Cashew Market Size
|Market Size (2023)||USD 7.57 Billion|
|Market Size (2028)||USD 8.91 Billion|
|CAGR (2023 - 2028)||3.31 %|
|Fastest Growing Market||North America|
|Largest Market||Asia Pacific|
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Cashew Market Analysis
The Cashew Market size is estimated at USD 7.57 billion in 2023, and is expected to reach USD 8.91 billion by 2028, growing at a CAGR of 3.31% during the forecast period (2023-2028).
- In recent years, there has been a global trend that looks favorably at vegan and plant-based diets. People who embrace a plant-based vegan diet prioritize alternative sources of protein instead of those derived from animals, resulting in the soaring demand for nuts and nut-infused foods. An increasing number of cashew-infused product manufacturers have attracted young and old consumers with the launch of new and innovative products, such as cashew-butter yogurt in the United States and roasted spice-coated cashew kernels in India. However, the application of cashew kernels in consumers' diets has been steady in South America, with multinational manufacturers penetrating the market with assorted cashew products, suiting the healthier diet regime across the country. Brazil, on the other hand, has always been a price-sensitive consumer of cashew kernels. The resurgence in the Brazilian economy has been troubled by the mounting fiscal deficit, and thus, it is leading the consumption of cashews to depend heavily on the inflation rates.
- 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 limited exposition to the consumers in West and East Africa, which is attributed to the untapped retail market for ready-to-eat cashews for the 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.
Cashew Market Trends
This section covers the major market trends shaping the Cashew Market according to our research experts:
Rising Consumption of Cashew as a Healthy Snack
- Edible cashews have been used as a snack for a long time. Cashews are also used as one of the main ingredients in preparing various sweet and savory dishes, especially in Asian cuisine. Moreover, cashews are used in mueslis, energy bars, cookies, chocolates, and ice creams. Cashews are known to be high in nutrients, such as copper, which improve bone health, as one ounce of cashew contains 622 micrograms of copper. Nevertheless, cashews have an inflation-driven consumption pattern, as reported by the International Nut and Dried Fruit Council.
- Cashews are relatively high in fiber compared to peanuts, and they help gain a healthy weight by improving digestive function. Such high-value nutrition has prompted snack manufacturers to launch several cashew-based snacks to meet the demand, such as ready-to-drink cashew milk, which acts as a lactose-free milk substitute. Due to increasing health consciousness among consumers in the European region, there has been a growing trend of cashew nut consumption, making the region one of the leading consumers in the world.
- To meet the rising global demand for cashew nuts, many countries have increased their production capacities across the world. According to National Horticulture Board, in India, Cashew production has increased from 0.70 million metric tons in 2020 to 0.77 million metric tons in 2021. Therefore, the increased consumption of cashew nuts as a healthy snack and rising production are anticipated to drive the cashew market in the coming years.
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Asia-Pacific Dominates the Market
- Asia-Pacific has been a consistent importer of cashew kernels despite the presence of large cashew-producing countries, such as India and Vietnam, in the region. In terms of consumption, India is the leading country in the world. As Vietnam leads in the production of cashews worldwide, it is also a significant exporter of the same to other international markets.
- Asia-Pacific is the largest consumer of cashew nuts in the world. In recent years, there has been an increasing interest in the use of cashew nuts in regular diets and healthy ready-to-eat snacks. The rising number of manufacturers producing innovative cashew-based consumables has taken both young and geriatric consumers by stride. For example, roasted and spice-coated cashew nuts that appeal to the local palate were introduced in India.
- The demand for cashews in Asia has persistently increased as the imports for shelled cashews increased exponentially by over 700% from 4,321 metric tons in 2017 to 30,688 metric tons in 2021 in China, with Vietnam being the major import partner according to the ITC trade map. China leads the region in cashew import, followed by Japan, Thailand, and India, respectively.
- Nuts have become a primary component in the Chinese diet since the inception of the National Health Policy called 'Dietary Guidelines for Chinese Residents,' which emphasizes daily nut consumption. The increased cashew nut imports may also be attributed to the new product campaign of selling 'daily nuts,' including cashews, in ready-to-eat packages, by Chinese nut manufacturers, thus driving the cashew nut market in the country.
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Cashew Market News
- September 2022: As part of efforts to diversify into other sectors of the economy, the Nigerian Construction Firm Julius Berger Nigeria PLC has unveiled a modern cashew processing plant in Epe, Lagos State, Nigeria. The development helps the company to enter the agriculture produce processing along with improving the cashew processing capacity of the country.
- July 2022: Singapore-based company Royal Nuts has opened its USD 23 million new cashew nut processing plant in Ivory Coast under its subsidiary Dorado Ivory. The new plant is the world's largest cashew processing facility operating at an annual capacity of 75,000 Metric tons. It helps the company to expand its cashew trade and manufacturing business.
- April 2022: In Côte d'Ivoire, nine cashew factory processing units have received their United States Food Safety Modernization Act (FSMA) Certification, which allows them to export cashew nuts to the country. The nine companies represent half of the total volume of cashew nuts processed in Côte d'Ivoire, which helps the country to increase cashew exports.
Cashew Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
4.4.1 Value Chain Overview
4.4.2 Price Markups in the Value Chain
4.4.3 Value Chain Issues and Challenges
5. MARKET SEGMENTATION
5.1.1 White Wholes
5.1.2 Scorched Wholes
5.1.3 Dessert Wholes
5.1.4 White Pieces
5.1.5 Scorched Pieces
5.1.6 Dessert Pieces
5.2 Geography (Production Analysis in Volume, Consumption Analysis by Volume and Value, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
5.2.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
5.2.4 South America
22.214.171.124 Côte d'Ivoire (Ivory Coast)
126.96.36.199 Burkina Faso
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cashew Market Research FAQs
How big is the Cashew Market?
The Cashew Market size is expected to reach USD 7.57 billion in 2023 and grow at a CAGR of 3.31% to reach USD 8.91 billion by 2028.
What is the current Cashew Market size?
In 2023, the Cashew Market size is expected to reach USD 7.57 billion.
Which is the fastest growing region in Cashew Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Cashew Market?
In 2023, the Asia Pacific accounts for the largest market share in the Cashew Market.
Cashew Nut Industry Report
Statistics for the 2023 Cashew Nut market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cashew Nut analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.