The global macadamia nut market size was valued at USD 1.56 billion in 2022. It is estimated to reach USD 3.830 billion in 2031, growing at a CAGR of 10.50% over the forecast period (2023–2031). The increasing global demand for healthy snacks has been a significant driver of the macadamia nut market in recent years.
Macadamia is a genus of four native tree species in Australia that is part of the Proteaceae family of plants. The macadamia nut tree was first planted in central and southeast Queensland and northeastern New South Wales. Macadamia nuts may aid weight loss due to their high nutrient content. Protein, fiber, and other nutrients are all part of a healthy diet, and macadamia nuts are no exception.
Macadamia nuts contain the antioxidant tocotrienols. Tocotrienols may have strong anticancer effects, according to some previous research. Tocotrienol levels are high in macadamia nuts. The flavonoids found in macadamia nuts help neutralize free radicals in the body, which can help prevent cancer.
One of the main factors propelling the macadamia nut market in recent years has been the rising demand for nutritious snacks among consumers worldwide. The consumption of salted nuts as a healthful snack and macadamia nut butter and spreads is boosting the demand for macadamia nuts worldwide due to a rising customer preference for vegan diets. Consuming macadamia nuts is the optimal method for fulfilling one's daily protein and fat requirements without relying on any animal-based protein. This allows consumers to maintain their vegan diet without experiencing lactose intolerance. Moreover, macadamia nuts have been touted as a healthy alternative to salty foods like extruded snacks and crisps. Based on their nutritional qualities, macadamia nuts are also healthier than peanuts.
Consumers around the world have increasingly adopted a healthy lifestyle and have avoided the consumption of animal protein. With growing access to the internet, consumers today are a lot more informed and have been exploring their best options for a healthy diet, which indicates a significant shift in consumer preferences. According to Google Trends, "veganism," "weight loss," "healthy diet," and "protein" were some of the most searched words in 2019. Similarly, according to data published by the Centre for the Promotion of Imports from Developing Countries (CBI), in February 2021, consumers in European countries such as Germany, Italy, Spain, France, and the Netherlands are opting for healthier or lighter products as a substitute to traditional lunches. These changing consumer trends worldwide are anticipated to result in high demand for macadamia nuts over the forecast period.
Over the past few years, macadamia nuts have been included in various healthy foods and functional food products, such as macadamia fruit and nut bars, breakfast cereals, macadamia nut butter, nut bars, and chocolate products with macadamia nuts. Moreover, macadamia nuts are used as ice cream toppings.
Chefs in many parts of the world have been using macadamia nut oil in their cooking as this is reportedly more nutritious and has a higher smoke point than olive oil. Chefs also use this oil to enhance the taste of various cuisines and offer an enriched dining experience. This has been growing as a trend in the culinary world and is expected to fuel the demand for macadamia nuts over the forecast period.
Moreover, several culinary experts have been incorporating novel dishes made with macadamia nuts in order to entice customers. In November 2020, Chef Michael Nizzero collaborated with Curtis Pitts Deer Services to create a well-balanced venison dish garnished with macadamia nuts. The incorporation of macadamia nuts in various dishes provides a nourishing and distinctive element, prompting numerous chefs around the globe to widely embrace these nuts in their culinary practices.
Macadamia nuts are very time-consuming, as every region has its seasonal harvest. A macadamia tree can be harvested as many as seven times a year, and flowering and harvesting could occur simultaneously. This process takes a lot of time to produce many nuts in a year. The nuts also mature at different times of the year, and it takes four to six months for any tree to flower. This also elongates the harvesting process, leading to production uncertainty and a global price rise.
Moreover, the kernel is separated from the thick outer shell just before the sale, which makes it difficult to separate ripe, unripe, and overripe nuts. Immature and moldy/rotten nuts cause most crop loss. The time taken to harvest is very long, which also hampers the global production of macadamia nuts. These natural factors significantly restrain the macadamia nuts market and significantly widen the demand-supply gap.
Macadamia nuts are becoming increasingly popular owing to their high content of monounsaturated fats, around 78% to 86%. This fat is good for heart health, as it helps lower bad cholesterol and decreases the risk of heart disease and stroke. These nuts are the only food containing palmitoleic acid, a monounsaturated fatty acid that may speed up fat metabolism, thus reducing the body's ability to store fat. Due to their exceptional nutritional properties and high-fat content, these nuts are also utilized in cooking oil production. Therefore, top chefs around the world prefer macadamia nut oil.
Furthermore, macadamia nut oil is far healthier than canola and olive oil, and many consumers also think it tastes better. Macadamia nut oil has a greater smoke point than other oils like olive oil, making it a superior cooking oil at higher temperatures without losing its flavor and nutritional value. The future trend in the cooking oil industry currently in high demand worldwide is macadamia nut oil. Therefore, the macadamia nut market has promising growth prospects for the upcoming term.
| Study Period | 2019-2031 | CAGR | 10.5% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 1.56 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 3.83 Billion |
| Largest Market | Asia-Pacific | Fastest Growing Market | North America |
Region-wise, the global macadamia nut market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Asia-Pacific is the most significant global macadamia nut market shareholder and is estimated to exhibit a CAGR of 9.90% during the forecast period. The Asia-Pacific macadamia nut market is anticipated to be propelled by increasing consumer awareness of diets high in protein and minerals and rising consumption of tree nuts. Macadamia nut consumption has surged in China, Japan, Vietnam, Australia, South Korea, Malaysia, Thailand, and Singapore. Moreover, the increased inclusion of macadamia nuts in the typical diet of these nations is credited with this rising consumption. According to the International Nut & Dried Fruit Council (INC), in 2018, tree nut consumption in Asia-Pacific, excluding Oceania, accounted for 20% of the global consumption.
