Global Macadamia Market Segment and Forecast: Market Size is Expected to Reach $2108.47 Million by 2029
According?to?Global?Market?Monitor,?the global macadamia market size will reach $1237.08 million in 2024 and is expected to grow to $2108.47 million by 2029.?
Macadamia is native to Australia and belongs to the family Asparagus, a nut plant, and an evergreen tree.
Australia Macadamia Market Status
According to the Australian Macadamia Society, more than 700 growers spread over three states in Australia and produce approximately 50,000 metric tons per year. 70% of the macadamia harvest is exported to more than 40 nations. The major export markets are Japan, Korea, Taiwan, China, Europe, and North America. Macadamias are Australia's fourth largest horticultural export. Changing consumer preferences for nutritious diets, coupled with the growing importance of macadamia nuts in the international market, are likely to drive demand for macadamia nuts. Consequently, the investment by growers in research and development is increasing production, thereby improving the export market and contributing to the market growth during the forecast period.
Related Market Research Report: 2023 Global Macadamia Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast
Industry Leading Players Researched in this Report Are:
The Demand for Macadamia Continue to Grow
As consumers become more aware of healthy eating, they have increased demand for the nuts food. In China, countries such as Japan and India are driving the growth of the macadamia market by raising dietary health awareness and increasing key factors such as dried fruit and nut consumption. The rapid expansion of the vegan population in Europe, such as the Netherlands, Germany, and the burgeoning innovative vegetarian products on the market, coupled with the growing development of Australian green farms and macadamia processing technology and processes, are expected to create opportunities for macadamia market.
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With the rapid development of e-commerce, the expansion of various global shopping platforms, the development of logistics business, consumers' choices are no longer limited to local products, which is conducive to the sales growth of macadamia nuts. The growing interest in social media and the increase in promotional activities are among the main trends behind the growth of the macadamia market. Since most consumers are active on social media, manufacturers are using social media channels to promote and promote their products and expand to a wider consumer base. Social media events, such as attractive offerings during festivals and events, will help manufacturers increase consumer awareness and acceptance of their products. These factors are expected to provide opportunities for the macadamia market.
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Macadamia trees are usually grown and harvested in tropical climates. Thus, the production of macadamia nuts to the extent that will meet its increasing demand is not possible as they are difficult to propagate, limited in the range of cultivability, and slow to bear. This, in turn, makes the final product costly and hence is expected to restrain the growth of the macadamia market during the forecast period.
Market Segmentation by Classification
Original Taste segment accounted for the largest market share in 2023.
Market Segmentation by End-Users
The food and beverage industry segment occupied the biggest share.
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