The Avocado Oil Market Growth Accelerated By Health Benefits
Avocado oil is extracted from the pulp of avocado fruit and is known for its various health benefits. It contains essential nutrients such as vitamins E and K along with monounsaturated fatty acids which helps in lowering cholesterol levels and reducing inflammation. The oil also has a high smoke point making it an ideal substitute to other cooking oils.
The global avocado oil market is estimated to be valued at US$ 1660.15 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The Global Avocado Oil Market Size is set to witness significant growth over the forecast period driven by rising health consciousness among consumers globally. The essential fatty acid profile of avocado oil with high monounsaturated fat content and antioxidant properties is contributing to its demand from the health-conscious population. Moreover, the wide usage of avocado oil in cosmetics and personal care industry is further fueling the market growth. It is widely used in cosmetic formulations for aged skin, hair care, sun protection and as a nutrition-rich moisturizer. The rising adoption of veganism is also propelling the market as avocado oil can be used as a substitute for butter and other dairy products.
Segment Analysis
Extra-virgin avocado oil undergoes minimal processing and offers the maximum nutritional benefits. It finds widespread usage in cooking, cosmetics, and supplements owing to its high smoke point and oxidative stability as compared to other vegetable oils.
Key Takeaways
The global avocado oil market is expected to witness high growth over the forecast period of 2023 to 2030 on account of rising health consciousness among consumers and growing preference for plant-based oils in cooking and cosmetic applications.
Regional analysis
North America is currently the largest and fastest growing regional market for avocado oil due to robust demand from the U.S. Rising popularity of the Mexican cuisine and usage of avocado oil in salad dressings, dips, and spreads has propelled its consumption in the region. Furthermore, high consumption of nutritional and cosmetic products using avocado oil is driving the market growth.
Key players related content
Key players operating in the avocado oil market are 3M Company, Turtle Wax, Inc., Meguiar’s, Inc., Simoniz USA, Inc., WD-40 Company, Quixx GmbH, Langka Corporation, Scholl Concepts GmbH, Würth Group, BARDAHL Manufacturing Corporation, Gtechniq Ltd., Mothers Polishes, Waxes and Cleaners, SONAX GmbH, Chemical Guys, Surf City Garage. These players are focusing on business expansion and new product development to strengthen their market presence and cater to rising customer demand.
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