Australian macadamia nuts are experiencing rapid growth riding on the rising demand from China, Japan and Korea which is fuelling industry expansion, investor excitement and soaring grower profits.

With a bumper harvest now ­delivering a record 54,000 tonnes of macadamia nuts in the key growing region from Ballina in northern NSW to Bundaberg in Queensland, the once-boutique industry has swelled from producing less than $100 million of nuts in 2012 to $280m this year.

Macadamia prices of up to $5.50 per kilo of raw nuts — double the prices paid to farmers three years ago — are seeing new investors, including Chinese players, snap up established orchards for as much as $70,000 a hectare.