1 Global Avocado Market Insight Analysis
The global avocado market is valued at USD 22,898 million in 2024, with a CAGR of 5.6% from 2024 to 2033.
Avocado is a fruit with high nutritional value. Avocado is rich in vitamins, rich in fat and protein, and high in sodium, potassium, magnesium, and calcium.
Figure Global Avocado Market Size (M USD) and CAGR (2024-2033)
2 Avocado Market Growth Drivers and Restraints
High nutritional value is favored: Avocado is rich in protein, vitamins and various trace elements, as well as functional ingredients such as carotenoids and polyphenols, which can promote metabolism, lower blood lipids and protect cardiovascular system. At a time when healthy diet is attracting much attention, consumers’ demand for food with nutritional and health functions is rising. Avocado has become an ideal choice for people who pay attention to health due to its high nutritional value, which has strongly promoted market growth. For example, in the North American and European markets, avocados often appear in various healthy meals, such as avocado toast and salad, which are very popular.
Processing market development: Avocado has high processing value. The avocado oil extracted from it is rich in oleic acid, vitamins, etc., has moisturizing and antioxidant properties, and is widely used in the cosmetics industry, such as creams and hair care products. With the increasing demand for natural and organic cosmetics, more cosmetics companies use avocado oil to replace synthetic chemicals, which has led to the continuous expansion of the avocado processing market and the development of the avocado market.
Advances in cold chain technology: Avocados are sensitive to temperature, and the optimal storage temperature is 4℃ – 6℃. Cold chain transportation is essential for their transportation and preservation. The development of big data and Internet of Things technology, as well as the investment of various countries in cold chain infrastructure, have continuously improved the cold chain transportation technology of avocados, which can better guarantee its taste and quality, enhance consumers’ willingness to buy, and provide support for market growth.
Pests and diseases and climate change threats: Pests and diseases seriously affect the quality and yield of avocados. Global warming has increased extreme weather disasters. Avocado planting requires a lot of water and is susceptible to disasters such as drought, resulting in a decline in yield. For example, drought has caused a reduction in avocado production in some areas, affecting market supply and price stability, and restricting the healthy development of the market.
Intensified market competition: Avocados are native to Colombia, Ecuador and southern Mexico. With the growth of downstream market demand, their planting range has expanded to Australia, Asia and other places. Hainan, Guangdong and other places in China have begun to plant avocados, which has increased the number of market suppliers and intensified competition. Increased supply may lead to oversupply, reduce profit margins, and bring challenges to the development of the industry.
Price fluctuations affect demand: Inflation has led to rising production and transportation costs, and avocado prices have fluctuated frequently. When prices rise, some price-sensitive consumers will reduce their purchases, affecting market demand. In addition, price instability also increases market uncertainty, exposing growers and companies to higher risks, which is not conducive to the long-term stable development of the market.
3 Technological Innovations in the Avocado Market
Optimization of planting technology: With the help of technologies such as artificial intelligence, precision agriculture is achieved. Through sensors, data such as soil moisture, nutrients, and light are collected to accurately control irrigation and fertilization, improve the utilization rate of water resources and fertilizers, and ensure the yield and quality of avocados. For example, some plantations use intelligent irrigation systems to accurately water according to soil moisture data to avoid excessive or insufficient irrigation, thereby improving the quality of avocados.
Upgrade of cold chain technology: Big data and Internet of Things technologies are applied to cold chain transportation to achieve real-time monitoring and precise control of environmental parameters such as temperature and humidity during transportation. By installing sensors in transportation vehicles and warehouses, timely warnings and adjustments can be made once parameters are abnormal, ensuring that avocados are transported and stored in a suitable environment to reduce losses.
Advances in processing technology: In the field of avocado processing, new technologies have improved the efficiency of extracting effective ingredients. For example, more advanced extraction technologies can extract avocado oil from avocados more efficiently and ensure its purity and activity, meeting the high requirements of industries such as cosmetics and health products for raw materials, and expanding the application range of avocados.
Calavo Growers’ strategic adjustment: In January 2024, Calavo Growers, a US avocado supplier, plans to sell its fresh-cut fruit and vegetable business to F&S Fresh Foods for approximately US$100 million. Calavo Growers said the sale of the business is intended to focus on developing core businesses such as the production of avocados, tomatoes and Hawaiian papayas, as well as related prepared food businesses, to maximize profits. This move reflects the company’s intention to adjust its strategy in response to market changes and optimize its business layout.
