Avocado oil is obtained from the fruit of Persea Americana tree which grows in tropical and Mediterranean climates. It is a versatile oil that contains vitamins A, D, E and K along with beneficial fatty acids that provide numerous health and cosmetic benefits. As avocado oil is rich in antioxidants and moisturizing properties, it is widely used in cosmetic products like lotions, creams, hair masks and massage oils. The growing demand for natural cosmetic products along with awareness about the nutritional value of avocado oil is driving its usage in the personal care industry.
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 expected to witness significant growth over the forecast period, propelled by growing demand from cosmetic and personal care industry. As avocado oil contains various antioxidant compounds that protect the skin from damage caused by free radicals, it is increasingly used in anti-aging creams and lotions. Furthermore, avocado oil acts as a natural moisturizer for skin and hair due to the presence of omega fatty acids. This has boosted its usage in various hair masks and conditioners. Rising consumer preference for natural ingredients in cosmetic products along with awareness about numerous health benefits of avocado oil is further augmenting the market growth.
SWOT Analysis
Strength: Avocado oil contains essential fatty acids like oleic acid and antioxidants that benefit health and skin. It is suited for culinary as well as cosmetic purposes.
Weakness: Avocado oil production depends on avocado cultivation which has production risks and supply constraints. The oil has lower smoke point than olive oil limiting its uses.
Opportunity: Increasing popularity of vegan and plant-based oils is driving the demand for avocado oil. Growing health consciousness is augmenting its uses in cosmetic and personal care segments.
Threats: Price fluctuations in avocado market affects the cost of avocado oil. Substitute oils like olive oil pose competition in certain applications.
Key Takeaways
The global avocado oil market is expected to witness high growth over the forecast period. 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.
Regional analysis
The North American region currently dominates the avocado oil market with the largest share. Mexico is the biggest producer and supplier of avocado oil to North America. The European region is also expanding rapidly mainly driven by countries like Spain and the Netherlands.
Key players
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. Brands are launching varied avocado oil based products for health, culinary and automotive applications to capture new customers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it