Cashew Nuts Global Market Report 2024

The cashew nuts market size has grown strongly in recent years. It will grow from $8.05 billion in 2023 to $8.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth witnessed in the historical period can be attributed to several factors, including the increasing demand for healthy snacks, the recognized nutritional benefits of cashews, shifts in dietary preferences towards plant-based and vegetarian diets, the expansion of retail channels, and the introduction of new cashew nut products.

The cashew nuts market size is expected to see strong growth in the next few years. It will grow to $10.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to several key factors. These include advancements in supply chain management practices, encompassing logistics, storage, and transportation, as well as investments in cashew nut farming infrastructure. Moreover, there is a growing awareness regarding the health benefits associated with consuming nuts, along with the increasing popularity of plant-based diets. Additionally, the versatility of cashew nuts as ingredients in various food products contributes to their growing demand. Looking ahead, major trends in the forecast period are expected to include continued investment in agricultural technology and practices, the adoption of biodegradable and compostable packaging materials derived from renewable sources, the implementation of vertical farming techniques, and the integration of remote sensing and satellite imaging technologies for monitoring cashew nut plantations. Furthermore, the deployment of AI-driven farm management systems is anticipated to further enhance productivity and efficiency in cashew nut farming.

The prospering retail and e-commerce sectors are expected to drive the growth of the cashew nut market in the foreseeable future. Retail involves businesses directly selling goods and services to consumers through physical stores, while e-commerce encompasses online buying and selling activities. The growth of these sectors is fueled by advancements in internet infrastructure, the convenience of online shopping, evolving consumer preferences, and the widespread adoption of digital platforms. Retail stores and e-commerce platforms play a crucial role in making cashew nuts easily accessible to consumers, whether they prefer purchasing from local stores or online retailers. This accessibility expands the market reach of cashew nuts, catering to a broader consumer base. For instance, data from February 2024, sourced from the Census Bureau of the Department of Commerce, revealed a notable 7.5% surge in e-commerce sales during the fourth quarter of 2023 compared to the corresponding period in 2022. This indicates that the thriving retail and e-commerce sectors are driving the growth of the cashew nut market.

Key players in the cashew nuts market are concentrating on developing innovative cashew processing plants, particularly automatic cashew processing plants, to gain a competitive advantage. An automatic cashew processing plant leverages machinery to reduce manual labor requirements in processing raw cashew nuts into finished cashew kernels. For example, in October 2021, Mekong Tech Group, a Vietnam-based manufacturer specializing in whole-kind cashew machines, launched VN-2022, a modern automatic cashew processing plant. This plant operates automatically from the cleaning process to shelling, separating, and tray filling for packaging. It significantly reduces the labor needed for cashew shelling by 60-70%. Equipped with a modern automatic control system, VN-2022 connects machine systems through SCADA (supervisory control and data acquisition) or ERP (enterprise resource planning) management software. The plant incorporates cutting-edge technology, such as the cashew steaming and chilling system and the cashew shelling and separating system, to optimize processing efficiency.

In April 2023, Monchy Food Company, a Netherlands-based food trading company, acquired Amama Farms in an undisclosed transaction. This strategic acquisition grants Monchy Food unparalleled access to a significant cashew processing plant, bolstering its presence in the dried fruit market. Amama Farms, based in Tanzania, is known for its production and processing of high-quality cashew nuts.

Major companies operating in the cashew nuts market are Nestlé S.A., Archer Daniels Midland Company, Bunge Limited, The Kraft Heinz Company, John B. Sanfilippo & Son Inc., Vietnam Cashew Corporation (VINACAS), Lien Anh Co. Ltd, Haldiram Foods International Private Limited, Alphonsa Cashew Industries, Diamond Foods LLC, Emerald Nuts LLC, Aurora Products Inc., Aryan Food Ingredients Limited, CBL Natural Foods Private Limited, Nutsco Inc., Delicious Cashew Company, Nutty Yogi, Wonderland Foods, Bismi Cashew Company, Divine Foods, Achal Cashew Nuts, Delphi Organic, Bata Food, Kalbavi Cashews, Royal Dry Fruits.

North America was the largest region in the cashew nuts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cashew nuts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cashew nuts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cashew nuts, the seeds of the cashew tree (Anacardium occidentale), originate from Brazil, where the tropical evergreen tree is native. Encased in a shell found at the bottom of the cashew apple, the fruit of the cashew tree, these nuts are harvested, removed from their shells, dried, and processed for consumption. Offering a diverse range of nutrients, cashew nuts are valued for their nutritional benefits.

Cashew nuts are available in various forms, including whole, roasted, split, and paste. Whole cashews are in their natural state, still enclosed within their shells, and retain their original shape and flavor. They are utilized in a wide array of products, such as dairy items, cereals, confectionaries, beverages, snacks, bars, and bakery goods. These products are distributed through different channels, including convenience stores, hypermarkets, supermarkets, retailers, and specialist stores.

The cashew nuts market research report is one of a series of new reports that provides cashew nuts market statistics, including cashew nuts industry global market size, regional shares, competitors with a cashew nuts market share, detailed cashew nuts market segments, market trends and opportunities, and any further data you may need to thrive in the cashew nuts industry. This cashew nuts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cashew nuts market consists of sales of cashew-based vegan products, cashew flour, cashew milk, cashew butter, roasted cashews, and salted cashews. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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