Avocado Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 22.69 Billion |
| Market Size (2029) | USD 35.55 Billion |
| CAGR (2024 - 2029) | 9.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Avocado Market Analysis
The Avocado Market size is estimated at USD 22.69 billion in 2024, and is expected to reach USD 35.55 billion by 2029, growing at a CAGR of 9.40% during the forecast period (2024-2029).
The avocado market is projected to grow from USD 22.69 billion in 2024 to USD 35.55 billion by 2029, registering a CAGR of 9.40% during the forecast period (2024-2029).
Avocados contain vitamins A, B, C, E, and K, including 25 essential nutrients. They also contain phytochemicals (like beta-sitosterol) and antioxidants (like lycopene and beta-carotene). These essential nutrients are boosting the demand for avocados globally, acting as major driving forces behind the growth of the market. The demand for avocados is increasing globally due to their health benefits, as they improve vision, prevent heart-related diseases, and help improve digestion. The increased demand across the globe has resulted in increased production. According to the FAOSTAT, avocado production increased from 8.5 million metric tons in 2021 to 8.9 million in 2022. Mexico is the top avocado-producing country in the world, with an area of around 234,821 hectares, producing over 2.5 million tons in 2022. Other leading avocado producers include tropical countries such as Colombia, Peru, Dominican Republic, and Indonesia.
Given their high perishability, avocados require timely and well-coordinated harvesting and postharvest handling, and uninterrupted cold chains lead to the high price for these tropical fruits. Due to their high production and availability, avocados have become one of the most consumed tropical fruits in the world, especially in American and European countries, which is attributed to the high disposable income of the people and the inclusion of the fruit in their daily diets. The demand from these countries is projected to continue further due to increasing population, disposable incomes, and declining domestic production amid water and labor shortages.
Avocado Market Trends
Rising Demand for Avocados
- Increasing awareness of avocados' health benefits and availability in the market is increasing the demand worldwide. The growing consciousness among consumers regarding their health, whose concerns can be met by avocado since it is a superfood rich in omega and other multi-nutrient quality, has helped drive the avocado market worldwide. Avocado is one of the most nutrient-dense foods available. The fruit contains fiber, folate, potassium, vitamin E, and magnesium. Moreover, the expanding food retail business and the growing product launches of avocado-based products (such as dips in fast food retailing giants) have increased restaurant chains' demand for avocados in continental and other cuisines. Due to all these factors, avocados are no longer considered an exotic but an everyday product. In recent years, the demand from Asia-Pacific has increased due to its wide availability in the retail market, affordability, and rising disposable incomes. For instance, according to the ITC Trade Map, avocado imports in China increased by over 32,976 metric tons from 2019 to 2023, reaching 65,603 metric tons in 2023. Therefore, the rising global demand for avocados due to rising health concerns and increased availability is anticipated to drive the avocados market in the coming years.
North America Dominates the Avocado Market
- North America is the largest region in terms of consumption and production globally. For instance, Mexico accounts for over 28% of the global avocado production, with over 2.52 million metric tons in 2022. On the other hand, the United States is one of the largest consumers of avocados in the world. According to the US Department of Agriculture (USDA), avocados' annual per capita availability is more than 8 pounds, almost three times more than that of the European Union.
- Avocado has many varieties, with Hass being the most popular and favored variety in the United States due to its higher fat content, unique taste, and creamy flesh. California Hass avocado, on average, weighs about six ounces (170 grams). Certain varieties, like Hass, tend to give good results only in alternate years as they grow poorly in freezing temperatures in winter. Avocado consumption is projected to keep increasing steadily with the increase in the population of the United States despite the decline in production and harvested area of avocados in the country.
- According to the ITC Trade Map, the country's avocado imports reached over 1.26 million metric tons in 2023, recording a growth of 11.2% from the previous year. A similar increase in avocado imports in Canada is noticed, where the imports increased by over 11,787 metric tons in 2023 compared to last year. The increasing production, along with the rise in imports in the region, is one of the major drivers anticipated to drive the global avocado market in the coming years.
Avocado Market News
- April 2024: The California Avocado Commission launched a new consumer advertising campaign to promote local and sustainable stories surrounding California avocados. This campaign highlighted the people and places integral to producing the fruit, emphasizing locally grown and sustainably farmed avocados.
- October 2023: Eurosemillas SA, a company based in Spain, launched a new avocado variety called Luna in collaboration with the University of California, Riverside. This new avocado variety offers consumers great flavor, a rind that turns black when ripe, and high postharvest quality.
