Market Trends of Avocado Industry
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.
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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.
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