Macadamia nuts are gaining wide acceptance for the production of plant-based spread, dressing, butter, ice cream, and yogurt, and as an ingredient in the confectionery and bakery industry. Organic macadamia nuts are anticipated to witness faster growth during the forecast period. Europe is anticipated to witness the fastest CAGR of 12.1% during the forecast period.
Newark, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to The Brainy Insights, the macadamia nuts market is growing at a CAGR of 10.9% from 2022-2030. Globalization is inspiring consumers in various parts of the world to try rich-flavored nuts like macadamia nuts apart from regular nuts such as almonds, cashews, and walnuts.
Consumers have become more interested in the rich buttery and creamy flavor of macadamia nuts. Thus, key players in the snacks, bakery, and confectionery market are launching an increasing number of products, such as toppings, with macadamia nuts as a key ingredient, in the market.
Another factor driving the macadamia nut market is increasing consumer spending on healthy food as they shift toward a better and healthier lifestyle. According to data published by the US Bureau of Labor Statistics, people in the US are significantly increasing their spending on food. A large section of the population is shifting toward veganism and vegetarianism due to increasing awareness regarding animal cruelty and climate change.
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For macadamias, the projected increase in production will contribute to higher exports and more domestic consumption in the coming years. Furthermore, increases in production and exports are expected in subsequent years due to continued growth in tree plantings coming into production across the country. According to the Australian Macadamia Society, interest in the macadamia nuts sector over the last decade is evident from the growth in area planted, from 18,000 ha in 2011 to 26,000 ha in 2019.
Macadamia nuts oil is much healthier than canola oil and olive oil, and many consumers believe that it has a better taste. Furthermore, macadamia nut oil has a higher smoke point than other oils, such as olive oil, which makes it a better cooking oil at higher temperatures without losing its flavor and nutritional properties. Hence, macadamia nuts oil is the next big thing that the world is looking for in the cooking oil segment. These are some of the growth opportunities for the macadamia nuts market over the forecast period.
Key Players