest among the younger population or in the
millennials for healthy living has also significantly pushed the
demand for avocados. Avocados also have high nutritional value and is
considered as one of the healthiest fruit. These health benefits are
used for the marketing and promotion of avocados and for avocados
based products. Additionally, increasing consumption of fruits and
vegetables on the regular bases will also flourish the market for
avocados. The increasing popularity of avocados among the Pan-Latin
and Mexican flavors where avocados are used in the mainstream
culinary culture. The use of avocados
is highly seen in Mexican and Hispanic food items. It has been seen
that almost 73% of the U.S. consumers use Mexican food and
ingredients. The increasing sale of Hispanic food and beverages is
estimated to touch US$ 10.7 bn by 2017.
Increasing
knowledge about the side effects caused by avocados may restrain the
market to a certain extent. It is advisable to minimize the intake of
avocados during pregnancy and for breast-feeding mothers, as it
reduces milk production. Moreover, people suffering from
hypersensitivity are also advices to reduce consumption of avocados.
Over consumption of avocados may hamper liver, can cause allergy, and
reduce cholesterol level. However, appropriate amount of consumption
of avocados will not cause any harm, thus increasing the demand for
avocados in the global market.
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