Other factors driving the Asia-Pacific macadamia nut market are the presence of young consumers with increasing spending capacity and rapidly growing regional economies. With the growing structured market share and the increasing application of macadamia nuts in the snacks, confectionery, and decorative topping food sector, the Asia-Pacific nut market is expected to grow steadily throughout the forecast period.
North America is estimated to grow at a CAGR of 10.60% during the forecast period. The growing penetration of dried fruits and nuts in people's diets across North America is expected to drive the North American macadamia nuts market. Additionally, the increasing obsession to lower fats from one's diet increases the consumption of tree nuts in North America. As per the World Health Organization's (WHO) nutrition research in North America in 2018, tree nuts provide important macro and micronutrients, including proteins, unsaturated fats, vitamins, and minerals. According to the International Nut & Dried Fruit Council (INC), in 2018, tree nut consumption in North America accounted for 23% of the global tree nut consumption.
Furthermore, North America accounted for 40% of the global share of tree nut production in 2019 and was the largest producer worldwide. The U.S. majorly drives the North American macadamia nut market because of the increasing preference for nutrients and protein sources across the country. Moreover, the growing per capita income and rising availability of macadamia nuts in the U.S. are expected to drive North America's macadamia nut market growth.
In Europe, the growing demand for macadamia nuts is attributed to the surge in the adoption of healthier snacking options and plant-based protein sources. In the last few years, Macadamia and other tree nuts have become very popular among European consumers. In Europe, macadamia nuts are majorly consumed as snacks. With consumers' growing interest in macadamia nuts, they are increasingly used to produce chocolate coating and butter and as a key component in confectionery products. According to INC., in 2018, Europe was the region with the highest tree nut consumption, accounting for 26% of consumption worldwide.
Furthermore, countries like the Netherlands, Germany, Belgium, and the U.K. are Europe's major macadamia nuts-producing countries. In 2019, macadamia nuts imported into Europe accounted for 9.9 thousand tons. Imports from developing countries to Europe increased by 500 tons in the last five years in terms of volume. In 2015, the imports from developing countries accounted for 4.6 thousand tonnes, which reached 5.1 thousand tons in 2019. Furthermore, the total European consumption of macadamia nuts was estimated at 6.5 thousand tons in 2019. All the above-mentioned developments drive regional growth.
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The global macadamia nut market is segmented by processing, product, and distribution channels.
Based on processing, the global macadamia nut market is categorized into conventional and organic.
The conventional segment dominates the global market and is predicted to grow at a CAGR of 10.30% during the forecast period. Consumers will find these macadamia nuts considerably more affordable and accessible than their organic cousins. Most domestic small-scale producers of conventional macadamia nuts can be found on the shelves of supermarkets and hypermarkets. The demand for traditional macadamia nuts has increased globally due to consumers' shifting preferences for healthier snack options.
Other than snacks, nuts have gained significant utilization in food items such as spreads, butter, and ice cream toppings. In countries such as the U.S., Australia, and Japan, nuts are mostly used as an ingredient, whereas in Europe, they are frequently consumed as snacks. Moreover, the rising trend of veganism is also expected to positively impact the market, 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 product, the global macadamia nut market has been further segmented into raw, roasted, and coated.
The raw segment owns the highest market share and is predicted to exhibit a CAGR of 10.20% during the forecast period. Raw macadamia nuts are primarily supplied to bakery and confectionery, snack, and other food processing industries. In recent years, macadamia butter has gained traction among consumers; hence, raw nuts are widely procured by plant-based butter and oil producers.
Every region has different uses for raw macadamia nuts. In Australia, Japan, and the U.S., raw nuts are used as key ingredients in cooking, while in Europe, these are widely consumed as snacks. The import of macadamia nuts in Europe is significantly increasing due to consumer demand for the product. These market trends foretell strong demand for raw macadamia nuts over the forecast period.
Based on distribution channels, the global macadamia nut market has been further segmented online and offline.
The offline segment dominates the global market and is estimated to grow at a CAGR of 10.40% during the forecast period. The high dependency of consumers on retail channels, the large number of consumers, and the easy availability of the product in these stores are factors driving the growth of the offline channel. Developed countries have a high density of retail grocery stores and small independent grocers where macadamia nuts are easily available. A rise in organized retail outlets like hypermarkets, supermarkets, convenience stores, and mixed retailers is expected to boost segment growth.
Many consumers prefer buying groceries from offline stores due to the shopping experience these stores offer. The ability to physically verify the products and expert assistance is a primary reason for the dominance of the offline distribution channel in the market. Home delivery and click-and-collect services offered by supermarkets have been attracting consumers to this channel. Moreover, the number of convenience stores has been increasing in strategic locations to serve busy consumers better, seeking the 'grab and go' option.
