— Allied Market Research
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, September 22, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Macadamia Market,” The macadamia market size was valued at $1.1 billion in 2021, and is estimated to reach $2.9 billion by 2031, growing at a CAGR of 10.3% from 2022 to 2031.
The major players operating in the global macadamia industry include Buderim Ginger, Dr. Paul’s Kona Coffee Company, Eastern Produce, Golden macadamias, Hamakua Macadamia Nuts Company, Hawaiian Host Group, Makua Coffee Company, Marquis Group, MWT Foods, Nambucca Macnuts Pty Ltd., North Shore Macadamia Nut, Royal Macadamia (Pty) Ltd., Superior Nut Company, T.M. Ward Coffee Company, and Wondaree Macadamias Nuts.
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The global nut industry has witnessed a significant growth in the past decade. The macadamia nuts have gained a significant traction among the global consumers in the recent years. Macadamia is a tree nut derived from the macadamia trees. The rise in production and export-import levels of macadamia across the globe is showcasing the rapid surge in demand for the macadamia nuts across various industry verticals such as food, beverages, cosmetics, and pharmaceuticals.
Moreover, the development of innovative food products like popcorn and coconut using the macadamia-based ingredients is expected to gain consumer attention across the globe. Macadamia is a rich source of nutrients, monosaturated fats, and antioxidants that are beneficial for human health. The rise in awareness regarding the health benefits of macadamia among the consumers is expected to boost the consumption of macadamia and drive the global macadamia market growth during the forecast period.
The food & beverage segment is further divided into snacks, bakery & confectionery, beverages, desserts, and others. By nature, the market is segregated into organic and conventional. By distribution channel, it is divided into B2B and B2C. Region wise, the macadamia market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
As per the macadamia market forecast, based on form, the processed segment dominated the macadamia market accounting for around 82.5% of the macadamia market share in 2021. The rise in applications of macadamia nuts for producing various products such as edible oil, snacks, confectioneries, desserts, cosmetics, and bakeries has significantly fostered the demand for the processed macadamia across the globe.
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As per the macadamia market trends, depending on end use, the food & beverage segment dominated the market in 2021. This dominance is attributed to the huge applications of macadamia in the global food & beverage industry. Macadamia and macadamia-based ingredients witness increased adoption among the manufacturers of snacks, confectioneries, bakeries, desserts, and beverages. The natural presence of essential nutrients and monosaturated fats in macadamia makes it a healthy and desirable ingredient in a variety of food & beverage products.
Based on nature, the organic segment is estimated to be the fastest-growing segment, witnessing a CAGR of 11.1% during the forecast period. Organic macadamia is made from organically farmed macadamia nuts that are processed to prepare various food, beverages, and cosmetic products. Organic macadamia is gaining rapid momentum among consumers. According to Organic Trade Association (OTA), in year 2020-21, organic sales exceeded $63 billion, with total annual growth of $1.4 billion. Food sales, which accounted for more than 90% of organic sales, reached $57.5 billion (approximately 2% growth) and non-food sales reached $6.0 billion (7% growth) in the U.S.
Depending on the distribution channel, B2B segment dominated the global market, accounting for a market share of 84.4% in 2021. The rise in the adoption of macadamia oil and raw nuts in household kitchens to make different dishes is fueling the growth of the B2C segment and is expected to be the fastest-growing segment during the forecast period. The presence of the huge number of macadamia producers and the surge in demand for macadamia in the food & beverages and cosmetics industry has led to the significant growth of the B2B segment in the macadamia market.
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Asia-Pacific dominated the global macadamia market registering a revenue share of 42.8% in 2021, followed by North America with 37.8%. The huge demand, high consumption, and availability of macadamia in high volumes have led to the dominance of the Asia-Pacific in the global market. The market is expected to grow owing to the increasing usage of macadamia in food & beverage, pharmaceutical, and cosmetic industries. Along with these factors, the use of macadamia nuts as a gift in China during the Chinese New Year will also help the market is growing at a significant rate. China is the second and Australia is the third largest consumer of macadamia with consumption of 11,033 and 3,448 metric tons as per the International Nut & Dried Fruit Council.
Key Findings of the Study:
The global macadamia market size was valued at $1,106.6 million in 2021, and is estimated to reach $2,851.8 million by 2031, registering a CAGR of 10.3% from 2022 to 2031.
By form, the oil segment is estimated to witness the fastest growth, registering a CAGR of 11.6% during the forecast period.
By end use, the food & beverage segment was valued at $903.8 million in 2021, accounting for 81.7% of the global macadamia market share.
By region, in North America, the U.S. was the most prominent market in 2021, and is projected to reach $926.5 million by 2031, growing at a CAGR of 10.2% during the forecast period.
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