- August 2023: Westfalia Fruit, a global avocado supplier, launched India's first dedicated avocado ripening facility. The launch of the ripening facility aims to support the growing demand for avocados in India and ensure a consistent supply of high-quality fruit to consumers.
- August 2022: Fresh Del Monte, a leading global producer and distributor of fresh produce, introduced Kenya-grown avocados in the European market. The avocados have sustainable certification and are of Hass variety, through which the company expects to gain market amid growing demand for quality avocados in the European market.
- June 2022: The Peruvian Avocado Commission, responsible for Avocados from Peru, launched an extensive promotional campaign for Peruvian Avocados in the United States through a partnership with NBC, Telemundo, and FOX. Through this campaign, the commission expects to export over 250 million pounds of avocados to the United States during the season.
Avocado Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
5.1 Geography
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.1.3 Mexico
5.1.2 Europe
5.1.2.1 France
5.1.2.2 Turkey
5.1.2.3 Netherlands
5.1.2.4 Spain
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 Indonesia
5.1.3.3 Japan
5.1.3.4 Australia
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Colombia
5.1.4.3 Chile
5.1.4.4 Peru
5.1.5 Africa
5.1.5.1 South Africa
5.1.5.2 Kenya
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Avocado Industry Segmentation
Avocado is a bright green fruit with a large pit and dark leathery skin. It is also known as alligator pear or butter fruit. It is a large berry-type fruit with a single seed, classified as a member of the flowering plant family Lauraceae.
The avocado market includes production analysis (volume), consumption analysis (volume and value), trade in terms of import analysis (volume and value), export analysis (volume and value), and price trend analysis. The market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts for all the above segments in volume (tons) and value (USD).
| Geography | ||||||
| ||||||
| ||||||
| ||||||
| ||||||
|
Avocado Market Research FAQs
How big is the Avocado Market?
The Avocado Market size is expected to reach USD 22.69 billion in 2024 and grow at a CAGR of 9.40% to reach USD 35.55 billion by 2029.
What is the current Avocado Market size?
In 2024, the Avocado Market size is expected to reach USD 22.69 billion.
Which is the fastest growing region in Avocado Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Avocado Market?
In 2024, the North America accounts for the largest market share in Avocado Market.
What years does this Avocado Market cover, and what was the market size in 2023?
In 2023, the Avocado Market size was estimated at USD 20.56 billion. The report covers the Avocado Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Avocado Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key challenges in the Global Avocado Market?
The key challenges in the Global Avocado Market are a) Rising temperatures in some regions may affect suitable growing conditions b) Avocado trees are susceptible to various pests and diseases, requiring ongoing monitoring and control measures
What are the key challenges in the Global Avocado Market?
The key challenges in the Global Avocado Market are a) Rising temperatures in some regions may affect suitable growing conditions b) Avocado trees are susceptible to various pests and diseases, requiring ongoing monitoring and control measures
Avocado Industry Report
The global avocado industry is experiencing robust growth, driven by the increasing demand for nutritious foods and the shift towards healthier eating habits. Technological innovations in avocado-based snack products are particularly appealing to millennials seeking nutritious snacking options. Fresh avocados are leading the market due to their health benefits and availability, while processed avocados are gaining popularity for their convenience and innovative offerings.
The industry is supported by both B2B and B2C segments, with the foodservice industry incorporating avocados into various dishes and retail channels reporting strong demand. The North American region, especially the United States, plays a significant role in avocado consumption, contributing to the upward trajectory of the avocado market. This growth is influenced by changing consumer preferences, health awareness, and the global availability of avocados.
Industry analysis highlights these trends, forecasting continued expansion and offering insights into market dynamics. The market size and market forecast indicate a positive outlook for the avocado industry. Industry statistics show a significant growth rate, reflecting the increasing market value of avocados. Market segmentation reveals that both fresh and processed avocados are essential components of the market.
Industry research and industry reports provide valuable information on the market trends and industry outlook. Market leaders are capitalizing on the growing demand, and market predictions suggest further growth in the coming years. The market overview and market review offer a comprehensive understanding of the industry's performance.
The report example and report pdf are available for those interested in detailed market data and industry information. Research companies are actively studying the avocado market to provide accurate and up-to-date industry research. The industry size and industry sales figures underscore the avocado market's significance in the global food industry.
