The combined trade value of the Australian tree nut industry could hit A$1bn by the end of 2015, according to the Australian Nut Industry Council (ANIC).
The representative body has also tipped export earnings to increase from A$650m to A$1.135bn within the next decade. The rising value of the sector is seemingly being driven by an increase in global nut consumption, which has grown at a rate of 6 per cent per annum over the last decade, according to the Australian industry’s health awareness programme Nuts for Life.
ANIC Chairman Jolyon Burnett says the Australian industry is bracing itself for even more growth and has placed itself in a commanding position to capitalise on the current nut boom.
“Australia has a well deserved global reputation for producing exceptional quality tree nuts and this didn’t happen overnight. We’ve spent decades pursuing world’s best practices and technologies and nurturing a culture of innovation,” explains Burnett. “However, we can’t rest on our laurels. We need to continue to drive investment in new plantings, cutting edge research and development, and we need to keep the consumer excited about our product.”
The potential for further industry growth will be discussed at the Australian Nut Conference, being held in Sydney this week.