(MENAFN- GetNews) The global macadamia nut market size was valued at USD 1.17 billion in 2019 and is expected to grow at a compounded annual growth rate (CAGR) of 9.2% from 2020 to 2027. Rising adoption of nut and dried fruits in regular diet across the world has been propelling the market growth.
The global macadamia nut market size is expected to reach USD 2.36 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.2% from 2020 to 2027. Growing importance of on-the-go snacking options among millennials as a result of new product launches by companies and increasing awareness regarding healthy diet are expected to have a positive impact on the industry growth. Furthermore, growing popularity of tree nut as sources of dietary fiber, which helps the individuals in ensuring proper weight management, is expected to expand the market scope in the near future.
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Over the past few years, manufacturers have been launching new products in order to gain a competitive edge in the market. For instance, in October 2019, Royal Hawaiian Orchards launched a salted roasted variety of macadamia nut. The product was launched in Honda Center and The Rinks' ice-skating centers and is especially targeted towards Anaheim Ducks' hockey fans. The company considers the product to evolve as a viable mid-game snack. These are rice in protein and are available around the stadium in convenient packages and various flavors. The company is known to have partnered with Anaheim Ducks. The company is taking up strategies to leverage the fact that macadamia nut make a heart healthy snack among its consumers. These products can also be found in Sierra Nevada Draught House and Wine Club.
The consumption of these products is also expected to witness growth owing to health benefits associated with it. In July 2017, Food and Drug Administration declared macadamia nut heart healthy. Furthermore, China has evolved as one of the major producers of the nut. According to the discussions held in China International Tree Nut Conference 2018, China is poised to become the largest producer of these nut by 2022. The chairman of Sino-Australian Agricultural Technology Development Company predicted that by 2022, China is expected to produce 190,000 tons of macadamia, which is around half the global production.
Key suggestions from the report:
- Based on processing, the conventional segment accounted for the largest share of 80.0% in 2019. The product dominates the market as it was among the first powder variants to be introduced in the market and it enjoys the first mover advantage
- The organic processing segment is expected to register the fastest CAGR of 10.2% from 2020 to 2027. The surge in the product demand is mostly due to increasing awareness regarding the benefits pertaining to organic food
- Raw products led the market and accounted for more than 50.0% share of the global revenue in 2019. These are widely used in the food and beverage, cosmetic, and pharmaceutical industries
- Coated products are expected to register the fastest CAGR of 10.2% from 2020 to 2027. The variety has been evolving as a popular confectionary among people of all ages, especially children.
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Grand View Research has segmented the global macadamia nut market on the basis of processing , product , distribution channel , and region :
Macadamia Nut Processing Outlook (Revenue, USD Million, 2016 - 2027)
Macadamia Nut Product Outlook (Revenue, USD Million, 2016 - 2027)
Macadamia Nut Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Macadamia Nut Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Rest of the World
List of Key Players of Macadamia Nut Market
- Hawaiian Macadamia Nut Orchards, L.P.
- Buderim Group Limited
- Hamakua Macadamia Nut Company
- Mac's Nut Co. of Hawaii
- North Shore Macadamia Nut Company
- Superior Nut Company, Inc.
- Hawaiian Macadamia Nut Company
- Makua Coffee
- T.M. WARD COFFEE COMPANY
Find more research reports on Consumer F & B Industry, by Grand View Research:
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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