The global macadamia market was worth USD 1.53 billion in 2022, and it is predicted to increase at a CAGR of 11.2 percent from 2022 to 2032. In 2017, processed macadamia was worth USD 741.7 million.
The nutritional profile of macadamia nuts has piqued consumer interest in recent years. The market for macadamia nuts has a positive development forecast for the next few years, thanks to the increased consumption of dried fruits and nuts. According to a recent study report published by Future Market Insights, the global macadamia market is expected to grow at a CAGR of 7.5 percent during the next ten years, from 2022 to 2032. However, a high price point, along with the availability of a variety of products, has long been a barrier to mass adoption.
The food processing industry, which exploits the nut as an inventive component in ice creams and snacks, accounts for roughly 35% of total global macadamia consumption. The study also identifies a host of prospects in the food processing sector that are projected to boost industry growth. Product innovation and increased sales of processed food categories such as snacks and ice cream have been identified as two of the most important drivers driving the macadamia market’s success globally. According to Future Market Insights (FMI) recently released report, ‘Macadamia Market’: Global Industry Analysis 2013-2017 and Opportunity,’ the US$ 2.23 billion macadamia market is projected to be driven by increased customer preference for vegan food products.
Spike in Consumption Rate to be Witnessed by Developing Economies in MEA & APEJ
North America has been the leading producer and consumer of tree nuts, with MEA and APEJ following closely behind. While North America is expected to be a major market for macadamia nuts, MEA is expected to remain the most important regional market, with the greatest consumption volume and value throughout the forecast period. The enormous potential for macadamia nut processes in the South African region is largely responsible for this expansion. With the increased demand for size and quality, South Africa is thought to be a significant market, pushing the prospects for MEA. China’s demand for and consumption of macadamia nuts is rapidly increasing, having a significant impact on the market.
New Application Areas Debut, Creating Attractive Growth Prospects
According to research, eating nuts is linked to a lower risk of obesity and metabolic syndrome, which will lead to an increase in tree nut intake, especially macadamia. Furthermore, macadamia nuts’ Omega 7 oil concentration is likely to open up new potential end uses such as anti-aging cosmetics. The economies of Europe and Asia are likely to boost demand for macadamia-based cosmetics in the foreseeable future.
New Product Launches & Impactful Product Promotion to be the Key to Market Expansion
According to the report, the majority of manufacturers are looking to expand into new areas. While the acquisition of major regional businesses is predicted to be a key to regional footprint expansion, leading market players will also continue to focus on expanding their brand portfolio and enhancing their distribution networks. Manufacturers’ key priorities are expected to be product promotion and consumer awareness. In addition, corporations are merging to get access to crucial international markets. To meet the rapidly growing demand for macadamia goods, several players are increasing their manufacturing capacity. As key players in the global macadamia market focus more on novel product development and inventive product launches, key manufacturing businesses in the macadamia market are projected to prioritize online (social media) marketing.