Report : Asia-Pacific Avocado and Avocado Derivatives Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Whole, Oil, Puree, and Others), Category (Organic and Conventional), and Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Personal Care, and Others)
At 6.0% CAGR, the Asia-Pacific Avocado and Avocado Derivatives Market is speculated to be worth US$ 2,270.65 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific avocado and avocado derivatives market was valued at US$ 1,599.00 million in 2022 and is expected to reach US$ 2,270.65 million by 2028, registering an annual growth rate of 6.0% from 2022 to 2028. rising demand for natural ingredients in various industries and popularity of organic avocado are the critical factors attributed to the Asia-Pacific avocado and avocado derivatives market expansion.
Organic and natural products are gaining significant popularity owing to their perceived health benefits. People in the region are highly concerned about their health and wellness, and they pay more attention to ingredients used in processed products. They are willing to pay high prices for products that are free of synthetic ingredients. Thus, industries such as personal care, food & beverages, and pharmaceutical are incorporating plant-based ingredients such as avocado oil, powder, and extract into their products. With a focus on holistic and conscious food consumption, consumers prefer products made with natural and ethically sourced ingredients. Moreover, using natural substances for cosmetics manufacturing, which have no adverse effects on the skin, is common approach manufacturers use to attract more customers. Thus, the increasing demand for natural ingredients among various end-use industries is expected to further create a lucrative growth opportunity for the Asia-Pacific avocado and avocado derivatives market.
On the contrary, high prices of avocado and availability of substitutes of avocado products at lower costs hurdles the growth of Asia-Pacific avocado and avocado derivatives market.
Based on type, the Asia-Pacific avocado and avocado derivatives market is segmented into whole, oil, puree, and others. The whole segment held 43.8% market share in 2022, amassing US$ 699.58 million. It is projected to garner US$ 973.01 million by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on category, the Asia-Pacific avocado and avocado derivatives market is bifurcated into organic, and conventional. The conventional segment held 88.2% market share in 2022, amassing US$ 1,410.83 million. It is projected to garner US$ 1,979.12 million by 2028 to expand at 5.8% CAGR during 2022–2028.
Based on application, the Asia-Pacific avocado and avocado derivatives market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. The food and beverages segment held 48.2% market share in 2022, amassing US$ 770.88 million. It is projected to garner US$ 1,070.00 million by 2028 to expand at 5.6% CAGR during 2022–2028.
Based on country, the Asia-Pacific avocado and avocado derivatives market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific. Our regional analysis states that the Rest of Asia-Pacific captured 31.6% market share in 2022. It was assessed at US$ 480.50 million in 2022 and is likely to hit US$ 687.44 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the Asia-Pacific avocado and avocado derivatives market are Avocado Brasil Comercio de Alimentos Ltda, ConnOils LLC, Exportadora Propal SA, Lemonconcentrate SLU, Meridian Fruits SPR de RL de CV, Mission Produce Inc, Salud Foodgroup Europe BV, and Westfalia Fruit Pty Ltd among others.
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