Africa Cashew Market Size

Africa Cashew Market Analysis

The Africa Cashew Market size is estimated at USD 822.49 million in 2024, and is expected to reach USD 984.91 million by 2029, growing at a CAGR of 3.67% during the forecast period (2024-2029).

• The African cashew industry has grown rapidly over the last decade. The market's growth is driven by several factors, such as increasing demand for cashew nuts around the region due to their natural nutritional benefits as they are plant-based diets. Cashew nuts are also considered a substitute for dairy products and represent a popular savory snack. They are also a substitute for the ever-popular peanut butter.
• Furthermore, increasing demand for flavored cashews and favorable government initiatives are further fueling the consumption of cashew nuts in the African region. The consumption of cashew kernels, whole or pieces, has had a limited exposition to consumers in West and East Africa. This is attributed to the untapped retail market for ready-to-eat cashews for consumers in the region.
• However, the Competitive Cashew Initiative, formerly known as the African Cashew Initiative, has been playing a vital role in the marketing of high-quality raw cashew kernels in Benin, Côte d'Ivoire, Mozambique, and Ghana, which further enhanced the production and processing efficiencies in these countries in various ways, such as the promotion of SAP software in the cashew value chain in West Ghana.
• Therefore, the high penetration rate of cashew-based retail manufacturers in the markets and the successful implementation of initiatives in cashew production and processing in Africa are further expected to drive the market during the forecast period.