4 Global Avocado Market Size by Type
Hass avocados dominate the global avocado market due to their superior taste and versatility. They are used in a wide range of applications, from direct consumption in salads and guacamole to processed food products. The high demand for Hass avocados is driven by their nutritional value and the perception of quality among consumers. In 2024, the market revenue of $20,128 million for Hass avocados reflects their significant market presence. This revenue is expected to grow further as consumer awareness of the health benefits of avocados increases and as the market expands into new regions.
Green Skin avocados, while less popular than Hass avocados, still hold a significant market share. These avocados are known for their distinct green skin, which remains unchanged even when ripe. This characteristic makes them easily identifiable and preferred by consumers in certain regions. In 2024, the market revenue for Green Skin avocados is projected to be $2,770 million. This revenue is driven by the growing demand for avocados in general and the unique appeal of Green Skin avocados in specific markets.
Table Global Avocado Market Size by Type in 2024
Type | Market Size (M USD) 2024 |
|---|---|
Hass | 20128 |
Green Skin | 2770 |
5 Global Avocado Market Size by Application
In the food sector, avocados have firmly established their position as a popular ingredient. In 2024, the market value of avocados used in food applications is expected to be 21,080 million US dollars. This significant figure reflects the widespread use of avocados in the food industry. Avocados are commonly incorporated into a wide range of food products, such as salads, sandwiches, smoothies, and various dips like guacamole. Their creamy texture and nutritional benefits make them a favorite among health – conscious consumers and food enthusiasts alike. In many cafes and restaurants around the world, avocado – based dishes have become staple menu items, further driving up the demand and revenue in this application area.
The cosmetic industry also makes use of avocados, primarily for their beneficial properties for the skin and hair. In 2024, the market value of avocados in cosmetic applications is forecasted to be 774 million US dollars. Avocado oil, extracted from avocados, is rich in nutrients like vitamins A, D, and E, as well as fatty acids. These components make it an excellent ingredient in skincare products such as moisturizers, facial masks, and hair care products like shampoos and conditioners. The growing trend towards natural and organic cosmetics has led to an increased demand for avocado – derived ingredients in the cosmetic industry, thereby contributing to this revenue figure.
In the medical field, although the market value of avocados is relatively smaller compared to food and cosmetic applications, it still holds potential. In 2024, the market value of avocados in medical applications is expected to be 573 million US dollars. Avocados contain compounds that have anti – inflammatory and antioxidant properties, which can be beneficial in medical research and the development of certain pharmaceuticals or dietary supplements. For example, some studies are exploring the use of avocado extracts in treating skin conditions or in promoting cardiovascular health.
Table Global Avocado Market Size by Application in 2024
Application | Market Size (M USD) 2024 |
|---|---|
Food | 21080 |
Cosmetic | 774 |
Medical | 573 |
Others | 471 |
6 Global Avocado Market Size by Region
North America is one of the largest markets for avocados, with a projected market revenue of $4,064 million in 2024. The United States and Canada are the primary consumers in this region, driven by a strong preference for avocados in both direct consumption and processed food products. The U.S. is also a significant importer of avocados, particularly from Mexico, which supplies a large portion of the North American market. The market in North America is characterized by high consumer awareness of the health benefits of avocados and a robust demand for high-quality, fresh produce.
Europe is another key market for avocados, with a projected revenue of $2,334 million in 2024. European consumers have a growing preference for avocados, driven by health trends and the increasing popularity of Mediterranean and Latin American cuisines. Spain, Italy, and the United Kingdom are among the largest consumers in this region. The European market is also supported by imports from countries like Peru and Chile, which supply avocados during the off-season.
China’s avocado market is rapidly growing, with a projected revenue of $463 million in 2024. While still a relatively small market compared to North America and Europe, China’s demand for avocados is increasing due to rising consumer awareness of health benefits and the growing middle class. The Chinese market is primarily supplied by imports, with Peru and Chile being major suppliers. Domestic production is also increasing, but it still accounts for a small portion of the total market.
Japan’s avocado market is relatively small but stable, with a projected revenue of $282 million in 2024. Japanese consumers have a preference for high-quality avocados, particularly for direct consumption and in high-end food products. The market is primarily supplied by imports, with the United States and Mexico being significant suppliers. The Japanese market is characterized by a focus on quality and consistency, with consumers willing to pay a premium for high-quality produce.
