Market Size of United States Cashew Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.00 % |
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USA Cashew Market Analysis
The United States Cashew Market size is estimated at USD 1.00 billion in 2023 and is projected to reach USD 1.28 billion by 2028, growing at a CAGR of 5.00% during the forecast period (2023-2028).
Cashew is a highly nutritious and concentrated form of food, providing a substantial amount of energy. The cashew nut kernel has a pleasant taste and flavor and can be eaten raw, fried, and sometimes salted or sweetened with sugar. Cashew nuts are consumed in various forms, including as salty or sweet snacks and as ingredients in desserts and savory dishes, or are further processed into cashew butter or as ingredients in multiple spreads, sauces, bars, and drinks.
The rapidly growing groups of vegans, vegetarians, and occasional meat-eaters in the country prioritize plant-based diets and alternative protein sources instead of those derived from animals, resulting in the soaring demand for nuts and nut-infused food, thereby increasing the consumption of cashew nuts in the country. Also, there has been an increasing application of cashew nuts in the end-user food market, boosting the consumption of cashews in the country.
Cashew kernels are a popular nut with many uses, from snacking to cooking and baking. They are also a good source of nutrients such as protein, healthy fats, and minerals like magnesium and zinc. It's worth noting that the price of cashew kernels can vary depending on the nuts' quality, origin, and availability. Production, processing, and transportation costs can also impact the price. The demand for cashew nuts is expected to grow due to their popularity and versatility.
The health benefits of cashew consumption and demand from the cashew processing industries are the prime drivers of the market in the country. Cashew consumption is mainly concentrated in California, Florida, New York, Texas, and New Jersey. In recent years, consumers have been incorporating cashew nuts into their diets as a snack and ingredient in various food products. This trend is driven by several factors, including the perceived health benefits of cashews, such as their high nutrient content, including healthy fats, protein, and fiber. Moreover, cashews are a versatile ingredient that can be used in various ways, including as a dairy alternative in products like cashew-butter yogurt. The launch of innovative cashew-infused products has helped to fuel the trend, particularly among younger and health-conscious consumers.
