The global avocado market has the potential to grow by USD 4.37 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.
Market Competitive Analysis
The market is currently fragmented, and the degree of fragmentation will increase during the forecast period. Market vendors are increasingly focusing on merger and acquisition (M&A) activities to expand into new markets, acquire new technologies, and gain a competitive edge over their competitors. Costa Group Holdings Ltd., Del Monte Fresh Produce Co., and Del Rey Avocado Co. Inc. are some of the major market participants. Although the accelerating growth momentum will offer immense growth opportunities, the effect of climate change and natural calamities will challenge the growth of the market participants. To increase their avocado market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this avocado market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this avocado market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
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Avocado Market: Key Drivers and Trends
The health benefits of avocados will be a significant factor in driving the growth of the avocado market. Avocados help in maintaining healthy cholesterol levels and improving the health of the heart and eyes. The high fiber content in avocados helps in improving digestion, preventing constipation, maintaining a healthy digestive tract, and minimizing the risk of colon cancer. The consumption of avocados is also known to reduce the risk of depression. Moreover, avocados are rich in vitamin K, and it improves bone health by increasing calcium absorption and reducing the amount of calcium excreted with urine. The rising awareness about these health benefits among consumers will fuel the demand for avocados and consequently drive the growth of the market during the forecast period.
- Market vendors are increasingly adopting new technologies to improve the shelf life of their products.
- Smart Ripe, a new smart packaging technology developed by ILIP Srl, uses RFID tag to detect and relay real-time information about the ripeness of avocados.
- Naturcover, an edible coating developed by DECCO IBERICA POST-COSECHA, SAU (DECCA), can be applied on fruits, such as avocados to minimize losses due to dehydration, retain their firmness, and serve as a carrier of fungicides.
- The adoption of new technologies by vendors, which is one of the critical avocado market trends, will have a positive impact on the growth of the market throughout the next five years.
- During 2020-2024, the avocado market will grow at a CAGR of over 6%.
Market Analysis Insights 