The global consumption of macadamia has increased to 78% over last one decade, primarily driven by significantly rising consumption of nuts and dried fruits.
Valley Cottage, NY -- (SBWIRE) -- 12/07/2018 -- Macadamia's beneficial nutritional profile has been captivating consumer interest in recent years. With fostering consumption of dried fruits and nuts, the market for macadamia nuts also holds an optimistic growth outlook for the next few years. As indicated by a recent research report released by Future Market Insights, the global market for macadamia is foreseen to expand at a CAGR of 7.5% over a 10-year projection period, 2018-2028. However, high price point remains a longstanding barrier to widespread consumption, coupled with availability of a range of cheaper tree nut product alternatives.
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Of the total global macadamia consumption, around 35% is being registered by the food processing industry that uses the nut as an innovative ingredient in ice creams and snacks. The research also highlights a slew of opportunities that exist in the food processing segment, which are expected to provide an impetus to market growth. Product innovation and boosting sales of processed food segments such as snacks and ice-cream have been identified to be among the most prominent factors pushing the performance of macadamia market, worldwide. The US$ 2.23 billion macadamia market is likely to witness a prominent drive by growing consumer preference for vegan food products, as depicted in Future Market Insights' (FMI) recently released report, titled 'Macadamia Market': Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028.'
Spike in Consumption Rate to be Witnessed by Developing Economies in MEA & APEJ
North America has been the top producer as well as consumer of tree nut, followed by MEA and APEJ. While North America is presumed to remain one of the key markets for macadamia, MEA is believed to remain a dominant regional market - registering the highest consumption volume as well as value throughout the projection period. This growth is highly attributed to incredible opportunities for macadamia nut procedures in South African region. The global macadamia market is now a buyer negotiated space and with growing demand for size and quality, South Africa is believed to be a key market, eventually pushing the prospects for MEA. The demand and consumption of macadamia nuts in China is growing at a rapid pace, which is strongly influencing the market performance in Asia Pacific.
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New Application Areas Debut, Creating Attractive Growth Prospects
Research findings indicate that consumption of nuts has been strongly associated with a relatively lower risk of obesity and metabolic syndrome, which will trigger a proliferating trend of increased consumption of tree nuts, including macadamia. Moreover, the Omega 7 oil content of macadamia nuts is likely to unlock new target end uses such as anti-aging cosmetics. European and Asian economies are expected to raise substantial demand for macadamia-based cosmetic products in near future.
New Product Launches & Impactful Product Promotion to be the Key to Market Expansion
A majority of manufacturers are targeting new markets for expansion, as suggested by the research. While acquisition of prominent regional players is expected to be a key to regional footprint expansion, enhancement of brand portfolio and strengthening of distribution network will also remain among the prominent strategies adopted by leading players in the market. Product promotion and consumer awareness are foreseen to be the top-of-mind priorities for manufacturers.
In addition, companies are also striving to enter key international markets through mergers. Several players are enhancing their production capacity to cater to rapidly growing demand for macadamia products. As key participants in the global macadamia market concentrate more on novel product development and innovative product launches, online (social media) marketing is expected to be on the priority for key manufacturing companies in macadamia market.
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Key Takeaways: Insights on Market Taxonomy
Easy availability and affordability enable conventional macadamia to remain a dominant product by nature. However, organic macadamia is likely to encounter with lucrative opportunities over 2018-2028, prominently in European and North American markets.
Raw and processed macadamia will continue to gain higher traction, as the demand from processed food industry prevails. The next decade will possibly see substantially growing demand for macadamia kernel.
In-shell nuts are witnessing significant demand from the food and beverages industry in developing regional markets, owing to advancement of processing activities.
Industrial sector, including food, dairy, bakery, confectionary, and snacks industry, will lead in terms of end use, while growing applications will uplift the residential sector through 2028.
Indirect sales are expected to be supported by growing macadamia consumption by food and cosmetics industries.