DUBLIN–(BUSINESS WIRE)–The “Global Hass Avocado Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The Global Hass Avocado Market is projected to register a CAGR of 5.3% during the forecast period (2022-2027).
After a temporary drop in demand at the start of the COVID crisis, the European and US consumption of Hass avocado is hitting a record high. The pandemic has given a boost to the global demand for Hass avocado, the most popular variety, as consumers started eating avocados like never before during the pandemic as a part of their healthy diet. Therefore, the demand for the fruit has accelerated as more consumers eat at home.
Hass avocado is the most popular variety of avocado in the world. In the United States, per capita consumption of avocados, with more than 95% constituted by Hass avocados, has tripled since the early 2000s, according to the USDA. Hass avocados, native to Mexico and Central America, are now grown in many countries globally. Mexico, Peru, Chile, California, and Colombia are the major avocado-producing countries in the world.
Mexico is the leading producer and exporter of Hass avocado. With a production output of just under 2.4 million metric tons in 2021, Mexico accounted for 30% of the avocado production, the largest global proportion, and the major variable being the Hass. The planted area is constantly expanding at the rate of 3% Y-o-Y. Mexico produces three avocado types, with Hass accounting for 97% of the total output. Michoacan is Mexico’s most productive state, accounting for 75% of the national output and 81% of the overall production value. Colombia and the Dominican Republic are also big Hass avocado producers.
The Hass avocado production is heavily impacted by weather conditions and, hence, shows yearly variations. In 2022, prices have reached an all-time high for the first time in 24 years. This rise is a result of increased international demand for healthy foods, decreasing output in Mexico by 8% in 2021, and food inflation, which has been exacerbated by supply chain concerns.
Key Market Trends
Increasing Awareness Regarding the Health Benefits of Hass Avocado
Avocados are a nutrient-dense food that provides relatively many health benefits that include abundant nutrients (vitamins C, B5, B6, E, and K), potassium, folate, protein, and healthy fats. Seven of the nine grams of carbohydrates in a 100-gram serving are fiber, qualifying avocados as a low-carb food. The daily consumption of Hass avocado as part of a hypocaloric diet supports weight loss and helps to increase gut bacteria. An increased interest in plant-based and low-carbohydrate clean eating diets, such as the keto diet and paleo diet, also contributed to the increased demand for Hass avocados.
According to the Hass Avocado Board, the retail sales of fresh Hass avocados remained above the pre-pandemic levels of 2019 during the second quarter holidays of 2021, while Y-o-Y sales softened. The Hass Avocado Board’s (HAB) published retail recap indicated sales volume during Easter, Cinco De Mayo, and Memorial Day accounted for a combined 133 million units and nearly USD 160 million in retail sales.
Avocado has become a favorite ingredient in many dishes (guacamole dip, salads, and sandwiches) and is now on the menu of several restaurants across the United States. The Avocado toast, a humble breakfast that was earlier eaten mainly in California and Australia, is now a trendy menu item in many restaurants around the world. According to the USDA, US demand for avocados has increased steadily over the past two decades.
High Potential for Hass Avocados in European Markets
Within the avocado trade, the Hass variety is slowly taking over in the European market. The European market has the potential for expansion for the Hass variety. Avocados have a high market demand due to their nutritious nature and many applications. In the supermarket channel, the popular one is Class I Hass avocados. This main segment mostly concerns the Hass variety with standard retail requirements with certification and low pesticide residues.
Europe is dominated by Peruvian producers with an abundant supply of Hass avocados during summer. In the European winter, in Spain, Chile, Mexico, and Israel, Hass avocado dominates the market. Hass avocados are most in-demand in Europe due to their excellent ripening characteristics.
Hass avocados grown organically are especially popular in Germany. Avocados that are ready to eat are particularly popular in end markets that have a strong demand for convenience foods, such as northern Europe. The major Hass avocado end markets are France and the United Kingdom, with the Netherlands and Scandinavian nations having the greatest per capita consumption.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5 MARKET SEGMENTATION
6 MARKET OPPORTUNITIES AND FUTURE TRENDS
7 AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET
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