Avocados Global Market Report 2024

The avocados market size has grown strongly in recent years. It will grow from $17.66 billion in 2023 to $19.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The expansion observed in the historical period can be attributed to several factors, including increased awareness of the health benefits associated with avocados, their reputation as a nutritious and low-calorie food option, a rising demand for organic products, growth in the infant food segment, and changing dietary habits among consumers.

The avocados market size is expected to see strong growth in the next few years. It will grow to $28.15 billion in 2028 at a compound annual growth rate (CAGR) 9.8%. The projected growth in the upcoming period is expected to be driven by several factors, including a shift in avocado-based product sales from brick-and-mortar stores to eCommerce platforms, a rising adoption of organic food products, an increase in avocado-based snacks, convenience foods, and products, a growing demand for ready-to-eat and ready-to-cook food products, and an increasing demand for exotic fruits and vegetables. Key trends anticipated in the forecast period encompass a trend towards healthier eating habits, the versatility of avocados in food and beverage applications, technological advancements in food processing and packaging, the expansion of avocado-based beauty and personal care products, and the increasing trend of veganism and vegetarianism among consumers.

The rising awareness of health benefits is poised to drive the growth of the avocado market in the foreseeable future. This increased awareness stems from a growing interest in preventive healthcare, escalating healthcare costs, and a heightened recognition of lifestyle choices' impact on preventing chronic diseases. Avocados are rich in essential nutrients such as vitamins (including vitamin K, vitamin C, vitamin E, and B vitamins), minerals (like potassium, magnesium, and copper), and dietary fiber, all of which contribute significantly to overall health and well-being. For example, data from the International Food Information Council in May 2023 revealed that the percentage of Americans following a specific diet or eating pattern increased to 52% in 2022, surpassing previous years' averages of 39% in 2021 and 43% in 2020. Therefore, the growing awareness of health benefits is a key driver behind the expansion of the avocado market.

Major players in the avocado market are actively developing new varieties using advanced technologies like high-pressure processing (HPP) to ensure the production of high-quality avocados. High-pressure processing (HPP) is a food preservation technique involving subjecting packaged food products to elevated levels of hydrostatic pressure, typically ranging from 100 to 800 megapascals (MPa). This process helps inactivating harmful microorganisms and enzymes while preserving the nutritional quality, flavor, and texture of the food. For instance, Halls Fresh Produce, a South Africa-based food company, introduced the Naked Avocado in October 2023. The Naked Avocado is a fresh offering designed to minimize waste and provide consistently ripe, pre-prepared avocados. Utilizing high-pressure processing (HPP) technology, this product extends its refrigerated shelf life to one month, ensuring freshness and quality for consumers.

In March 2024, Unifrutti Group, a UAE-based fresh fruit distributor, made strategic acquisitions by acquiring Bomarea and AvoAmerica Peru. This move is aimed at strengthening Unifrutti's presence in Peru and enhancing its diverse fruit selection with premium blueberries and avocados. Bomarea and AvoAmerica Peru are Peru-based companies specializing in premium blueberry and avocado plantations and distribution, aligning with Unifrutti's commitment to providing high-quality fruits to consumers.

Major companies operating in the avocados market are Fresh Del Monte Produce Inc., Calavo Growers Inc., Mission Produce Inc., Costa Group, Westfalia Fruit, Emrald Produce Ltd, The Horton Fruit Company, Del Rey Avocado Co. Inc, Oppy, Superior Food Company, Brooks Tropicals Holding, Inc., Henry Avocado Corporation, AustChilli Group, Simpson Farms, West Pak Avocado Inc., McDaniel Fruit Co., Salud Foodgroup Europe B.V., Duclos Farms, Melissas World Variety Produce Inc., Shanley Farms, Empacadora Avehass S.A. de C.V., Greenyard NV, Olivado EPZ Limited, JBR Avocados.

North America was the largest region in the avocados market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the avocados market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the avocados market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An avocado is a fruit characterized by its thick green skin and creamy, mild flesh, known for its pulpy texture and nutty flavor. Rich in fiber, healthy fats, vitamin E, vitamin K, and potassium, avocados are considered a nutritious choice.

The primary types of avocados include has avocados and other varieties. Hass avocados, a specific cultivar, are recognized for their dark, bumpy skin and creamy consistency. Avocados are available in various forms, including fresh and processed, which find applications in food, cosmetics, medicine, and other industries. Distribution channels for avocados encompass both business-to-business (B2B) and business-to-consumer (B2C) channels.

The avocados market research report is one of a series of new reports that provides avocados market statistics, including avocados industry global market size, regional shares, competitors with a avocados market share, detailed avocados market segments, market trends and opportunities, and any further data you may need to thrive in the avocados industry. This avocados market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The avocados market consists of sales of avocado-based baby food, avocado skincare products, avocado-based supplements, avocado-based beverages, and avocado snacks. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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