According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of macadamia milk are estimated to reach a value of USD 51.3 Mn by 2032, surging at 5.4% CAGR through the decade.
The growing public awareness of the health benefits of nuts and dried fruits has been a driving factor in market growth. Global demand for healthy and nutritious snacks has increased significantly in recent years, particularly among the younger generation and the working-class population. People are also shifting away from animal-based protein sources and toward plant-based protein sources.
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Macadamia nuts are the fruit of the macadamia tree, which belongs to the Proteaceae family’s genus macadamia. Only three species are commercially important, Macadamia ternifolia, Macadamia integrifolia, and Macadamia tetraphylla. Although macadamia nuts are Australia’s native nuts, they are now grown all over the world.
Fresh kernels of macadamia can be consumed, prepared with, or processed into a wide range of products. Salted, Roasted, honey-roasted, chocolate coated, and wasabi-flavored are all popular flavors. They are also ground into a paste to make macadamia milk and cold-pressed to produce oil, which is used in baked goods, pastries, and ice cream.
Key Takeaways from Market Study
- Australia is the largest producer of macadamia nuts in the world. The macadamia milk market in Australia is expected to grow at a CAGR of 7.9% for the forecasted period.
- The macadamia milk market in Germany is expected to grow at a CAGR of 4% for the forecasted period.
- The global macadamia milk market can be classified into four distribution channels, supermarkets, online stores, convenience stores, and others.
- The processed segment is expected to account for more than 36% of the total global Macadamia milk market in terms of value.
- The Macadamia milk market also suffered some setbacks, as all shops, stalls, and restaurants were forced to close due to Covid-19 restrictions, where either food made from Macadamia milk or other non-dairy products were available for consumption.
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“Global consumption of macadamia milk has increased in the last decade, owing primarily to an increase in the consumption of milk extracted from nuts and dried fruits,” says a lead analyst at Future Market Insights.
Companies have gained a competitive advantage through numerous growth strategies that include capacity expansions, mergers and acquisitions, internet presence strengthening, and new product introductions.
- Health and Plant Protein Group Limited have announced plans to enter the rapidly growing market for plant-based food alternatives.
Some of the key players in the Macadamia Milk Market include Marquis Macadamias, Golden Macadamias, Mauna Loa Macadamia Nut Corp, Buderim Group, Kenya Nut Company, Nambucca Macnuts, Ivory Macadamias, Eastern Produce, Hamakua Macadamia Nut Company.