W13 Macadamia Update: Macadamia Nut Market to Reach USD 5.08 Billion by 2033, South African Farmers Encounter Price Crisis in 2023

Published 2024년 4월 3일

In W13 in the macadamia landscape, the global macadamia nuts market is expected to grow at a CAGR of 11.2% to reach USD 5.08 billion by 2033, driven by increasing demand for healthier snacking options and their use in premium nut mixes. In addition, macadamia farmers in South Africa faced a historic low in price in 2023, prompting them to explore alternative channels for selling their produce.

Global Macadamia Nut Market Expected to Reach USD 5.08 Billion by 2033

According to Future Market Insights (FMI), the global macadamia nut market surpassed USD 2 billion by the end of 2022 and is projected to grow at a compound annual growth rate (CAGR) of 11.2% to USD 5.08 billion by the end of 2033. Macadamia nuts are gaining popularity as a healthier snacking option and are anticipated to be a significant ingredient in premium nut mixes.

Additionally, the demand for macadamia nuts has increased globally due to the significant progress made in AgriTech, particularly in precision growth and innovative harvesting technology. These developments have effectively reduced labor while increasing yields, resulting in more competitive pricing in the global market.

Macadamia Farmers in South Africa Faced Price Crisis in 2023

In 2023, the Macadamia farmers in South Africa faced a historic low in price, which led many of them to explore alternative channels for selling their produce beyond the local processors. Industry experts highlighted that the sustainability of this industry depends on selling value-added products. They warned against relying too heavily on the Chinese market and advised that balancing short-term price gains with long-term sustainability goals is crucial. Although India was identified as a promising market with great potential, significant effort and commitment are needed to access it favorably.