Cashews are widely used as a food ingredient in snacks, baking, and cooking. Products like cashew butter and cashew milk are becoming increasingly popular, further expanding the use of cashews. The global demand for cashews is steadily growing, particularly in Europe, North America, and the Asia-Pacific region. Major global cashew exporters include Vietnam, India, and Côte d'Ivoire.
Vietnam holds a technical and cost advantage in cashew processing. According to the publisher, in 2023, Vietnam's cashew product output exceeded 1 million tons.
For 16 consecutive years, Vietnam has been the world's largest producer, exporter, and processor of cashews, exporting over 75% of the world's cashew kernels. This success is attributed to Vietnam's favorable climate conditions, abundant labor resources, and government support for the cashew industry.
The cashew industry is a vital part of Vietnam's agricultural processing sector, providing substantial rural employment and contributing to local economic development. Vietnamese cashews are recognized internationally for their high quality and competitive prices, making Vietnam one of the world's leading cashew suppliers.
Unlike many other raw material-producing countries, Vietnam has a mature cashew processing industry and exports a significant volume of processed cashew products, giving it a stable competitive edge in the global cashew market. With ongoing improvements in processing technology and growing international demand, Vietnam's cashew industry is expected to maintain its advantage and continue growing, holding a significant position in the global market.
In 2023, Vietnam exported approximately 644,000 tons of cashew products, valued at US$ 3.6 billion, reflecting a 24% increase in export volume and an 18% increase in export value compared to the previous year.
Data from the publisher shows that in the first five months of 2024, Vietnam exported approximately 300,000 tons of cashews to 33 countries, with a total export value of nearly US$ 2 billion, marking a year-on-year increase of 26% in volume and 18.7% in value. Exports to only seven destinations decreased, while exports to 26 countries, especially China, the United States, the Netherlands, and ASEAN regions, showed a growing trend.
Based on the analysis of the publisher, Vietnam's cashew processing capacity is rising, necessitating the import of some raw cashews for processing and subsequent export of cashew kernels or products. The Vietnamese government is actively promoting the development of deep processing and high value-added products, encouraging product diversification, the application of advanced technology and biotechnology, and the development of organic and green agriculture. Vietnamese cashew enterprises are also required to comply with regulations and procedures to ensure food safety and quality for export.
According to the publisher, from 2021 to 2024, Vietnam's main export destinations for cashews included the United States, China, the Netherlands, and Singapore. Major companies importing these products from Vietnam include OLAM, Red River Foods, and American Cashew Company. Vietnam's cashew exporters include many subsidiaries of international nut distributors and nut roasting companies as well as local food trading companies, such as OLAM Vietnam, HOANG SON I JSC, and MINH LOAN CO., LTD.
Overall, Vietnam's cashew export market still has significant growth potential. With increasing global emphasis on healthy living and diets, and with Vietnam's continuous development in raw material production, processing technology, and food compliance, the market demand for cashews is expected to keep expanding. The publisher predicts that in the coming years, Vietnam's cashew exports will continue to grow.
Topics covered:
- The Import and Export of Cashew in Vietnam (2021-2024)
- Total Export Volume and Percentage Change of Cashew in Vietnam (2021-2024)
- Total Export Value and Percentage Change of Cashew in Vietnam (2021-2024)
- Total Export Volume and Percentage Change of Cashew in Vietnam (January-May 2024)
- Total Export Value and Percentage Change of Cashew in Vietnam (January-May 2024)
- Average Export Price of Cashew in Vietnam (2021-2024)
- Top 10 Export Destinations for Vietnam Cashew and Their Import Volume
- Top 10 Suppliers in the Export Market of Cashew in Vietnam and Their Export Volume
- Top 10 Buyers in the Export Market of Cashew in Vietnam and Their Import Volume
- How to Find International Distributors and End Users of Cashew in Vietnam
- How Foreign Enterprises Enter the Cashew Export Market of Vietnam
- Forecast for the Export of Cashew in Vietnam (2024-2033)
Table of Contents
Companies Mentioned
- OLAM INTERNATIONAL
- RED RIVER FOODS INC
- AMERICAN CASHEW COMPANY LLC
- OLAM Vietnam
- HOANG SON I JSC
- MINH LOAN CO LTD.
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | August 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 4.24 Billion |
| Forecasted Market Value ( USD | $ 6.87 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 6 |
