Australian tree nut industry to crack $1 billion in value

Australian tree nut exports are set to exceed $750 million within eight years, according to a report developed by the Australian Nut Industry Council.

The report, Australia’s Nut Industry - Growing for Success, also predicted that the tree nut industry will reach $1 billion in farmgate value within the same period - effectively doubling its value. Almond production is also set to double by 2014, while macadamia and walnut production continues with strong growth.

According to the Australian Nut Industry Council (ANIC) Chair Richard Sampson Genest, the industry’s expansion had “slipped under the radar” partly due to the time required from planting to first nut harvest - which can take up to eight years.

“We are now seeing the years of hard work and significant capital investment come to fruition, placing the Australian tree nut industry in a commanding position to capitalise on the growing demand for nuts both locally and overseas,” Genest said.

Local sales have increased by 50% since 2007 and world demand is increasing at 4% each year, “led by the increasing prosperity in developing economies such as India, China, Eastern Europe and the Middle East”, said Genest. The tree nut industry will become Australia’s largest horticulture exporter in 2013.

“The tree nut industry is a stand-out within Australian horticulture with a global reputation for driving innovation, value-adding and growth,” Genest said.

“The ability of our growers to produce high-quality yields in some of the poorest soils in the world has grabbed international attention. Growers are achieving this with lower costs and outstanding water efficiency.”