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(Health-NewsWire.Net, June 28, 2021 ) Global Macadamia Market size is estimated to reach $2.17 Billion by 2026, growing at a CAGR of 9.2% during the forecast period 2021-2026. Macadamia is a genus of four species of trees indigenous to Australia and is a constituting part of the family Proteaceae. Macadamia nuts are round and have a leathery and thick husk that splits alongside during the ripening process. Macadamia nut is considered as a valuable food crop and is a rich source of essential nutrients. Increase in the demand for macadamia in food and beverages and cosmetic industry, growing awareness about the health benefits of nuts and dried fruits, increase in the government initiatives, growing demand for macadamia oil in the pharmaceutical industry and increase in the demand for natural products are the factors that are set to drive the growth of the global market for the forecast period 2021-2026.
Global Macadamia Market Segment Analysis - By Product Type
The Global Macadamia Market based on the Product Type can be further segmented into Raw, Roasted and Coated. The Raw segment held the largest share in 2020 owing to its cost-effectiveness. Raw macadamia is widely being used for the preparation of skin rejuvenating and moisturizing products and is also an important ingredient in various dishes. The growing demand for raw macadamia in food and beverages industry is driving the growth of the market. Coated segment is estimated to be the fastest growing segment with a CAGR of 9.7% during the forecast period 2021-2026. This is owing to the growing demand for coated macadamia in chocolate, honey and caramel products.
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Global Macadamia Market Segment Analysis - By Distribution Channel
The Global Macadamia Market based on the Distribution Channel can be further segmented into Supermarkets, Online Stores, Convenience Stores, and Others. Supermarkets segment held the largest share in 2020 owing to the factors such as increase in the investment by the major players, growing demand for convenience foods and one-stop shopping experience. The easy availability of choice of flavor and trustworthiness in the supermarkets is propelling the growth of the market. Online Stores is estimated to be the fastest growing segment owing to the factors such as advancements in technology, growing inclination towards sedentary lifestyle and rise in the disposable income of individuals.
Global Macadamia Market Segment Analysis - By Geography
The Global Macadamia Market based on the Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of World (ROW). Asia-Pacific held the largest share of 32.4% of market in 2020. The growth in this segment is owing to the factors such as growing inclination towards healthier lifestyles, increase in the consumption of macadamia in countries like China, Japan and South Korea and growing demand for natural products. The growing demand for macadamia in the cosmetic industry in the region is driving the growth of the market. Europe is estimated to be the fastest growing segment owing to the factors such as increase in the investment by the major players, growing government initiatives, rise in the awareness about the health benefits of nuts and dried fruits and growing demand for macadamia in the food and beverages industry.
Global Macadamia Market Drivers
Increase in the demand for macadamia in the cosmetic industry
There is a rapid increase in the demand for macadamia in the cosmetic industry owing to its softening effect. It quickly penetrates the epidermal of the skin and also became an essential component of various skin care, moisturizing and anti-aging products, which is propelling the growth of the Macadamia Market.
Growing awareness regarding the benefits of nuts and dried fruits
The growing awareness regarding the benefits of nuts and dried fruits is one of the major factors driving the growth of the market. Macadamia is a rich source of numerous essential nutrients and is also known to lower heart disease risks, which is making the customers attract towards macadamia nuts.
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Global Macadamia Market Challenges
Fluctuations in the supply
Increase in the crop losses, especially in the developing nations have led to fluctuations in the supply of macadamia nuts. This further led to increase in the price of macadamia nuts, which is one of the major factors that is estimated to reduce the growth of the Macadamia Market.
Global Macadamia Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Macadamia Market. Key companies of this market are Buderim Group Limited, Hamakua Macadamia Nut Company, Hawaiian Macadamia Nut Orchards, L.P., North Shore Macadamia Nut Company, Makua Coffee, Superior Nut Company Inc, T.M. WARD COFFEE COMPANY, MacFarms, Nambucca Macnuts Ltd, and Kenya Nut Company Ltd among others.
Acquisitions/Product Launches:
In 2020, Hawaiian Macadamia Nut Orchards has launched a new 24-oz bag of sea salt macadamia nuts to provide a healthy snacking option for those spending quality time with loved ones at home.
In 2019, MacFarms has launched a new lineup of the on-go confectionery snack, which combine the rich and butterfly flavor of sustainably grown macadamia nuts with dark chocolate, caramel and coconut candy coatings.
Key Takeaways
Geographically, Asia-pacific Macadamia Market accounted for the highest revenue share in 2020 and it is poised to dominate during the forecast period 2021-2026 owing to the growing demand for macadamia in the cosmetic industry.
The growing demand for raw macadamia in the food and beverages industry is propelling the demand for raw segment.
Fluctuations in the supply of macadamia is one of the major factors which is said to reduce the growth of Macadamia Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Macadamia Market report.
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