Market Size of Vietnam 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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Vietnam Cashew Market Analysis
The Vietnamese cashew market is projected to register a CAGR of 5.0% during the forecast period.
- Vietnam is the largest producer and exporter of processed cashew nuts globally. The Vietnam Cashew Association (Vinacas) projects that from 2022 to 2027, the global cashew nut market will grow by an average of 4.6% each year. In Vietnam, the market is anticipated to reach USD 7 billion by 2026. The nation exports the most cashew nuts worldwide. With an increase of 12.6% and 13.3%, respectively, the Vietnamese cashew sector recorded export volumes of 579,800 tons and a value of USD 3.64 billion in 2021.
- The cashew exports in the first half of 2022 fell 9.2% against the same period last year to over 1.5 billion USD. The Russia-Ukraine conflict is a significant cause for the falling exports, as Russia was the 14th largest importer of Vietnamese cashews. However, the average export price increased by 1.45% in 2022 compared to 2021, reaching about 5,792 USD per tonne, driving the market's growth.
- Cashew nut is one of the important nut species in Vietnam and contributes about 45% to global production among all the cashew-producing nations. For instance, the production increased by 5% in 2022 to 294.9 thousand metric tons from the previous year due to the increasing demand from the processing industry.
- Vietnam's cashew production and the harvested area will continue to grow during the forecast period because of increasing investment opportunities in Vietnam's cashew industry, from cultivation to processing and trading.
Vietnam Cashew Industry Segmentation
Cashew nuts are edible kidney-shaped nuts rich in oil and protein. They are either roasted or shelled before being eaten. Oil extracted from the shells is used as a lubricant in the production of plastics.
The study analyzes the scenario of the cashew market in Vietnam. The Vietnamese cashew market report covers the extensive study of production(volume), consumption(volume and value), import(volume and value), export(volume and value), and price trend analysis.
The report offers market size and forecasts in terms of value (USD million) and volume (metric ton) for all the above segments.
Vietnam Cashew Market Size Summary
Vietnam, recognized as the largest global producer and exporter of processed cashew nuts, is projected to experience a compound annual growth rate (CAGR) during the forecast period. The Vietnam Cashew Association (Vinacas) anticipates that the worldwide cashew nut market will grow annually. The Vietnamese cashew sector has seen an increase in export volumes, reflecting the country's significant contribution to global production. Despite a decrease in exports caused by the Russia-Ukraine conflict, the average export price saw an increase, driving market growth. The cashew nut industry in Vietnam has seen rapid development due to domestic technological advancements that have reduced production costs and ensured quality. High-density planting, commercial farming, and seed programs have ensured high yields. The country has also focused on improving processing technology and mechanization, resulting in increased profit margins. Vietnam's cashew nut exports have expanded significantly, with the country being the largest supplier of cashews to several countries. The market value increase is associated with the high global demand for Vietnam's cashews. Government initiatives and agreements have also played a significant role in supporting the growth of the market.
Explore MoreVietnam Cashew Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain / Supply Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Production Analysis
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2.2 Consumption Analysis (Value and Volume)
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2.3 Import Analysis (Value and Volume)
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2.4 Export Analysis (Value and Volume)
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2.5 Price Trend Analysis
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Vietnam Cashew Market Size FAQs
What is the current Vietnam Cashew Market size?
The Vietnam Cashew Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
What years does this Vietnam Cashew Market cover?
The report covers the Vietnam Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