The Middle East and Africa region is a significant market for avocados, with a projected revenue of $3,518 million in 2024. This region includes countries with diverse consumption patterns, ranging from high-end markets in the Middle East to growing consumer demand in Africa. The market is driven by increasing awareness of the health benefits of avocados and the growing middle class in countries like South Africa and the United Arab Emirates. The region is also a significant producer of avocados, with South Africa being a notable exporter.
Southeast Asia is an emerging market for avocados, with a projected revenue of $1020 million in 2024. The region includes countries like Indonesia, Malaysia, and the Philippines, where consumer demand for avocados is increasing. The market is driven by the growing middle class and the increasing popularity of Western and Latin American cuisines. The region is also a significant producer of avocados, with Indonesia being a notable exporter.
Latin America is the largest market for avocados, with a projected revenue of $8,939 million in 2024. The region includes major producers and exporters like Mexico, Peru, and Chile, which supply a significant portion of the global market. The market is driven by strong domestic consumption, particularly in Mexico, and growing international demand. The region is also characterized by favorable growing conditions and a long history of avocado cultivation.
Figure Global Avocado Market Size (M USD) by Region in 2024
7 Global Avocado Market Analysis by Major Players
Mission Produce
Company Profile:
Mission Produce, established in 1983 and headquartered in Oxnard, California, USA, is a global leader in the avocado business. The company is known for its vertically integrated operations, which include sourcing, producing, and distributing fresh Hass avocados and mangos to over 25 countries worldwide.
Business Overview:
Mission Produce operates state-of-the-art packing facilities in key growing locations such as California, Mexico, and Peru. The company’s global distribution network includes 13 forward distribution centers strategically positioned in North America, China, Europe, and the UK. Mission Produce’s commitment to quality and sustainability has made it a trusted name in the avocado industry.
Product Offered:
Mission Produce offers high-quality Hass avocados, sourced from its own farms and partner growers. The company also provides value-added services such as ripening, bagging, custom packing, and logistical management. Mission Produce’s avocados are known for their superior taste and texture, making them a preferred choice for both direct consumption and foodservice applications.
2023 Financial Summary:
In 2023, Mission Produce reported a revenue of $890 million and a gross margin of 11.08%. The company’s sales volume was 296.8 K Tons, with an average price of $2,998 per ton. Mission Produce’s strong performance in 2023 reflects its robust supply chain and global market presence.
Westfalia Fruit
Company Profile:
Westfalia Fruit, established in 1949 and headquartered in South Africa, is a multinational organization recognized as a leading avocado specialist. The company is known for its sustainable practices and high-quality products.
Business Overview:
Westfalia Fruit operates a vertically integrated supply chain, which includes growing, sourcing, ripening, packing, processing, and selling avocados. The company’s global reach allows it to provide premium fruits year-round, meeting and exceeding customer expectations. Westfalia Fruit’s commitment to sustainability and quality has earned it a strong reputation in the industry.
Product Offered:
Westfalia Fruit offers a variety of premium avocados, known for their rich taste and high nutritional value. The company’s avocados are sourced from its own farms and partner growers, ensuring consistent quality and supply. Westfalia Fruit’s products are marketed under the brand name “Westfalia,” which is synonymous with quality and sustainability.
2023 Financial Summary:
In 2023, Westfalia Fruit reported a revenue of $573 million and a gross margin of 11.01%. The company’s sales volume was 197.2 K Tons, with an average price of $2,904 per ton. Westfalia Fruit’s performance in 2023 highlights its strong market position and commitment to sustainable practices.
Calavo Growers
Company Profile:
Calavo Growers, established in 1924 and headquartered in Santa Paula, California, USA, is a global leader in quality produce, including avocados, tomatoes, and Hawaiian papayas. The company is known for its innovation, sustainable practices, and market growth.
Business Overview:
Calavo Growers operates processing plants and packing facilities throughout the U.S. and Mexico. The company’s products are sold under the trusted Calavo brand name, as well as private label and store brands. Calavo Growers serves retail grocery, foodservice, club stores, mass merchandisers, food distributors, and wholesalers worldwide.
Product Offered:
Calavo Growers offers a variety of high-quality avocados, known for their superior taste and texture. The company’s avocados are sourced from its own farms and partner growers, ensuring consistent quality and supply. Calavo Growers’ products are marketed under the brand name “Calavo,” which is synonymous with quality and innovation.
2023 Financial Summary:
In 2023, Calavo Growers reported a revenue of $466 million and a gross margin of 8.10%. The company’s sales volume was 155.1 K Tons, with an average price of $3,007 per ton. Calavo Growers’ performance in 2023 reflects its strong market position and commitment to innovation and sustainability.