Avocado oil is extracted from the pulp of an avocado fruit. It is rich in beneficial fats, vitamins, and minerals. Avocado oil contains healthy fats which help lower bad cholesterol and reduce the risk of heart disease. It has a high smoke point allowing for high-temperature cooking without breaking down. The antioxidant property of avocado oil helps protect cells from damage.
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 Opportunity:
The rise in health consciousness among people has increased the demand for avocado oil globally. Avocado oil is considered very healthy due to the presence of heart-healthy monounsaturated fats and antioxidants. It also contains vitamins, minerals, phytonutrients and flavonoids that protect cells from damage. The various health benefits of avocado oil are driving its adoption in the food industry, cosmetics industry and pharmaceutical industry. The growing awareness about the benefits of avocado oil is expected to create major opportunities for players in the global avocado oil market during the forecast period.
Porter's Analysis
Threat of new entrants: The Global Avocado Oil Market Size has moderate threat of new entrants given the requirement of technical expertise in extracting high quality oil and brand recognition for established brands. However, moderate capital requirement and availability of raw materials facilitate new entries.
Bargaining power of buyers: Buyers in the avocado oil market have moderate bargaining power given the availability of substitutes like olive oil. However, rising health consciousness boosts buyer loyalty toward premium products.
Bargaining power of suppliers: The avocado oil market has high bargaining power of suppliers since avocados are seasonal crops and climate conditions impact production. Suppliers can influence prices though scale of operations provides negotiation power to buyers.
Threat of new substitutes: Substitutes like olive oil pose moderate threat given similar nutritional profiles and culinary uses. However, widening applications and uniqueness of avocado oil limits impact of substitutes.
Competitive rivalry: The market sees high competitive rivalry owing to established brands and private label products. Players compete on pricing, innovation, quality, and marketing.
SWOT Analysis
Strength: Avocado oil has a unique fatty acid profile and flavor that supports various health benefits. It is versatile and used in cooking, cosmetics and industrial applications.
Weakness: Avocado oil production depends on climatic conditions impacting supply. Extracting high quality oil requires technical expertise increasing costs.
Opportunity: Increasing health awareness is driving demand for plant-based oils with nutritional value. New applications in paints, coatings, lubricants offer growth areas.
Threats: Substitutes like olive oil competitively price similar products. Exchange rate fluctuations impact export competitiveness for producers.
Get More Insights On This Topic: http://medicalinfoblogs.weebly.com/blog/avocado-oil-is-estimated-to-witness-high-growth-owing-to-its-health-benefits