Increase in awareness about health benefits, high smoke point, and surge in adoption in the cosmetics industry drive the growth of the global extra virgin avocado oil market.
PORTLAND, Ore., Dec. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Extra Virgin Avocado Oil Market by Application (Food & Beverage and Cosmetic) and Distribution Channel (Supermarkets/Hypermarkets, Beauty Store, and Online Store): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the extra virgin avocado oil industry generated $389.0 million in 2019, and is projected to reach $527.1 million by 2026, registering a CAGR of 4.4% from 2019 to 2026.
Prime determinants of growth
Increase in awareness about health benefits, high smoke point, and surge in adoption in the cosmetics industry drive the growth of the global extra virgin avocado oil market. However, high cost and availability of alternatives hinder the market growth. On the other hand, rise in adoption in developing countries present new opportunities in the coming years.
Request Sample Report at : https://www.alliedmarketresearch.com/request-sample/6301
- Manufacturing activities have been halted due to lockdown enforced by governments to curb the spread of coronavirus. Moreover, the raw material shortage has occurred. Application industries cosmetics and food & beverages also halted production activities. This resulted in decreased demand.
- Supermarket stores were closed fully or opened for a specific period. This resulted in decreased sales of extra virgin avocado oil. Moreover, online stores stopped delivery services.
- The demand would grow as stores open for the full time, online channels begin delivery services, and application industries begin their daily operation during the post-lockdown period. The supply and demand gap would close gradually.
The food and beverage segment to maintain its leadership status throughout the forecast period
Based on application, the food and beverage segment contributed to the highest market share in 2019, accounting for around three-fifths of the global extra virgin avocado oil market, and is expected to maintain its leadership status throughout the forecast period. This is attributed to increase in popularity of avocado oil with its high smoking point. However, the cosmetic segment is projected to manifest the highest CAGR of 4.6% from 2019 to 2026, owing to increase in awareness of nutricosmetics that contain avocado oil.
The supermarkets/hypermarkets segment to maintain its lead position during the forecast period
Based on distribution channel, the supermarkets/hypermarkets segment accounted for the highest market share, holding nearly three-fourths of the global extra virgin avocado oil market in 2019, and is expected to maintain its lead position during the forecast period. This is attributed to presence of different types of avocado oils along with various discounts offered in these stores. However, the online store segment is estimated to grow at the largest CAGR of 5.1% from 2019 to 2026, owing to surge in penetration of the internet, presence of wide range of products, and aggressive marketing strategies.
North America to continue its highest contribution by 2026
Based on region, North America held the highest market share in terms of revenue with more than half of the global extra virgin avocado oil market in 2019, and is estimated to continue its highest contribution by 2026. This is attributed to rise in adoption for food & beverage and cosmetic applications in the region. However, LAMEA is projected to register the fastest CAGR of 4.9% during the forecast period. This is due to surge in consumption as a cooking oil in the region.
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/6301
Leading market players
- Aceitera Mevi México SA de CV
- Aconcagua Oil & Extract SA
- Avocado Oil New Zealand Ltd (Grove Avocado Oil)
- Bella Vado, Inc.
- CalPure Foods, Inc.
- Crofts Ltd.
- Mt. Kenya Fresh Avocados
- Nobel Foods
- Olivado Ltd.
- Westfalia Fruit (Pty) Ltd.
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free): 1-800-792-5285, 1-503-894-6022, 1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research
SOURCE Allied Market Research