Business & News
The Global Avocado Market
According to Persistence Market Research, the global avocado market is expected to have a significant market share and a high growth rate between 2017 and 2027. The global avocado market has been expanding since 2012. Over the assessment period, the market is expected to grow at a CAGR of 6.2 percent, reaching a valuation of around USD $23 billion by the end of the assessment year (2027) from a value of slightly less than USD $13 billion in 2017.
Key Influencing FactorsOne of the key global avocado market demand growth drivers will be the fact that avocados contain a variety of essential nutrients. These are nutrients that also contain various beneficial chemicals that can increase global demand for this fruit and, as a result, will act as a huge force in driving this market.According to research, the health benefits include improved vision, prevention of heart-related diseases, and improved digestion. Increased production has resulted from increased demand around the globe.
Consumption By CountrySo, which country in Asia consumes the most avocados?Indonesia (462K tonnes) remains the largest avocado-consuming country in Asia-Pacific, accounting for 52% of total volume (IndexBox estimates).Avocado consumption in Indonesia exceeded the figures recorded by the second-largest consumer, China (173K tonnes), threefold. Australia (90K tonnes) ranked third in terms of total consumption with a 10% share.From 2012 to 2019, the average annual growth rate of volume in Indonesia stood at +6.7%. In the other countries, the average annual rates were as follows: China (+6.9% per year) and Australia (+6.8% per year).In value terms, Indonesia ($404M), Australia ($345M), and China ($224M) constituted the countries with the highest levels of market value in 2019, together accounting for 69% of the total market. These countries were followed by Japan, New Zealand, Sri Lanka, and the Philippines, which together accounted for a further 24%.
Get On The Avocado TrendReady-to-eat Avocados are especially popular in end markets where convenience foods are in high demand. For a variety of ready-to-eat avocado products, go to www.simplotsea.com.
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