Since the last decade, avocado oil has generated interest among consumers owing to technological and nutritional characteristics, which is evidenced by an increasing number of production capacities of manufacturers backed with rigorous research and development for using efficient extraction techniques for avocado oil. Fact.MR reveals that the avocado oil market is expected to grow by an ~ 8% CAGR over the forecast period. This notable growth in the avocado oil market is mainly influenced by the extensive use of avocado in end-use industries, including cosmetics and personal care, medicinal, and others. Moreover, avocado oil is gaining traction in cooking applications, which further fuels the market growth throughout the forecast period. Furthermore, key players operating in the avocado oil market are increasing their business footprint rapidly, which creates lucrative opportunities in the market.
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Fact.MR also found that companies involved in the avocado oil market are rigorously investing in finding efficient extraction methods to increase their production capacity. The global avocado oil market is growing with inorganic growth as majority of the companies are focused on mergers and acquisitions as well as collaborations with farmers to increase their presence and strength in the global market. More than 40% companies in the avocado oil market are focused on increasing their production. Prominent companies are mainly focused on offering their products through online retailers and brick and mortar stores. Product launches have also increased since the last four years in the avocado oil market, and emerging companies are focused on improving their packaging formats to target specific consumers who are willing to try new on-the-shelf retail products. Compared to other end uses, the demand for avocado oil in the retail sector is expected to be more than 70% over the forecast period.
A recent study conducted by Fact.MR reveals that global avocado fruit production has reached five million metric ton, and annual production is expected to increase by nearly 200,000 metric tons. Mexico produces around 1.8 million metric tons of avocado fruit. Countries including Colombia, Peru, Chile, Kenya, and Indonesia are also anticipated to increase their production capacity. The quality and availability of raw materials will surely affect market growth. In the global avocado oil market, extensive availability of raw material will push the market growth to a greater extent.
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