PUBLISHER: Allied Market Research | PRODUCT CODE: 1193168
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193168
The guacamole market size was $852.3 million in 2021 and is expected to reach $1,464.9 million by 2031, registering a CAGR of 5.8% from 2022 to 2031.
Guacamole is a thick or semi-liquid mixture made from the avocado fruit, diced tomatoes, onions, chili peppers, and seasoning. Guacamole is a typical Mexican dip or spread that was first developed by the Aztec civilization. Due to guacamole's widespread use in global cuisine as a result of globalization, guacamole's demand has significantly increased. Guacamole's main ingredient, the avocado, is a rich source of lipids, vitamins, and minerals.
Guacamole has spread over the world from its home in Mexico as a result of the quickening pace of globalization. The inclusion of guacamole in various international cuisines is now accepted. As a result, guacamole demand has increased. The expansion of the global fast food industry is also boosting the growth of the guacamole market as guacamole is used as a dressing and dip in the fast food sector. Guacamole's client base has expanded from its traditional markets in North America to various European and Asian countries as a result of the greater global integration. The market for guacamole is expanding as a result of changing dietary preferences toward plant-based food items like salad dressings and growing social media penetration.
The guacamole market is segmented on the basis of end-user, packaging, distribution channel, and region. As per end-user, the market is classified into food processing industry, food service industry, and households. By packaging, the market is divided into glass bottles, plastic containers, and stand-up pouches. Depending on the distribution channel, the market is categorized into business to business, supermarket and hypermarket, convenience stores, specialty stores, and online stores. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The North America guacamole market had a major share in 2021 and is projected to grow during the forecast period. The Hispanic population in the U.S is growing at the second-highest rate in the region 2.0% each year. 58 million people made up this population as of 2016, according to the U.S. Census Bureau. This group is thought to be the biggest consumer of avocados and guacamole.
However, due to high price of avocados, the middle class cannot afford them, which presents a serious challenge to the guacamole business. Customers usually think avocados are perishable to buy them, which makes attempts to boost consumer acceptance more difficult. Although, there is a high demand for avocados, sustaining supplies and managing a highly perishable item with a limited shelf life and the potential to cause food waste are some problems that the guacamole market is facing. Thus, such factors are restraining the market growth.
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. Some of the key players in the guacamole market industry include, Avoking, Calavo Growers, Inc., Casa Sanchez SF, Hormel Foods Corporation, Sabra Dipping Co., LLC, Salud Foodgroup Europe b.v, Snowcrest, Westfalia Fruit Ltd, Woolworths Group ltd., and Landec Corporation.
Key Benefits For Stakeholders
By Distribution Channel
By End User Industry
By Packaging
By Region