Portland, OR, Oct. 01, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research the global extra virgin avocado oil market was pegged at $373.0 million in 2018, and is estimated to reach $527.1 million by 2026, registering a CAGR of 4.40% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
High smoke point of extra virgin avocado oil, health benefits associated with it, and increasing adoption of extra virgin avocado oil in cosmetic industry drive the growth of the global extra virgin avocado oil market. On the other hand, high cost of extra virgin avocado oil and availability of alternate products restrain the market to certain extent. Nevertheless, growing adoption of avocado oil in developing countries is anticipated to create opportunities for the market players in the future.
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Covid-19 scenario:
- The global lockdown has caused a significant gap in supply and demand of the extra virgin avocado oil. The industry is undergoing numerous challenges including supply chain disruptions that are majorly impacting manufacturing and distribution.
- However, the government regulations have not much affected the essential services. In addition, the relaxations imposed on the protocols have assisted the industry in terms of continuation of business.
The global market is segmented on the basis of application, distribution channel, and region.
Based on application, the market is bifurcated into food & beverage and cosmetic. The food and beverage segment contributed for the largest share in 2019, accounting for around three-fifths of the global market. On the other hand, the cosmetic segment is expected to manifest the highest CAGR of 4.6% during the forecast period.
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Based on distribution channel, the report covered segments including supermarkets/hypermarkets, beauty stores, and online store. The online store segment is expected to manifest the highest CAGR of 5.10% during the forecast period. On the other hand, the supermarkets/hypermarketssegment held the largest share in 2019, contributing to nearly three-fourths of the global extra virgin avocado oil market.
Based on region, the market across North America contributed to the highest share in 2019, accounting for more than half of the market. Nevertheless, the global extra virgin avocado oil market across LAMEA is projected to portray the highest CAGR of 4.9% during the forecast period. Moreover, the report also involves regions including Asia-Pacific and Europe.
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Major market players in the report include Avocado Oil New Zealand Ltd (Grove Avocado Oil), Bella Vado, Inc., Aceitera Mevi México SA de CV, Aconcagua Oil & Extract SA, CalPure Foods, Inc., Crofts Ltd., Mt. Kenya Fresh Avocados, Nobel Foods, Olivado Ltd., and Westfalia Fruit (Pty) Ltd.
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