The macadamia market size was estimated at USD 1.3 Billion in 2022, expected to reach USD 3.7 Billion in 2032 and it is anticipated to rise at a CAGR of 11.2% from 2022 to 2032. In 2017, processed macadamia generated 741.7 million US dollars.
The excellent nutritional profile of macadamia has piqued consumer interest in recent years. With the increased consumption of dried fruits and nuts, the market for macadamia nuts is expected to rise rapidly in the next years. According to a recent research analysis published by Future Market Insights, the worldwide macadamia market is expected to grow at a CAGR of 7.5% over a 10-year forecast period, 2022-2032. However, the high price point, along with the availability of a variety of cheaper tree nut product competitors, has long been a barrier to broad usage.
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Of the total global macadamia consumption, around 35% is being registered by the food processing industry that uses the nut as an innovative ingredient in ice creams and snacks. The research also highlights a slew of opportunities that exist in the food processing segment, which are expected to provide an impetus to market growth. Product innovation and boosting sales of processed food segments such as snacks and ice-cream have been identified to be among the most prominent factors pushing the performance of macadamia market, worldwide. The US$ 2.23 billion macadamia market is likely to witness a prominent drive by growing consumer preference for vegan food products, as depicted in Future Market Insights’ (FMI) recently released report, titled ‘Macadamia Market’: Global Industry Analysis 2013-2017 and Opportunity Assessment 2022-2032.’
Spike in Consumption Rate to be Witnessed by Developing Economies in MEA & APEJ
North America has been the top producer as well as consumer of tree nut, followed by MEA and APEJ. While North America is presumed to remain one of the key markets for macadamia, MEA is believed to remain a dominant regional market – registering the highest consumption volume as well as value throughout the projection period. This growth is highly attributed to incredible opportunities for macadamia nut procedures in South African region. The global macadamia market is now a buyer negotiated space and with growing demand for size and quality, South Africa is believed to be a key market, eventually pushing the prospects for MEA. The demand and consumption of macadamia nuts in China is growing at a rapid pace, which is strongly influencing the market performance in Asia Pacific.
New Application Areas Debut, Creating Attractive Growth Prospects
Research findings indicate that consumption of nuts has been strongly associated with a relatively lower risk of obesity and metabolic syndrome, which will trigger a proliferating trend of increased consumption of tree nuts, including macadamia. Moreover, the Omega 7 oil content of macadamia nuts is likely to unlock new target end uses such as anti-aging cosmetics. European and Asian economies are expected to raise substantial demand for macadamia-based cosmetic products in near future.
New Product Launches & Impactful Product Promotion to be the Key to Market Expansion
A majority of manufacturers are targeting new markets for expansion, as suggested by the research. While acquisition of prominent regional players is expected to be a key to regional footprint expansion, enhancement of brand portfolio and strengthening of distribution network will also remain among the prominent strategies adopted by leading players in the market. Product promotion and consumer awareness are foreseen to be the top-of-mind priorities for manufacturers.
In addition, companies are also striving to enter key international markets through mergers. Several players are enhancing their production capacity to cater to rapidly growing demand for macadamia products. As key participants in the global macadamia market concentrate more on novel product development and innovative product launches, online (social media) marketing is expected to be on the priority for key manufacturing companies in macadamia market.
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The market has been segmented as below :
By Nature :
- Organic
- Conventional
By Form :
- Raw
- Processed
- Oil
By End Use :
- Residential
- Commercial
- Industrial
- Food Industry
- Confectionery
- Bakery
- Dairy
- Snacks
- Others
- Cosmetic and Personal Care
By Distribution Channel :
- Direct
- Indirect
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