With the onset of the COVID-19 pandemic, the importance of immunity and maintenance of fitness levels has risen considerably. Immunity boosting foods are gaining considerable traction among the masses. As avocado and avocado-based products are rich in vitamins and nutrients, they help keep infections and diseases at bay. These benefits help in increasing the overall growth of the avocado-based products market.
Barring the supply chain disruptions experienced due to the pandemic, the global market for avocado-based products is expected to observe positive growth trajectory during the forecast period of 2021-2031.
Transparency Market Research (TMR) expects the global avocado-based products market to expand at a CAGR of 5.3% during the forecast period. The market is projected to cross US$ 9.95 Bn by 2031.
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Rising Popularity of Plant-based Butters Increasing Growth Prospects
Many individuals are turning vegan due to the growing awareness about the health benefits due to the same and the expanding resistance to animal-cruelty. The statistics by The Vegan Society provides more insights on the growing number of vegans. According to the findings in the report of The Vegan Society, the number of vegans quadrupled in the U.K. between 2014 and 2019. As of 2019, 600,000 vegans were present in the U.K. Thus, the growing number of vegan population will influence the demand for plant-based butters. This butter is made using the avocado oil. Hence, the demand for avocado oil is estimated to increase, thus driving the avocado-based products market.
Moreover, the number of lactose-intolerant people is also high around the world. These people opt for dairy-free products. This factor is also likely to drive the demand for plant-based butter products, eventually contributing to the growth of the avocado-based products market.
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Consumer Preference for Avocado Oil to Traditional Oil Presents Profitable Opportunities
Avocado oil contains more unsaturated fats as compared to traditional oil. In addition, avocado oil has vitamin E and promotes good heart health. It has lower cholesterol levels. Hence, with the rising significance of health among a considerable number of individuals, the demand for avocado oil is estimated to expand, thereby boosting the growth rate of the avocado-based products market.
eCommerce Emerges as Dominant Sales Channel Due to COVID-19 Pandemic
The demand for avocado-based products experienced an uptick during the COVID-19 pandemic, owing to the extensive health benefits they provide. As retail stores and shopping malls were closed during the stay-at-home orders, people ordered these products on eCommerce sites. The expansive shift of avocado-based products from brick-and-mortar stores to the eCommerce pipeline presented extensive opportunities for eCommerce platforms such as Amazon to strengthen their influence across the avocado-based products market. Although many avocado-based products were available on eCommerce websites before the pandemic, the lockdown restrictions forced many companies to widen their through several eCommerce platforms.
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