Avocado Global Market Report 2024

The avocado market size has grown strongly in recent years. It will grow from $15 billion in 2023 to $16.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historical period was driven by shifts in health and dietary preferences, evolving culinary trends, enhancements in supply chain efficiency, and the expanding reach of global markets.

The avocado market size is expected to see strong growth in the next few years. It will grow to $21.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the upcoming period is expected due to sustained health consciousness, versatile culinary applications, adoption of sustainable agricultural practices, the expansion of global production, and exploration of new markets. Key trends projected include innovative avocado packaging solutions, a heightened focus on social and environmental responsibility, diversification in avocado varieties, integration of avocados in beauty and personal care products, and the global expansion of avocado consumption.

The avocado market is anticipated to experience growth, propelled by increasing demand from end users, particularly the food and beverage industry. The food and beverage sector encompasses businesses involved in the processing, packaging, and distribution of uncooked food items. Avocados, known for their high nutritional value and versatility, contribute to heart health, digestion, and weight management. As a result, their incorporation into a healthy diet aligns with the growing trend toward a healthier lifestyle. An example is reflected in the statistics from 2021, where Scotland saw a rise in food and beverage companies, reaching 1,185, with exports escalating by 12% to $7.9 billion (£5.9 billion). Food and beverages turnover in the same year accounted for $12.5 billion (£10.4 billion), constituting 30% of total Scottish manufacturing. This underscores how the increasing demand from the food and beverage industry drives the growth of the avocado market.

The avocado market is set to witness growth driven by the rising health consciousness among consumers. Health-conscious consumers prioritize making healthier lifestyle choices, including dietary preferences, exercise, and overall well-being. Avocados, recognized for their nutritional benefits containing healthy fats, vitamins, and minerals, align with the demand for nutrient-dense foods. In a survey conducted by DSM, a Netherlands-based science-oriented company in August 2022, 73% of participants expressed their intention to prioritize healthier eating and drinking habits. This shift in consumer behavior towards health consciousness contributes to the growing demand for avocados, thus propelling the avocado market.

A noteworthy trend in the avocado market is the introduction of enhanced storage facilities. The industry is witnessing the development and implementation of new storage facilities with dedicated avocado storage and ripening rooms. These advancements aim to improve operational efficiency, reduce waste, and elevate product quality. A case in point is the construction of a new facility by Westfalia Fruit France in Graveson, France. The facility, equipped with avocado storage, ripening rooms, and packaging capabilities, is designed to open in November 2022. Featuring cutting-edge technology and construction materials such as thermal insulation, motion detectors, and a focus on renewable energy, this facility demonstrates the industry's commitment to long-term viability and sustainability.

Major players in the avocado market are strategically investing in technological advancements, particularly the implementation of personalized AI-driven platforms. These innovations are aimed at delivering personalized recommendations, optimizing farming practices, and enhancing supply chain efficiency to meet the increasing market demand. Notably, Avocados From Mexico, a prominent brand in the United States, introduced the Avocado Nation platform in March 2021. This multi-faceted platform leverages Artificial Intelligence to analyze and cater to consumers' content preferences, providing highly personalized experiences to meet the surging demand for avocados in the U.S.

In October 2021, Butterfly Equity, a U.S.-based private equity firm with expertise in the food sector, acquired a majority stake in Chosen Foods LLC. Chosen Foods LLC is known for producing kitchen staples infused with avocado or avocado oil. The undisclosed acquisition allows Butterfly Equity to expand its global presence and reinforce its commitment to promoting consumer health through the production of nutritious avocado-based products. This strategic move positions Butterfly Equity to have a broader impact on the market and cater to the growing demand for avocado-related offerings.

Major companies operating in the avocado market report are Calavo Growers Inc., West Pak Avocado Inc., Westfalia Fruit, Propel Industries, Mission Produce Inc., Empacadora Avehass S.A. de C.V., Aguacates JBR, Duclos Farms, AustChilli Group, Simpson Farms, McDaniel Fruit Co., Henry Avocado Corporation, Del Rey Avocado Co. Inc., Brooks Tropicals LLC, Melissas World Variety Produce Inc., Oppy, Costa Group Holdings Ltd., Camposol S.A., Hormel Foods Corporation, Yucatan Foods LP, Sabra Dipping Company LLC, Salud Foodgroup Europe BV, Olivado, Spectrum Organic Products LLC, Avogratto, Sesajal S.A. De C.V., Fresh Del Monte, Limoneira, MegaMex Foods LLC, The Village Press.

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

The primary varieties of avocados include the popular Hass avocado, the bacon avocado, and other variations. Hass avocados, identifiable by their dark, pebbled skin and creamy, nutty flesh, are the most prevalent and favored in most markets. Available in raw and processed forms, these avocados come in both organic and conventional varieties, distributed through diverse channels such as hypermarkets, supermarkets, online platforms, and other retail channels. They cater to multiple industries, including food and beverage, retail, cosmetics, personal care, and other sectors.

The avocado market research report is one of a series of new reports that provides avocado market statistics, including the avocado industry's global market size, regional shares, competitors with an avocado market share, detailed avocado market segments, market trends, and opportunities, and any further data you may need to thrive in the avocado industry. This avocado 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 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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