Australia Walnut Market Size: Insights and Growth Projections for 2024 and Beyond
Mayank Singhania
Senior Digital Marketing Analyst at EMR Business Solutions LLP (Expert Market Research)
According to the report by Expert Market Research (EMR), the Australia walnut market size reached a value of USD 26.5 million in 2023. Aided by the rising awareness of the health benefits associated with walnut consumption, including heart health, weight management, and diabetes control, the market is projected to further grow at a CAGR of 4.1% between 2024 and 2032 to reach a value of USD 38.3 million by 2032.
Australia’s walnut sector has seen significant advancements in production techniques, which have improved yield and quality, helping to meet both domestic and international demand. The country's climate and geographical conditions are favourable for walnut cultivation, supporting the expansion of walnut orchards across various regions.
As per the Australian walnut market analysis, according to the Australian Nut Industry Council, the farm-gate value reached USD 60 million in 2022, while the export value was approximately USD 25 million. The production of walnuts and kernels in Australia amounted to 6,500 tonnes in 2021, as reported by the council. Furthermore, the annual domestic consumption of walnuts in Australia in 2022 was estimated to be between 600 and 800 tonnes in shell, along with 4,900 tonnes of kernel. This significant consumption contributed to the growth of the walnut market in Australia.
Growing consumer awareness about the health benefits of nuts, particularly walnuts, is a major driver for the Australia walnut market growth. Walnuts are rich in omega-3 fatty acids, antioxidants, and fibre, making them a popular choice among health-conscious consumers.
The expansion of retail availability in supermarkets, health food stores, and online platforms has made walnuts more accessible to a wider audience. This ease of availability is supporting the growth of the walnut market.
The use of walnuts in various food products such as bakery goods, confectioneries, and dairy products is expanding. Innovative product offerings that incorporate walnuts are attracting new customers and creating additional market opportunities, consequently driving up the Australia walnut market share.
Australia's strategic location in the Asia-Pacific region offers significant export opportunities, particularly to countries like China and India, where demand for premium quality walnuts is increasing. Supportive government policies and initiatives by agricultural bodies are promoting the cultivation and export of walnuts. Research and development into better farming practices and pest management are further aiding the market growth.
English Walnuts are recognised for their easy cracking, subtle taste suitable for a variety of dishes, rich nutritional value, adaptability in different products, and strong presence in the market. This leads to a stable demand, benefiting growers. Black Walnut, on the other hand, is highly esteemed for its high-quality wood used in furniture and flooring. Its nuts have a unique flavour highly valued in cooking.
Along with its medicinal properties and decorative appeal, it offers growers profitable returns. The Australian walnut sector has seen significant growth in recent years, driven by the expansion of large-scale commercial plantations. Key production areas include Tasmania's east coast, the Goulburn Valley near Shepparton, and the Murray Irrigation region around Kerang and Swan Hill in Victoria.
Victoria, particularly the regions along the Murray River such as Sunraysia, is one of the leading areas for walnut production in Australia. The climate is favourable for walnut cultivation, offering cool winters and warm summers that are ideal for optimal nut development. There is a strong focus on sustainable and organic farming practices among growers in this region, responding to consumer demands for environmentally friendly and healthy products, leading to Australia walnut market expansion. Expansion of organic walnut production and the introduction of advanced irrigation technologies could help in increasing yield and quality, catering to both domestic and international markets.
Market Segmentation ?
The market can be divided based on the type, product, form, nature, end use, and region
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Market Breakup by Type
Market Breakup by Product
Market Breakup by Form
Market Breakup by Nature
Market Breakup by End Use
Market Breakup by Region
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Australia walnut market. Some of the major players explored in the report by Expert Market Research are as follows: