Categories: Food & Beverages

Macadamia Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Macadamia Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Macadamia Global Market Report 2024, The macadamia market size has grown rapidly in recent years. It will grow from $1.24 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to growing consumer awareness, rising health consciousness, globalization of trade, culinary trends and applications, expansion of macadamia cultivation.

The macadamia market size is expected to see rapid growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to increased disposable income, expansion of retail channels, shift towards plant-based diets, innovative product development, sustainable and ethical practices, diversification of applications. Major trends in the forecast period include emergence of new macadamia product varieties, integration into healthy and premium snack categories, focus on macadamia oil and culinary applications, product innovation in macadamia-based foods, premiumization and positioning as a superfood.

The increasing consumption of nuts and dried fruits is expected to propel the growth of the macadamia market going forward. Nuts and dried fruits encompass a variety of edible plant-based products, including seeds and fruits that have been dehydrated, offering a concentrated source of nutrients, flavors, and textures commonly consumed as a healthy snack or utilized in culinary preparations. Macadamia nuts and dried fruits provide numerous health benefits, including essential nutrients, promoting heart health, aiding in weight management, and contributing to overall well-being. For instance, in May 2023, according to the International Nut and Dried Fruit Council Foundation, a Spain-based not-for-profit organization, global tree nut production increased by 15.2%, reaching over 5.46 million metric tons in season 2020–2021, up from 4.65 million metric tons in 2019–20. Therefore, the increasing consumption of nuts and dried fruits will drive the future macadamia market.

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The macadamia market covered in this report is segmented –

1) By Nature: Organic, Conventional

2) By Form: Raw, Processed, Oil

3) By Distribution Channel: Direct, Indirect

4) By End Use: Residential, Commercial, Industrial, Food Industry, Cosmetic And Personal Care

Innovation in organic based products are a key trend gaining popularity in the macadamia market. Major companies operating in the macadamia market are focused on introducing innovative products to sustain their position in the market. For instance, in February 2023, PlantBaby, a US-based food and beverage company, launched Mac Nut Kiki Milk, the first all-organic and clean-label macadamia nut milk. Mac Nut Kiki Milk, available in shelf-stable 32-oz. cartons, is made entirely with organic whole foods and superfoods, and each serving has more macadamia nuts than its competitors. Mac Nut Kiki Milk is wholly organic and free of common allergens like soy and gluten, seed oils, gums, refined sugars, and artificial and natural flavors, like all other PlantBaby products.

The macadamia market report table of contents includes: