Avocado Market to Attain a Value Worth US$ 21,561.8 Mn by the End 2026
Additionally, minimizing complexity of production and exploring new regions for avocado production will significantly boost the supply of avocados in the market. Thus, improved supply will benefit the avocado market to grow during the forecast period. Some of the key companies operating in the global avocado market are The Horton Fruit Company, Fresh Del Monte Produce Inc., McDaniel Fruit Co., West Pak Avocado, Inc., Del Rey Avocado Co. Inc., Superior Foods Companies, Brooks Tropicals Holding, Inc., Henry Avocado Corporation, Costa Group Holdings Limited, and Calavo Growers, Inc., and Olivado USA.
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The financial lookout for the global avocado market given by TMR stated that, it is expected to increase at a CAGR of 5.9% during the tenure. The revenue generated by the avocado market is projected to reach US$ 21.56 bn by the end of 2026, which was US$ 13.64 bn in 2016. Among the ways of production, conventional way of producing avocado is estimated to dominate the market both in terms of value and in terms of volume and in addition to low cost of production and minimal labor input. The regional analysis done in the report shows that Latin America dominates the global avocado market. Moreover, North America and Latin America holds the strongest position by having 60% of the revenue share collectively.
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The demand for avocados has increased at a high rate in past few years. One main reason for this high demand is growing preference for healthy food among the huge population is escalating the market. Moreover, developing interest among the younger population or in the millennials for healthy living has also significantly pushed the demand for avocados. Avocados also have high nutritional value and is considered as one of the healthiest fruit. These health benefits are used for the marketing and promotion of avocados and for avocados based products.
Additionally, increasing consumption of fruits and vegetables on the regular bases will also flourish the market for avocados. The increasing popularity of avocados among the Pan-Latin and Mexican flavors where avocados are used in the mainstream culinary culture. The use of avocados is highly seen in Mexican and Hispanic food items. It has been seen that almost 73% of the U.S. consumers use Mexican food and ingredients. The increasing sale of Hispanic food and beverages is estimated to touch US$ 10.7 bn by 2017.
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Increasing knowledge about the side effects caused by avocados may restrain the market to a certain extent. It is advisable to minimize the intake of avocados during pregnancy and for breast-feeding mothers, as it reduces milk production. Moreover, people suffering from hypersensitivity are also advices to reduce consumption of avocados. Over consumption of avocados may hamper liver, can cause allergy, and reduce cholesterol level. However, appropriate amount of consumption of avocados will not cause any harm, thus increasing the demand for avocados in the global market.
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