New York, NY, July 11, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Macadamia Market by Application (Food Industry and Cosmetic Industry): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global macadamia market was valued at around USD 2.99 billion in 2017 and is expected to reach approximately USD 4.5 billion by 2024, growing at a CAGR of around 6% between 2018 and 2024.
Macadamia nuts are buttery flavored nuts obtained from macadamia tree. Macadamia nut trees are usually cultivated and harvested in the tropical climates of Brazil, Indonesia, New Zealand, Australia, South Africa, and Kenya. There are only two species of macadamia considered edible. Macadamia nuts contain a wide range of healthy nutrients such as protein, carbohydrates, niacin, thiamin, iron, riboflavin, and vitamin A. Macadamia nuts also possess anti-inflammatory, antimicrobial, and antioxidant properties.
Browse through 15 Tables & 10 Figures spread over 110 Pages and in-depth TOC on "Global Macadamia Market: Industry Type, Size, Share, Trends and Forecast 2016 – 2022”.
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The macadamia market is anticipated to witness substantial growth within the forecast period. The market is mainly driven by increasing demand for macadamia in the cosmetic industry. Owing to its high nutrient content it is widely used in the production of desserts, cookies, chocolates, cakes, and other confectionery products. This, in turn, is expected to boost the growth of the macadamia market during the forecast period. However, the production of macadamia nuts to the extent that will meet its increasing demand is not possible as they are difficult to propagate, limited in the range of cultivability, and slow to bear. This, in turn, makes the final product costly and hence is expected to restrain the growth of the macadamia market during the forecast period.
The market can be segmented on the basis of application in the cosmetic industry and food industry. In the cosmetic industry, macadamia is used to manufacture natural and organic cosmetic products. Oil of macadamia nut is non-volatile and delivers optimum benefits to hair, skin, and body. The high content of oleic acid and palmitoleic acid makes macadamia suitable for sun care creams and thick body lotion formulations. Owing to certain health benefits of macadamia nuts such as it helps in reducing the risks of heart diseases, fights against free radicals and cancer, increases metabolism and is a power supply of antioxidants and omega-6. It is used in the food industry to produce a wide range of confectionery and dairy products. Macadamia nuts are consumed in a variety of forms through diets, such as roasted nuts, organic nuts, salted nuts, chocolate covered nuts, macadamia flour, and dry nuts.
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Asia Pacific is currently the leading region in the macadamia market with a share of over 26% with respect to revenue generation in 2017. Key factors such as increasing health awareness and rising consumption of dried fruits and nuts through diet in countries such as China, Japan, and India are driving the growth of the macadamia market. Rapidly expanding vegan population coupled with increasing launches of innovative vegan products is anticipated to boost the growth of the macadamia market in this region.
Europe is expected to witness significant growth in the near future. This is mainly due to increasing imports of macadamia nuts in Europe. Growing health trend in the Netherlands and Germany coupled with growing markets in Eastern and Central Europe, and Baltic countries offer good opportunities for suppliers of developing countries. In 2016, macadamia nuts import was 9.5 thousand tonnes in terms of volume. Germany and the Netherlands are the two largest importers in Europe.
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The Middle East & Africa is expected to exhibit a significant growth in the years to come. This growth is mainly due to the increasing middle-class population and consumption of macadamia products in the countries such as Iran, Egypt, and others. Increasing number of macadamia green farms and evolving techniques and procedures of macadamia nut processing is anticipated to drive the growth of the South Africa macadamia market. Latin America is another important regional market and is expected to experience noticeable growth over the forecast period. This growth is mainly attributed to increasing research & development to provide innovative products.
North America also contributed a significant market share in 2017. This is mainly due to increasing demand for plant-based cosmetics and food products. A shift in consumer consumption patterns towards nuts and seeds, coupled with growing industry of genetically modified crops are the key factors contributing to boosting the demand for macadamia.
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The major market players in the global macadamia market gained a significant share of the market in 2017. The leading companies have been investing in technological advancement, quality standard maintenance, and product innovation in order to retain existing customer base and build new market opportunities. Some of the leading players are Golden Macadamias, Hamakua Macadamia Nut Company, Nambucca Macnuts Pty Ltd., Royal Macadamia (Pty) Ltd., MWT Foods Australia, Kenya Nut Company Ltd., Wondaree Macadamias, Mauna Loa Macadamia Nut Corp., MacFarms, and others.
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This report segments the global macadamia market as follows:
Global Macadamia Market: Application Segment Analysis
Global Macadamia Market: Regional Segment Analysis
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