Cashew Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Market Size (2023)||USD 2.31 Billion|
|Market Size (2028)||USD 2.79 Billion|
|CAGR (2023 - 2028)||3.80 %|
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Cashew Market Analysis
The India Cashew Market size is expected to grow from USD 2.31 billion in 2023 to USD 2.79 billion by 2028, at a CAGR of 3.80% during the forecast period (2023-2028).
- India is among the major cashew-producing countries globally. According to India Brand Equity Foundation (IBEF), in 2022, the cashew industry has much economic significance as it employs more than 10 lakh people on farms and factories in rural areas. The cultivation of cashew in India covers a total of 0.7 million hectares of land, and the country produces over 0.8 million tonnes (MT) annually.
- In recent years, the cashew market has seen a rapid shift in the consumption pattern across India, primarily owing to flavored assorted cashew products occupying an increased share in the retail market space. In India, cashew is grown in the peninsular areas of Kerala, Karnataka, Goa and Maharashtra, Tamil Nadu, Andhra Pradesh, Orissa, and West Bengal. Among these, Kerala is the largest producing state.
- With increasing health consciousness, consumers are choosing to snack healthy, owing to which the demand for flavored cashews is rising in India. In India, cashew nuts are available as roasted, salted, flavored, and coated with spices, honey, etc. Value-added products, like cashew powder, butter, and drink, are available in the market. However, the cashew market in the country is likely to be hampered as the local population prefers other lighter snacks, available at lower prices, for on-the-go snacking.
Cashew Market Trends
This section covers the major market trends shaping the India Cashew Market according to our research experts:
Increasing Demand for Healthy Cashew Snacks
- Edible cashews have been used as a snack for many years in the country, and it has also been used as one of the main ingredients in sweets and cooking, especially in Asian cuisine. Cashews are also increasingly used as a constituent in muesli, energy bars, cookies, chocolate, and ice creams. Cashews are known to be high in nutrients, such as copper, which improve bone health in humans, as one ounce of cashew contains 622 micrograms of copper.
- Furthermore, cashews are relatively high in fiber compared with peanuts, which helps gain a healthy weight by improving digestive function. The nutritional benefits also extend to a high iron and magnesium content in cashews compared to peanuts, which enhance the enzymatic reactions in the body. Such high-value nutrition has prompted snack manufacturers in India 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.
- In addition, cashews are high in monounsaturated and polyunsaturated fats and are a good source of protein. This rich fat content of cashews makes them a seamless substitute for heavy cream, as it is increasingly used in a variety of sweet or savory dishes as a healthy vegan alternative to heavy whipping cream in the country.
- According to a study published in the British Journal of Nutrition, the risk of coronary heart disease can be reduced by 37% in people who consume nuts more than four times a week. With such results, it is expected that more cashew may be used to manufacture snack bars, which are a healthy alternative to high-calorie chocolate bars.
- Hence, due to the increasing consumption of various cashew-based snacks and ready-to-eat foods in the country, the India Cashew Market is anticipated to grow during the forecast period.
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Increase in Production Capacities
- In India, cashew cultivation spread along the coastal regions of the peninsula. Cashew is mainly grown in states like Maharashtra, Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Goa, Odisha, West Bengal, and some parts of the North-Eastern region.
- Besides the vast scale of cashew production, India is also known for pioneering cashew processing and exporting cashew kernels globally. The cashew processing industry was concentrated in Goa, and Vettapalam (Andhra Pradesh), Kollam (Kerala), Mangalore (Karnataka), but currently, it is spread across many states of India. Over the years, India has emerged as the global processing hub for the cashew industry.
- Goa has about 30-odd units that are equally divided into large and small production units of cashew. While there are some cashew exporters, like Ajanta Industries and Zantye Cashew, most of the established processing units prefer to cater to the domestic market. Thus, the production of raw cashew is increasing with rising processing units.
- To keep up with the rise in the domestic and export demands for cashew (the country is the largest cashew consumer worldwide and second-largest exporter of cashew kernels), Indian companies have recently invested in purchasing large plantations as financing and management of processing facilities in Africa.
Cashew Market News
- October 2022: Goa Forest Development Corporation proposed a cashew festival in April-May 2023 to boost cashew cultivation in the state and bid to make Goa self-sufficient in cash crop production in the next 5 to 10 years.
- March 2022: The Union Minister of Agriculture & Farmers Welfare virtually inaugurated the “silver jubilee building” of the Indian Council of Agricultural Research (ICAR)-Directorate of Cashew Research, Puttur, Karnataka. The new silver jubilee building is regarded as a new dimension in the Council’s vision of empowering and benefiting the agricultural community, which will help in advancing the research on the Cashew crop.
- August 2021: A cashew processing unit was inaugurated in Pandiri Maamidi in Rampachodavaram Agency. It is the first cashew processing unit in the Agency, which gives a fillip to the tribal farmers through the Van Dhan Vikas Kendras (VDVK), an initiative of the Central Government.
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
5. MARKET SEGMENTATION
5.1 Production Analysis
5.2 Consumption Analysis (Volume and Value)
5.3 Import Market Analysis (Volume and Value)
5.4 Export Market Analysis (Volume and Value)
5.5 Price Trend Analysis
6. Regional Analysis
6.1 PESTLE Analysis
6.2 Government Regulations and Policies
6.3 Distribution Channel Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cashew Market Research FAQs
How big is the India Cashew Market?
The India Cashew Market size is expected to reach USD 2,313.03 million in 2023 and grow at a CAGR of 3.80% to reach USD 2,787.20 million by 2028.
What is the current India Cashew Market size?
In 2023, the India Cashew Market size is expected to reach USD 2,313.03 million.
Cashew in India Industry Report
Statistics for the 2023 Cashew in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cashew in India analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.