Macadamia Nut Industry Overview
The global macadamia nut market size is expected to reach USD 2.95 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.7% from 2021 to 2028. Macadamia nuts are an Australian native nut. These nuts are the fruits of the macadamia tree, which can be found in eastern Australia. These lustrous nuts have a leathery outer shell and are around 1 inch in diameter. Macadamia nuts are mostly farmed in Australia, but they are also grown commercially in Hawaii and, to a lesser extent, Florida and California.
With the growing importance of healthy eating, the market is growing at a faster rate, and consumers are increasingly adopting nuts as a healthy snack option and incorporating them into their daily meals. Furthermore, organic macadamia is becoming more popular with the increased demand primarily coming from European countries. The growing public knowledge of the health advantages of nuts and dried fruits has been a key factor in the market expansion.
Macadamia Nut Market Segmentation
Grand View Research has segmented the global macadamia nut market on the basis of processing, product, distribution channel, and region:
Based on the Product Insights, the market is segmented into Raw, Roasted, and Coated.
- In terms of value, raw macadamia nut dominated the market with a share of 46.3% in 2020.
- The health benefits of macadamia nuts are propelling their widespread adoption.
- Because of their high-fat content, macadamias have become increasingly popular.
Based on the Processing Insights, the market is segmented into Conventional and Organic.
- The conventional segment led the market and accounted for a share of 80.4% in 2020. These macadamia nuts are budget-friendly for consumers and also much more readily available in comparison to their organic counterparts.
- The shifting consumer preference toward healthier snacking options has been boosting the demand for conventional macadamia nuts over the world.
- Other than snacks, nuts have gained significant utilization in food items, such as spreads, butter, and ice cream toppings.
- Furthermore, the growing trend of veganism is expected to have a positive impact on the market growth as macadamia nuts are a plant-based source of protein. This factor will further drive the demand for the product in the upcoming years.
Based on the Distribution Channel Insights, the market is segmented into Online, and Offline.
- The offline sector is booming, thanks to supermarkets' home delivery and click-and-collect services, which are luring customers to this channel.
- In addition, the number of convenience stores in strategic places has increased to better serve busy consumers looking for a quick bite to eat.
- The online sector is expected to expand at the fastest growth rate of 11.6% from 2021 to 2028.
- Several value-added services given by e-retailers, such as discounted prices, cash-on-delivery, and cash-backs, are predicted to boost the growth of the online channel in the future years.
Macadamia Nut Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World
Key Companies Profile & Market Share Insights
To achieve a competitive advantage, companies have implemented numerous growth tactics such as mergers and acquisitions, capacity expansions, online presence strengthening, and new product releases. For example, Health and Plant Protein Group Limited announced ambitions to enter the fast-growing plant-based food alternatives industry in February 2021. The company is solely focused on the production and sale of macadamia nuts and the plant-based food market as a whole in order to make a more informed investment in macadamia nuts.
The market for macadamia nuts has benefited from advances and innovative strategies. Several product debuts in recent years have broadened the industry's consumer base while also increasing market competitiveness. For instance, General Mills brand HäagenDazs produces ice cream made from macadamia nuts and has recently expanded its reach to the Asia Pacific.
Some prominent players in the global macadamia nut market include:
- Hawaiian Host Group
- Health and Plant Protein Group Limited
- Superior Nut Company, Inc.
- Hamakua Macadamia Nut Company
- North Shore Macadamia Nut Company
- M. Ward Coffee Company
- Makua Coffee
- Mac's Nut Co. of Hawaii
Order a free sample PDF of the Macadamia Nut Market Intelligence Study, published by Grand View Research.
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