Press release
Guacamole Market Trends: A Global Flavor Revolution
According to The Business Research Company's, The guacamole market size has grown rapidly in recent years. It will grow from $1.15 billion in 2023 to $1.27 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increased demand for ready-to-eat snacks, availability of hass avocado varieties, expansion of fast food and casual dining, influence of culinary trends and food blogging, health-conscious consumer choices.
The guacamole market size is expected to see strong growth in the next few years. It will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to expanding avocado production, focus on sustainable and ethical sourcing, health benefits of avocado consumption, global culinary fusion trends, focus on premium and gourmet offerings. Major trends in the forecast period include flavor innovation and varieties, clean label and natural ingredients, plant-based and vegan diets, snacking on the go,marketing and branding initiatives, diversification of distribution channels.
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Market Drivers and Trends:
The rising demand for wholesome foods and plant-based diets is expected to propel the growth of the guacamole market going forward. Wholesome foods are those that promote good health and meet all quality and labeling requirements required by local laws or regulations. Foods that help people stay healthy and meet all quality and labeling criteria specified by local laws or regulations are referred to as healthy foods. A plant-based diet consists of plant foods such as fruits and vegetables, nuts, whole grains, seeds, and legumes. Guacamole is avocado-fruit-based and is considered safe for a plant-based diet as it contains no animal products. Hence, the growth of the guacamole market is supported by a rise in demand for wholesome foods and plant-based diets. For instance, in 2021, according to the Good Food Institute, a US-based non-profit international network of organizations that accelerates alternative protein innovation, retail sales of plant-based food in the USA increased by 6% to USD 7.4 billion in 2021. Therefore, the rising demand for wholesome foods and plant-based diets is driving the growth of the guacamole market.
Product innovations are a key trend gaining popularity in the guacamole market. Major companies operating in the guacamole market are focused on developing new solutions to strengthen their position in the market. For instance, in May 2021, Sabra Dipping Co. LLC, a US-based company that produces Middle Eastern-style and other food products, including hummus and guacamole, launched its new Mexican Street Corn-Inspired Guacamole. The new product is available in a 1 lb (16 oz) package with a resealable lid and is made with lime, juicy sweet corn, chipotle, and hand-picked, Mexican-grown Hass avocados.
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Major Key Players of the Market:
Avo-King International Inc.; Sabra Dipping Company LLC; Westfalia Fruit (Pty) Ltd.; Calavo Growers Inc.; Ortega - B&G Foods Inc.; Ventura Foods LLC; Casa Sanchez SF; Hormel Foods Corporation; Woolworths Group Limited; Wholly Guacamole; Salud Foodgroup Europe BV; MegaMex Foods LLC; Simpson Farms Pty. Ltd.; Frontera Foods Inc.; UTZ Brands Inc.; McCormick & Company Inc.; The Bloch & Guggenheimer Foods Inc.; Conagra Brands Inc.; Snowcrest Foods Ltd.; General Mills Inc.; Landec Corporation; Fresh Del Monte Produce Inc.; Verfruco Foods Inc.; Goya Foods Inc.; Mission Foods Corporation; Garden of Eatin' Inc.; Late July Snacks LLC; Simply Organic; Fresh Express Inc.; Grupo Herdez
Guacamole Market 2024 Key Insights:
• The guacamole market will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Guacamole Market Thrives On Surging Demand For Wholesome Foods And Plant-Based Diets
• Sabra's Mexican Street Corn-Inspired Guacamole Leads The Charge In Guacamole Market Trends
• North America was the largest region in the guacamole market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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