Macadamia Market to grow at a CAGR of 9.71% during 2024-2028
The Macadamia Market is expected to grow at a CAGR of 9.71% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 998.22 million. Macadamia nuts are gaining significant traction in the global food industry due to their versatility as an ingredient in various end-use applications. These applications include bakery and confectionery products, breakfast cereals, snacks, flavored drinks, and dairy products. The rising popularity of convenient and health-conscious food options, particularly among consumers following keto and vegan diets, is driving the demand for macadamia-based snacks. This trend is further bolstered by the nut's premium product image. New product launches, such as macadamia milk, are expected to fuel the growth of the macadamia market during the forecast period. The increasing consumer preference for clean-label, natural, and functional foods is also contributing to the market's expansion.
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Technavio analysts predict that the Conventional subsegment will lead the Type segment during 2024 and 2028 The conventional macadamia nut segment is poised for substantial expansion in the global market by 2023. Conventional macadamia nuts offer affordability and broad availability compared to sustainably grown or organic alternatives. These nuts typically boast a prolonged shelf life due to preservatives or other chemical treatments. The versatility of macadamia nuts in various applications, such as edible oil, snacks, confectioneries, desserts, cosmetics, and bakeries, fuels the rising demand for processed macadamia products worldwide. The burgeoning trend towards healthier snacking among consumers and heightened awareness of macadamia nuts' health benefits further bolster the conventional segment's growth prospects.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising popularity of vegan snacks among millennials
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Macadamia nuts, native to Queensland, Australia, have gained popularity in the food industry due to their unique flavor, versatility, and health benefits. These allergy-friendly nuts are free from common allergens like peanuts and tree nuts, making them a go-to option for those with dietary restrictions. However, negative associations with high prices and limited availability have hindered their widespread use. Despite these challenges, macadamias offer numerous health advantages. Rich in vitamins, proteins, and healthy fats, they provide essential nutrients for various dietary needs. Macadamia kernels and paste are used in both savory dishes and desserts, while baked goods and vegan diets benefit from their high protein content. Organic processing and conventional methods are used to produce macadamia nuts. Organic processing ensures no synthetic fertilizers or pesticides are used, while conventional methods may involve the use of these substances. Macadamia oil, extracted from the nuts, is another valuable product with numerous health advantages. Millennials, vegans, and those following protein-rich diets have embraced macadamias as a nutritious and flavorful addition to their meals. Macadamia nuts are not only a delicious ingredient but also a nutritional powerhouse. With their versatility and health benefits, macadamias are poised to become a staple in modern kitchens.
The global macadamia market is positioned within the larger context of the global food products segment of the food, beverage, and tobacco market, specifically the packaged foods and meats sector. According to Technavio's market analysis, this segment encompasses food processing vendors engaged in extending shelf life and eliminating microorganisms. The market size is determined by the consolidated revenue generated by the participating vendors, excluding those that manufacture food processing equipment or packaged alcoholic and non-alcoholic beverages, including mineral waters.
The Macadamia Market is experiencing significant growth, fueled by the rising popularity of vegan snacks among millennials. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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