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 2029 and be worth USD 12.36 billion by 2029 from USD 9.87 billion in 2024.
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.
The global cashew nuts market is expected to grow at a steady pace during the forecast period. The growth of the market is attributed to the rising demand for readily available snacks and convenient food. 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 supporting the growth of the global market. Over the years, there have been several innovations in 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.
Impact of COVID-19 on the global cashew nuts market:
The COVID-19 pandemic brought the whole world into lockdown. The entire supply chain was disrupted. Due to the disruption, the cashew nuts market has been damaged. The market survives on the export of the crop. The borders across cities and countries were closed in order to reduce the spread of the disease. As a result, producers such as small farmers are facing a crisis. Due to the pandemic and the disruption of the supply chain the market has not been good for the cashew since people are dependent more on the essential items easily available to them. Therefore, the export of cashews has been halted, causing decreasing demand. The prices have gone down as well. The cashew nuts market has been hit negatively by the COVID-19 pandemic.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
4.6% |
Segments Covered |
By Form, Usage, Distribution Channel and Region |
Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Ajanta Industries, Achal Cashew nuts, Agrocel Industries, Alien Green, Bata Food, Cascade Agroindustrial S.A., CBL Natural Foods (Pvt) Ltd, Divine Foods, Delphi Organic, Aryan International |
This research report on the global cashew nuts market has been segmented and sub-segmented based on form, usage, distribution channel and region.
Global Cashew Nuts Market - By Usage:
Global Cashew Nuts Market - 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 - By Distributional 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.
Global Cashew Nuts Market – By Region:
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 THIS 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.
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