Market Size of Cashew Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 7.82 Billion |
Market Size (2029) | USD 9.20 Billion |
CAGR (2024 - 2029) | 3.31 % |
Fastest Growing Market | North America |
Largest Market | Asia Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Cashew Market Analysis
The Cashew Market size is estimated at USD 7.82 billion in 2024, and is expected to reach USD 9.20 billion by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).
The cashew market has been growing across the world due to the rising health consciousness and the inclination of people toward healthy food options. Cashew contains healthy carbohydrates, protein, and good fat. Likewise, the cashew is a nutritionally dense food providing a rich source of the B vitamin, vitamin K, and the essential minerals copper, iron, magnesium, manganese, phosphorus, and zinc, which support its consumption by health-conscious people across the world. Multiple benefits of nutrient-rich cashews are aiding the market growth over the forecast period.
- In recent years, there has been a global trend that looks favorably at vegan and plant-based diets. People who embrace a plant-based vegan diet prioritize alternative sources of protein instead of those derived from animals, resulting in the soaring demand for nuts and nut-infused foods, thereby increasing the consumption of cashew nuts globally. For instance, according to a survey conducted by Plant Protein’s sources, the vegan share in the United States drastically increased to 6% in 2022, which is about 19,632,000 vegans.
- In terms of production, according to FAOSTAT, global production of Cashew nuts, in shell was 3,826,874.29 metric tons which increased and reached 3,852,868.11 metric tons in 2022. Further, Côte d’Ivoire, with 970000 metric tons of Cashew nuts, in shell production, ranks first, followed by India, Vietnam, and Tanzania 752000, 341680.33, and 216906.63 metric tons, respectively.
- In addition, the United States is the largest consumer of cashew nuts, followed by Germany, the Netherlands, China, the United Arab Emirates, and the United Kingdom, owing to the increasing health consciousness among people. According to the International Trade Center (ITC), Trademap, in 2022, some major countries from which the United States imports cashews include Vietnam, Cote d’Ivoire, and Brazil. Vietnam constituted the largest exporter of cashews to the United States, accounting for 88.7% in 2022.
Cashew Industry Segmentation
Cashew nuts are edible kidney-shaped nuts, rich in oil and protein, and are roasted and shelled before being eaten. Raw cashew nuts (in-shell) have been considered while collecting data for production. The Global Cashew Nut Market is Segmented by Grade (White Wholes, Scorched Wholes, Dessert Wholes, White Pieces, Scorched Pieces, and Dessert Pieces) and Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market sizing in terms of volume in metric tons and value in USD.
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Scorched Wholes | |
Dessert Wholes | |
White Pieces | |
Scorched Pieces | |
Dessert Pieces |
Geography (Production Analysis in Volume, Consumption Analysis by Volume and Value, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis) | ||||||||
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Cashew Market Size Summary
The cashew market is experiencing a steady expansion, driven by increasing global health consciousness and a shift towards nutritious food options. Cashews are recognized for their rich nutritional profile, offering essential vitamins and minerals that appeal to health-conscious consumers. The growing popularity of vegan and plant-based diets has further fueled the demand for cashews, as they serve as a significant alternative protein source. This trend is particularly evident in regions like the United States, where the consumption of cashew nuts has risen due to their health benefits, including blood sugar regulation and heart disease prevention. The market's growth is supported by robust production in key regions such as Côte d’Ivoire, India, and Vietnam, with these countries leading in both production and export activities.
In the Asia-Pacific region, cashew nuts are a staple in diets and are increasingly incorporated into ready-to-eat snacks, appealing to both young and older consumers. The region's significant consumption and production capabilities, particularly in India and Vietnam, position it as a central player in the global cashew market. Innovations in cashew-based products, such as roasted and spice-coated varieties, have further enhanced their appeal. The market is also witnessing infrastructural developments, with new processing facilities being established in countries like Nigeria and Ivory Coast, aimed at boosting production capacity and meeting rising demand. These developments, coupled with strategic import and export activities, are expected to sustain the market's growth trajectory over the forecast period.
Cashew Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Consumption of Cashew Nuts as a Healthy Snack
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1.2.2 Increasing Government initiatives
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1.2.3 Growing Cashew Nut Imports in The United States
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1.3 Market Restraints
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1.3.1 Hazardous Climatic Condition Hinders Cashew Production
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1.3.2 Stringent Regulations Related To Food Quality Standards
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1.4 Value Chain Analysis
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1.4.1 Value Chain Overview
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1.4.2 Price Markups in the Value Chain
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1.4.3 Value Chain Issues and Challenges
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2. MARKET SEGMENTATION
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2.1 Grade
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2.1.1 White Wholes
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2.1.2 Scorched Wholes
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2.1.3 Dessert Wholes
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2.1.4 White Pieces
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2.1.5 Scorched Pieces
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2.1.6 Dessert Pieces
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2.2 Geography (Production Analysis in Volume, Consumption Analysis by Volume and Value, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.3 Asia-Pacific
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2.2.3.1 India
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2.2.3.2 China
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2.2.3.3 Australia
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2.2.3.4 Vietnam
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2.2.3.5 Philippines
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2.2.3.6 Indonesia
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.5 Africa
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2.2.5.1 Côte d'Ivoire (Ivory Coast)
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2.2.5.2 Tanzania
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Cashew Market Size FAQs
How big is the Cashew Market?
The Cashew Market size is expected to reach USD 7.82 billion in 2024 and grow at a CAGR of 3.31% to reach USD 9.20 billion by 2029.
What is the current Cashew Market size?
In 2024, the Cashew Market size is expected to reach USD 7.82 billion.