Avocado Extract Market Estimated to Experience a Hike in Growth by 2027

Consumption of avocado extracts is estimated to surpass 211 thousand tonnes in 2019, according to a new Fact.MR study. Besides avocado’s popularity as a fruit, demand for avocado has skyrocketed in past decades owing to its increasing utilization in multiple applications.

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Fact.MR finds that demand for avocado powder is rising rapidly wherein volume consumption grew at nearly 8% in 2018. Avocado powder has made its way through the food industry as a super-food which allows the use of avocado fruit along with its nutritious qualities in food production.

“Avocado extract market closely follows avocado supply chain. Low farm prices as well as logistics and operational challenges associated with avocado continue to add volatility in the market. However, efforts to increase production capacities have strengthened the supply chain which is meeting the surging demand for avocado. Amid this scenario, the avocado market generated worth US$ 1.3 billion revenues in 2018,” says a senior analyst at Fact.MR.

Avocado Oil Accounts for Over Three-Fifth of Avocado Extract Consumption in 2018

The study opines that among different avocado extract products, avocado oil is highly consumed. Along with the health benefits, growing demand for edible oils and application in food & beverage and cosmetics industries are few of the important fillips responsible for the rising consumption of avocado oil.

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In addition, rising consumption of packaged and processed foods also contributes to the rising demand for avocado oil which is one of the most widely used ingredients in processed food & beverage products.

Growing appetite for avocado has increased the number of avocado recipes in restaurant menus. In particular, demand for guacamole has surged considerably which, in turn, has increased utilization of avocado puree in commercial and home-based applications.

Food and Beverage Industry Remains Lucrative Avenue, Application in Pharmaceutical Industry Rising Rapidly

Application of avocado extracts remains heavily consolidated in the food and beverage industry. Fact.MR estimates that nearly 35% of the avocado extract application in 2019 will be in the food and beverage industry. Rising consumer preference for natural ingredients in food products and clean label trend are fueling the utilization of avocado extracts in the food industry.

The Fact.MR report tracks the avocado extract market for the period 2018-2027. According to the report, the avocado extract market is projected to grow at 5.7% CAGR through 2027.

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