Australia Lime Market is estimated to grow at a CAGR of 3.2% during the forecast period. Lime is used as an ingredient for the production of citric acid, lime oil, lime juice, and other products that are used in the household food items, as well as chores. Therefore, the growing demand for the products will eventually increase the demand for lime and as a result, the growing interest in health benefits and cleaning applications will be a major force driving the market.
Key Market Trends
Production and Import Analysis of Limes
The production of lime in Australia decreased for the last 3 years due to adverse climatic conditions as lime are most climate-sensitive crops. Little fluctuation in temperature affects the yield of lime. The lime production accounts for 46 thousand tons in 2016 which got reduced to 33 thousand tons by 2018. According to the Bureau of Meteorology, 2018 was the third hottest year of Australia and in addition to it November 2019 rainfall was lowest on record for Australia, for that month, therefore the production of lime was affected heavily which in turn reduce the yield of lime during the period. Henceforth in order to meet the demand, a higher amount of import has been seen in the region. USA, Egypt, NewZealand, Spain are some of the major exporters of lime to Australia. In 2018, Australia Imported limes accounting for 6.88 million tonnes up from 5.5 million tons in 2017 denoting the increase in the import of lime in the region.
Australia Dominates in the Re-Exporting of Limes in terms of Value
Lime is not an exception to the fact that it has unique health benefits like other fruits. Lime consists mainly of water which is an extremely good source of vitamin C. Increasing health literacy makes consumers realize the best about lime, which has the least amount of calories, carbohydrates and zero fat. This is one of the odd health benefits that makes consumers consume lime and drive the lime market. Australia is increasing its export of limes with the Government encouraging farmers to export limes where only 4% of Australian limes are exported and 87% sold in the domestic market. According to the Australian Horticulture Exporter and Importer Association, In 2018, more than 264,000 tonnes of fresh citrus were exported valued at more than USD 440 million to countries like Indonesia, Canada, Singapore, Phillippines are some of the major markets where limes are exported to. Seasonal market behavior has increased with time-specific consumption of lime and lime products, keeping the market in line and moving forward.
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