NEW YORK, May 1, 2024 /PRNewswire/ — The global avocado market size is estimated to grow by USD 5.67 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 6.58% during the forecast period. North America is estimated to contribute 34%. to the growth of the global market.
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Technavio has announced its latest market research report titled Global Avocado Market 2023-2027
The Avocado Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.
Region Outlook
North America
Europe
APAC
Middle East & Africa
South America
1. North America – In the forecast period, North America is expected to contribute 34% to the global market research and growth. The market is driven by factors such as increased health awareness, new product launches, and innovative avocado varieties. In 2022, the US dominated the market, with California being its primary producer. California’s extensive avocado cultivation positively impacts both volume and cost efficiency. The North American avocado market is growing due to the rising demand for healthy food products and awareness of healthy lifestyles.
The US, being the largest market, mainly sources avocados from California, where over 3,000 growers cultivate them on 50,000 acres. This increased production leads to revenue and volume growth. The preference for nutritious snacks, especially among millennials and non-millennials, drives import demand in advanced markets.
Avocados are widely used in the hospitality industry and adhere to government guidelines, being incorporated into various dishes and used as substitutes for processed foods. However, the loss of plants due to lockdown scenarios and quarantine measures may impact production. Avocados, known for their nutritional value, are considered superfoods and are utilized in innovative products such as sea salt, sea salt lime, and roasted chipotle avocado items.
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Research Analysis
The avocado market in the Dominican Republic is seeing steady growth across various sectors including B2B and B2C channels, along with a rising trend in e-commerce sales. Convenience stores and specialty shops are key retail outlets for avocados, available in both fresh and processed forms. Health-conscious consumers are attracted to the nutritional benefits of avocados, such as their high levels of monounsaturated fat, potassium, fiber, folate, essential vitamins, and minerals.
Avocado consumption is popular among individuals seeking healthy lifestyle choices, with its cholesterol-lowering properties and potential to serve as a protein source. Its year-round availability makes it a staple in various establishments like hotels, restaurants, cafes, and even homemade meals. Processed avocados are gaining traction in vegetarian salads and other dishes.
With urbanization and modern retail expanding, the cold chain for avocados becomes crucial to maintain freshness. Additionally, data integration and cleaning play a vital role in understanding consumer preferences and market trends, facilitating informed decision-making in the avocado industry.
Market Overview
The avocado market shows a significant consumption trend in metric tonnes, especially in its fresh form. Its popularity stems from its nutritional values, making it adaptable for various diets. Software programs play a crucial role in gathering, processing, and organizing raw data related to avocado consumption.
This data is essential for generating business intelligence, aiding in decision-making processes. Additionally, data cleansing ensures the accuracy and reliability of the gathered information. In summary, the avocado market relies on efficient data management systems to understand consumer preferences and market trends, facilitating informed business strategies.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio