Avocado Oil Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Avocado Oil Market is Segmented By Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Online Sales), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031 

Avocado Oil Market Size

The Global Avocado Oil Market size reached USD 576 million in 2022 and is projected to witness lucrative growth by reaching up to USD 870.3 million by 2030. The market is growing at a CAGR of 5.3% during the forecast period 2024-2031. The global demand for avocado oil has been increasing due to its perceived health benefits and versatility in cooking.

This trend is expected to grow the avocado oil industry. Avocado oil is often marketed as a healthier alternative to other cooking oils due to its high content of monounsaturated fatty acids and antioxidants. 

This trend is likely to continue as consumers become more health-conscious. Avocado oil is a versatile oil that can be used for various purposes, such as cooking, frying and salad dressings. This versatility has led to increased demand for avocado oil among home cooks and chefs alike which boosts the growth of the avocado oil market.

Market Summary

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Market Dynamics

The Health Benefits of Avocado Oil are Driving the Avocado Oil Market Growth 

Almost 70% of avocado oil consists of heart-healthy oleic acid, a monounsaturated omega-9 fatty acid. Additionally, around 12% of avocado oil is saturated fat, and about 13% is polyunsaturated fat. These healthy fats can help to reduce cholesterol levels and decrease the risk of heart disease, which is a major concern for many consumers. 

Avocado oil is rich in vitamins A, D and E, which are essential for maintaining healthy skin. It can help to moisturize and nourish the skin, reduce the signs of aging, and improve overall skin health. Hence, the health benefits of avocado oil are driving the avocado oil market growth.

The Presence of Multiple Varieties of Viable Alternative Oils is a Potential Restraint on the Growth of the Avocado Oil Market 

While avocado oil has gained popularity due to its health benefits, it faces stiff competition from other oils such as olive oil, coconut oil and grapeseed oil. Avocado oil is generally more expensive than other cooking oils. While some consumers may be willing to pay a premium for the health benefits of avocado oil, others may opt for more affordable alternatives. According to a survey by the International Food Information Council, 51% of respondents prefer vegetable oil, while 19% prefer olive oil and 7% prefer canola oil. Only 2% of respondents reported using avocado oil. Hence, the presence of multiple varieties of viable alternative oils is a potential restraint on the growth of the avocado oil market.

Market Segment Analysis

The global avocado oil market is segmented based on product type, end-use, distribution channel and region.

Increasing Application of Avocado Oil in the Food and Beverages Industry

Based on end-use, the avocado oil market is classified into food & beverage, pharmaceuticals, personal care & cosmetics and others

In 2022, in terms of end-user, the food and beverages industry has the highest share in the avocado oil market. This is because avocado oil is widely used in the culinary industry as a healthy alternative to other cooking oils. Additionally, avocado oil is a popular ingredient in the production of dressings, marinades and sauces. 

For instance, Allrecipes has 70 recipes that use avocado oil including salad dressings, soups and even pizza. Avocado oil has a high smoke point, which makes it suitable for high-heat cooking methods such as frying, baking and grilling. 

Source: DataM Intelligence Analysis (2023)

Market Geographical Share

Increasing Utilization of Avocado Oil Due to its Nutritional and Technological Characteristics in North America

In 2022, North America held the highest share in the avocado oil market. The region’s dominance is attributed to growing interest among consumers in the product and its uses due to its nutritional and technological characteristics. According to the USDA, the United States is the main importer of Mexican avocados, taking in 1.1 million metric tons of the product in 2021. 

The increasing concerns for better health and rising interest in diverse dietary components, with particular attention to the fat that has been correlated to various diseases, such as obesity and diabetes, are anticipated to support the steady growth of the regional market.

Source: DataM Intelligence Analysis (2023)

Market Players

The major global players include Spectrum Organics Products, Bella Vado Inc., The Village Press, La Tourangelle Inc., Proteco Gold pty Ltd., ET Sesajal S.A de C.V., Grupo industrial Batellero, Grove Avocado Oil, Ciberia International and Olivado USA

COVID-19 Impact on Market

COVID-19 Impact

Rising fuel prices have increased transportation costs, and impacted oil and other commodity prices. In 2020, even though covid has been challenging in many aspects, the sales of avocado oil have been going rather well. For instance, the CEO of Kenya-based brand Origen Group reported that COVID-19 had not impacted the demand for avocado fruit oil. On the contrary, the company saw it increase by around 10% in 2020. 

Key Developments

• In May 2021, Grove Avocado Oil introduced a new everyday oil. This new avocado oil's smoke point is very high, which is a plus point for consumers as it can be used for high-heat cooking and is also great for stir-frying. 
• In March 2021, the company Laboratoires Expanscience, a pharmaceutical company that develops, manufactures and markets dermo-cosmetic products, launched a new organic, emollient, nourishing oil obtained by cold-pressing whole avocados. 
• In March 202o, Nuco, a producer of coconut-based products paired coconut and avocado oil and launched a new vegan coconut avocado mayo.

Why Purchase the Report?

• To visualize the global Avocado Oil market segmentation based on product type, end-use, and distribution channel to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous avocado oil market-level data points all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Avocado Oil Market Report Would Provide Approximately 61 Tables, 60 Figures and 151 Pages.

Target Audience 2024

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies