Avocadois a fruit that has found impetus among people in the last few years, due torevelations about its health benefits. The product has been in demand in thefood industry and is also finding application in the cosmetics andpharmaceutical sectors. Looking at the vast business potential, TransparencyMarket Research has published a report on the global avocado market.
Thereport is an extensive analysis of the prevailing and future trends in theglobal avocado market. Further, it provides detailedinsights into the potential drivers, crucial challenges, growth predictions,key strategies adopted by the major players, and the geographical analysis.
Accordingto TMR analysts, the global avocado market was valued at US$13.64 bn in 2018and is predicted to attain an overall value of US$21.56 bn by 2026. The marketis projected to grow a healthy CAGR of 5.9% every year during the forecastperiod of 2018-2026.
Competitionin the global avocado market is strong as many new players are entering themarket. Considering it is a perishable commodity, the scope for growth andexpansion is very high in the global avocado market. Organic strategies likeacquisition of regional players, launching new operations, and expanding theproduct line are some common efforts to sustain in the competition.
Geographically,Latin America is believed to lead the global avocado market and North Americais expected to stay a close second in the league. Factors such as risingawareness about health and importance of consuming natural food products isdriving demand in the avocado market here.
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HighNutritional Value to Steer Demand in the Global Avocado Market
Researchhas proved that avocado has high nutritional value. Rich in vitamins, it is anatural source of vitamin B, K, C, and E. Further, it is also a rich source ofpotassium, carotenoids, and phytosterols. With numerous nutritional benefits,avocado is preferred as a natural ingredient in several food products today.This is a primary reason for constant growth in the global avocado market.
Further,it is gaining importance in the pharmaceutical and cosmetics industry. With itshealth benefits, pharmaceutical companies and cosmetic product manufacturersfeel it could be a key ingredient in their products. Research is on to developproducts based on avocado extracts and ingredients. This attracts demand in theglobal avocado market. Further, the fact that avocado is a natural source, itgarners increased interest among consumers.
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Innovationto Create New Avenues for Business
Whileavocado can be consumed directly in its ripe form, food manufacturers feel itcould be used in different variations to attract consumers. Several avocadobased products such as jellies, jams, juice, dips, candies, chutney, etc. arebeing introduced across various cuisines to kindle the interest among people.Several players in the food market are exploring new products with the punch ofavocado to open fresh avenues for business. These aspects are predicted todrive growth in the global avocado market.
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Further,research has proved benefits of using avocado on skin care products. Players inthe cosmetic industry are introducing skin care products with avocado as a keyingredient. Positive results in terms of business hint at stable growthpotential in this new arena. Thus, consumption in the global avocado market isbelieved to shoot up during the forecast period.
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Some C19-TRENDs that TMR hasfocused upon while analyzing the food and beverage sector are as follows:
CulinaryTourism
With the COVID-19outbreak limiting the number of traveling and dining opportunities forindividuals, many opt to experience the fun of a restaurant or destination atthe comfort of their homes. Ready-to-drink beverages are being focused upon toenable the consumers to feel the vibe of a particular destination. This aspectwill churn exponential growth.
Immunity-BoostingItems
A good immunitycan help individuals tackle COVID-19 with ease. Many consumers are switching toimmunity-boosting food and beverage items for improving their resistanceagainst further infections. Many well-established players are paying attentionon launching immunity-rich food and beverage products. This factor will attractpromising revenues.
Strengtheningof Home Delivery Mechanisms
Restaurants andfood chains were closed for a substantial time during the lockdown period.Thus, home delivery of food products, eatables, and groceries became the newnorm. Many people still prefer home delivery due to the fear of not venturingout. Home deliveries will play a crucial role in increasing the growthopportunities across the horizon of the food and beverages sector.
These are themajor trends that will influence the growth of the food and beverage industryconsiderably. Although, the food and beverage sector was exempt from thelockdown restrictions, many cases of supply chain disruptions were observed.With mass vaccination drives and certain relaxations in restrictions, thesupply chain disruptions will be minimized extensively.
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