Cashew Nuts Market

Global Cashew Nuts Market Size (2024 to 2032)

The global cashew nuts market size was valued at USD 9.44 billion in 2023. The global market is further expected to grow at a CAGR of 4.6% from 2024 to 2032 and be worth USD 14.14 billion by 2032 from USD 9.87 billion in 2024.

Current Scenario of the Global Cashew Nuts Market

Asian countries made the second most significant contribution to the worldwide market.

Over the last decade, the export presence of Vietnam has increased to 85 countries. United States, China, Canada, Australia, and New Zealand are the largest importers of cashew nuts. Cashew nut, also known as cashew, is a dry fruit consumed on a wide scale. The cashew nut can be taken directly as well as an ingredient. The derivatives yielded from the cashew nut shells can be used widely in applications such as waterproofing, paints, lubricants, and arms production. The popularity of the cashew nuts market is due to the health benefits and wide-scale applications of the cashew. Cashew nuts are rich sources of vitamins and minerals.

MARKET DRIVERS

The rising demand for readily available snacks and convenient food is one of the factors promoting the global cashew nuts market growth.  

The growing awareness of the high nutritive value of cashew nuts among consumers is one of the major factors propelling the global market growth. The growth of the global cashew nuts market is also driven by the rising demand for convenience foods and ready-to-eat snacks. The availability of various flavors, including butter, pepper, smoky, and salted, has driven the sales of organic cashew nuts. Consumers are increasingly adopting to vegan lifestyle and opting for healthy substitutes for meat and dairy. The growing population, increasing number of working women, a rise in per-capita health expenditure, rapid urbanization, and growth in the middle-class population are further contributing to the growth of the global cashew nuts market.

The easy availability and constant demand for cashew nuts are further supporting the growth of the global market.

Over the years, there have been several innovations in the cultivation of crops. As a result, organic cashew nuts have overtaken the traditional growth cashew nuts. Organic cashew nuts are bigger and nutritionally better. Organic cashew nuts have been growing significantly due to the numerous health attributes they possess. Therefore, the overall cashew nuts market is prospering.

Cashew nuts are available in various flavors, including salt, pepper, smoky, and butter, which is driving the sales. Due to the increasing embracement of the Vegan lifestyle, the traditional sources of protein are being replaced by protein-rich nuts. Cashew nuts are considered a feasible option for a proper diet. The major driver of the global cashew nuts market in the projection period will be the increasing awareness of personal health among the population. Even though cashew nuts are not affordable to the poor, the growing general lifestyle has increased the number of customers. A rise in per-capita expenditure, rapid urbanization, and a growing number of working women will support the growth of the market in the forecast period. Leadership consolidation in the Vietnamese market, i.e., the nation has been involved in various activities to ensure higher cashew yields. To save labor costs, remain consistent, and bring cost competitiveness, Vietnam has heavily invested in machines. Vietnam has significantly increased its exports, with a presence in 85 countries. 

The shift in the preferences of consumers from traditional cashew nuts to organic cashew nuts is another notable trend in the global cashew nuts market. This trend is driving the growth of the market as the healthy traits of the product are largely attracting numerous customers. In the first quarter of 2019, the cashew nuts market moved sideways in a very narrow range with an undertone that was soft, reflecting a comfortable supply situation. Vietnam experienced low figures during this period but quickly recovered.

MARKET RESTRAINTS

Factors such as weather-related crop failures, pests and diseases that are affecting yields of cashew nuts and high processing costs are some of the major restraints to the global market growth. The competition from other nut varieties, political instability in major producing regions, labor shortages for harvesting and processing and issues of quality control are further hampering the growth of the cashew nuts market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cashew Nuts Market Analysis By Usage

The cashew nuts market is divided into different uses, like snacks, sweets, dairy products, and cooking. Cashews are popular as snacks because they are healthy and easy to eat. In sweets, they are added to things like chocolates, cookies, and desserts. The dairy industry uses cashews to make plant-based milk, cream, and cheese, which is in demand due to the rise of vegan products. Cashews are also a key ingredient in many dishes, especially in Asian cuisine, where they add flavor and texture. Their wide range of uses helps the market grow in all these areas

Global Cashew Nuts Market Analysis By Form

In the given segmentation, the whole segment is expected to have the most substantial share of the market over the forecast period.

Global Cashew Nuts Market Analysis By Distribution Channel

During the forecast period, the supermarkets and hypermarkets segment dominated the market in 2023 and is expected to continue to dominate throughout the forecast period owing to the significant contribution of the retail chain format’s expansion to the supermarkets/hypermarkets.

REGIONAL ANALYSIS

Nigeria and India are experiencing growth in the overall market. Vietnam still remains at the top. In the forecast period, the region to witness the highest growth in the cashew nuts market is the Asia Pacific. The expectation of growth can be attributed to a huge population with increasing per capita income and concerns for personal health. 

TOP COMPANIES IN THE CASHEW NUTS MARKET

Ajanta Industries, Achal Cashew Nuts, Agrocel Industries, Alien Green, Bata Food, Cascade Agroindustrial S.A., CBL Natural Foods (Pvt) Ltd, Divine Foods, Delphi Organic, and Aryan International are some of the notable players in the global cashew nuts market.

DETAILED SEGMENTATION OF THE GLOBAL CASHEW NUTS MARKET INCLUDED IN THIS REPORT

This research report on the global cashew nuts market has been segmented and sub-segmented based on form, usage, distribution channel and region.

By Usage

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

By Form

• Whole
• Powder
• Paste
• Roasted
• Splits

By Distributional Channel

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

By Region

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