Market Size of Avocado Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 22.69 Billion |
| Market Size (2029) | USD 35.55 Billion |
| CAGR (2024 - 2029) | 9.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Avocado Market Analysis
The Avocado Market size is estimated at USD 22.69 billion in 2024, and is expected to reach USD 35.55 billion by 2029, growing at a CAGR of 9.40% during the forecast period (2024-2029).
The avocado market is projected to grow from USD 22.69 billion in 2024 to USD 35.55 billion by 2029, registering a CAGR of 9.40% during the forecast period (2024-2029).
Avocados contain vitamins A, B, C, E, and K, including 25 essential nutrients. They also contain phytochemicals (like beta-sitosterol) and antioxidants (like lycopene and beta-carotene). These essential nutrients are boosting the demand for avocados globally, acting as major driving forces behind the growth of the market. The demand for avocados is increasing globally due to their health benefits, as they improve vision, prevent heart-related diseases, and help improve digestion. The increased demand across the globe has resulted in increased production. According to the FAOSTAT, avocado production increased from 8.5 million metric tons in 2021 to 8.9 million in 2022. Mexico is the top avocado-producing country in the world, with an area of around 234,821 hectares, producing over 2.5 million tons in 2022. Other leading avocado producers include tropical countries such as Colombia, Peru, Dominican Republic, and Indonesia.
Given their high perishability, avocados require timely and well-coordinated harvesting and postharvest handling, and uninterrupted cold chains lead to the high price for these tropical fruits. Due to their high production and availability, avocados have become one of the most consumed tropical fruits in the world, especially in American and European countries, which is attributed to the high disposable income of the people and the inclusion of the fruit in their daily diets. The demand from these countries is projected to continue further due to increasing population, disposable incomes, and declining domestic production amid water and labor shortages.
Avocado Industry Segmentation
Avocado is a bright green fruit with a large pit and dark leathery skin. It is also known as alligator pear or butter fruit. It is a large berry-type fruit with a single seed, classified as a member of the flowering plant family Lauraceae.
The avocado market includes production analysis (volume), consumption analysis (volume and value), trade in terms of import analysis (volume and value), export analysis (volume and value), and price trend analysis. The market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts for all the above segments in volume (tons) and value (USD).
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Avocado Market Size Summary
The avocado market is experiencing significant growth, driven by increasing global demand due to its health benefits and nutrient-rich profile. Avocados are packed with essential vitamins and minerals, making them a popular choice among health-conscious consumers. This rising awareness has led to a surge in production, particularly in countries like Mexico, which dominates global avocado production. The fruit's high perishability necessitates efficient harvesting and postharvest handling, contributing to its premium pricing. Avocados have become a staple in American and European diets, supported by high disposable incomes and the fruit's integration into daily meals. The demand is further fueled by population growth, increasing disposable incomes, and a decline in domestic production in some regions, prompting a reliance on imports.
North America stands out as the largest region for avocado consumption and production, with the United States being a major consumer. The popularity of the Hass variety, known for its creamy texture and rich flavor, underscores the fruit's appeal. Despite challenges like fluctuating production levels, avocado consumption in the U.S. continues to rise, supported by increased imports. The market is also witnessing expansion in the Asia-Pacific region, driven by greater availability and affordability. Recent developments, such as new avocado varieties and ripening facilities, aim to meet the growing demand and ensure a steady supply of high-quality avocados. These factors collectively contribute to the robust growth trajectory of the avocado market, with projections indicating continued expansion in the coming years.
Avocado Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain Analysis
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2. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
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2.1 Geography
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2.1.1 North America
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2.1.1.1 United States
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2.1.1.2 Canada
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2.1.1.3 Mexico
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2.1.2 Europe
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2.1.2.1 France
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2.1.2.2 Turkey
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2.1.2.3 Netherlands
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2.1.2.4 Spain
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2.1.3 Asia-Pacific
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2.1.3.1 China
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2.1.3.2 Indonesia
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2.1.3.3 Japan
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2.1.3.4 Australia
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2.1.4 South America
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2.1.4.1 Brazil
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2.1.4.2 Colombia
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2.1.4.3 Chile
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2.1.4.4 Peru
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2.1.5 Africa
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2.1.5.1 South Africa
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2.1.5.2 Kenya
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Avocado Market Size FAQs
How big is the Avocado Market?
The Avocado Market size is expected to reach USD 22.69 billion in 2024 and grow at a CAGR of 9.40% to reach USD 35.55 billion by 2029.
What is the current Avocado Market size?
In 2024, the Avocado Market size is expected to reach USD 22.69 billion.
