Cashew Market

Global Cashew Market Size (2024 to 2032)

As per our analysis report, the global Cashew Market is expected to reach USD 11.03 billion by 2032 from USD 7.94 billion in 2024, growing at a compound annual growth rate (CAGR) of 4.2% during the forecast period.

MARKET OVERVIEW

The cashew is a slightly reddish to yellow fruit, the pulp of which can be turned into a sweet, astringent fruit drink or fermented and distilled into a liqueur. The cashew is a tropical evergreen tree that produces the cashew seed and the cashew pseudo fruit. The tree can reach a height of 14 m, but dwarf cultivars, which reach 6 m, prove to be more profitable, with earlier maturity and better yields. The cashew seed is often considered a nut in the culinary sense; this cashew is eaten on its own, used in recipes, or made into cashew cheese or cashew butter. Like the tree, the nut is often referred to simply as cashew. The culinary uses of cashew nuts in snacks and cooking are similar to those of all tree seeds called walnuts. In 2017, Vietnam, India, and the Ivory Coast were the main producers.

Nuts' proteins cause cashew allergies, and cooking often does not remove or change these proteins. Besides nuts and fruits, the plant has other uses. The cashew seed shell produces derivatives that can be used in many applications, including lubricants, waterproofers, and paints, since World War II, weapons production.

MARKET DRIVERS AND RESTRAINTS

Edible cashews have long been used as a snack. Cashews are also used as one of the main ingredients in the preparation of various sweet and savory dishes, especially in Asian cuisine. In addition, today, cashews are used in muesli, energy bars, cookies, chocolates, and ice cream. Cashews are known to be high in nutrients, such as copper, that improve bone health, as one ounce of cashews contains 622 micrograms of copper. Nonetheless, cashews have a consumption pattern driven by inflation, as reported by the International Nut and Tree Nut Council.

Cashews are relatively high in fibre compared to peanuts and help you gain a healthy weight by improving digestive function. This high-value nutrition has prompted snack makers to launch various cashew-based snacks to meet demand, such as ready-to-drink cashew milk, which acts as a lactose-free milk substitute. Due to the growing health awareness of consumers in the European region, there has been an increasing trend in the consumption of cashews. Recently, cashews are also increasingly being used as an ingredient in spreads and snack bars (especially organic), increasing cashews' overall consumption.

REPORT COVERAGE

DETAILED SEGMENTATION OF GLOBAL CASHEW MARKET INCLUDED IN THIS REPORT    

This research report on the Global Cashew Market has been segmented and sub-segmented based on Usage, Distribution channel, Form & region.        

Global Cashew Market By Usage

• Beverages
• Cereals
• Desserts
• Snacks & bars
• Bakery products
• Dairy products
• Confectionaries

Global Cashew Market By Form

• Splits
• Roasted
• Paste
• Powder
• Whole

Global Cashew Market By Distribution Channel

• Retailers
• Specialist stores
• Convenience stores
• Supermarkets/Hypermarkets

REGIONAL ANALYSIS

• Europe
• North America
• Middle East
• Latin America
• Asia Pacific

Asia-Pacific is the world's largest consumer of cashew nuts. There has been a growing interest in using cashews in regular diets and healthy ready-to-eat snacks in recent years.

The Cashew Market has been categorized on the basis of geography into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Asia-Pacific has been a consistent importer of cashew nuts despite the presence of major cashew-producing countries, such as India and Vietnam, in the region. In terms of consumption, Vietnam is the first country in the world. In 2019, the consumption of cashew nuts in Vietnam was 2.2 million metric tons. As Vietnam is the leader in cashew production in the world, it is also a major exporter of cashew nuts to other international markets. The growing number of manufacturers producing innovative cashew-based consumables has become popular with young and elderly consumers.

For example, roasted and spiced cashews, which appeal to the local palate, have been introduced to India. The demand for cashew nuts in Asia has increased steadily, with imports of shelled cashews increasing exponentially from 2,317 metric tons in 2016 to 10,771 metric tons in 2018 in China. China leads the region for cashew nut imports, followed by Japan, Thailand, and India, respectively. Nuts have become an important component of the Chinese diet since the launch of the national health policy called "Dietary Guidelines for Chinese Residents," which accelerates nuts' daily consumption. The increase in cashew imports can also be attributed to the new campaign of sale of cashew nuts of the day, including cashews, in ready-to-eat packages, by Chinese nut manufacturers, thus boosting the cashew market in the country.

KEY PLAYERS IN THE GLOBAL CASHEW MARKET

Key players in the Cashew Market are Tierra Farm, Achal Cashew nuts, Ajanta Industries, Aryan International, Delphi Organic, Divine Foods, CBL Natural Foods (Pvt) Ltd, Cascade Agroindustrial S.A., Bata Food, Alien Green, Agrocel Industries, and others.

RECENT HAPPENINGS N THE MARKET

• The cashew nut factories' promoters are very concerned that the Kerala government will consider new legislation that will allow it to take over the units. The industry has asked the President to withhold approval of an amendment bill, the Kerala Cashew Mill (Acquisition) Amendment Bill 2009, which the Kerala government introduced. Approximately 75% of the cashews produced in the country come from processors based in Kerala. Of the cashew nuts produced in the state, 85% are produced by private units. There are 750 units of cashews in the state, employing about 4.5-5 lakh.
• Dekel Agri-Vision Plc, the West African agricultural company, is pleased to announce on November 3, 2020, that the company has completed the acquisition of an additional 14.2% stake in large-scale raw cashew nuts ('RCN Transformation Project') in Tiebissou, Côte d'Ivoire (the 'Cashew Project') (the 'Acquisition'). As a result of the acquisition, Dekel now owns a 52% controlling stake in the Cashew project, which is on track to begin NCB processing operations at an initial annual rate of 10,000 tpa in the second quarter of 2021.