Vietnam Cashew Market Size (2024 - 2029)

The Vietnamese cashew market is experiencing growth, with its market size expanding due to Vietnam's position as the largest global producer and exporter of processed cashew nuts. Despite challenges such as declining exports in the first half of 2022 due to geopolitical tensions, the market's value continues to rise, supported by increased investment in cultivation, processing, and trading. The country's significant contribution to global production underscores its importance in the cashew industry, with expectations of continued growth in market size over the forecast period.

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Market Size of Vietnam Cashew Industry

Vietnam Cashew Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.00 %

Major Players

Vietnam Cashew Market Major Players

*Disclaimer: Major Players sorted in no particular order

Vietnam Cashew Market Analysis

The Vietnamese cashew market is projected to register a CAGR of 5.0% during the forecast period.

  • Vietnam is the largest producer and exporter of processed cashew nuts globally. The Vietnam Cashew Association (Vinacas) projects that from 2022 to 2027, the global cashew nut market will grow by an average of 4.6% each year. In Vietnam, the market is anticipated to reach USD 7 billion by 2026. The nation exports the most cashew nuts worldwide. With an increase of 12.6% and 13.3%, respectively, the Vietnamese cashew sector recorded export volumes of 579,800 tons and a value of USD 3.64 billion in 2021.
  • The cashew exports in the first half of 2022 fell 9.2% against the same period last year to over 1.5 billion USD. The Russia-Ukraine conflict is a significant cause for the falling exports, as Russia was the 14th largest importer of Vietnamese cashews. However, the average export price increased by 1.45% in 2022 compared to 2021, reaching about 5,792 USD per tonne, driving the market's growth.
  • Cashew nut is one of the important nut species in Vietnam and contributes about 45% to global production among all the cashew-producing nations. For instance, the production increased by 5% in 2022 to 294.9 thousand metric tons from the previous year due to the increasing demand from the processing industry.
  • Vietnam's cashew production and the harvested area will continue to grow during the forecast period because of increasing investment opportunities in Vietnam's cashew industry, from cultivation to processing and trading.

Vietnam Cashew Industry Segmentation

Cashew nuts are edible kidney-shaped nuts rich in oil and protein. They are either roasted or shelled before being eaten. Oil extracted from the shells is used as a lubricant in the production of plastics. 

The study analyzes the scenario of the cashew market in Vietnam. The Vietnamese cashew market report covers the extensive study of production(volume), consumption(volume and value), import(volume and value), export(volume and value), and price trend analysis. 

The report offers market size and forecasts in terms of value (USD million) and volume (metric ton) for all the above segments.

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Vietnam Cashew Market Size Summary

The Vietnamese cashew industry is a significant player in the global market, being the largest producer and exporter of processed cashew nuts worldwide. The industry is characterized by its robust growth trajectory, driven by advancements in cultivation and processing technologies. Vietnam's strategic focus on high-density planting and commercial farming has enhanced yield efficiency, while investments in advanced processing technologies have improved profit margins by reducing labor costs and ensuring quality consistency. The country's cashew exports have expanded to over eighty-five countries, with major markets including the United States, China, and the Netherlands. Despite challenges such as the Russia-Ukraine conflict impacting export volumes, the industry continues to thrive, supported by government initiatives and the Vietnam Cashew Association's efforts to bolster production and trade.

Vietnam's cashew industry is poised for continued expansion, with significant contributions to global production and a growing export market. The Binh Phuoc region, known for its high-quality cashew nuts, serves as the country's primary cashew-growing area, supported by government efforts to increase plantation areas. The industry benefits from various initiatives, including farmer training and seed programs, which have positively impacted production and quality. Additionally, international trade agreements like the EU-Vietnam Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership have opened new markets for Vietnamese cashew products. The introduction of innovative products, such as cashew milk, further highlights the industry's dynamic nature and its commitment to meeting global demand.

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Vietnam Cashew Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Value Chain / Supply Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Production Analysis

    2. 2.2 Consumption Analysis (Value and Volume)

    3. 2.3 Import Analysis (Value and Volume)

    4. 2.4 Export Analysis (Value and Volume)

    5. 2.5 Price Trend Analysis

Vietnam Cashew Market Size FAQs

The Vietnam Cashew Market is projected to register a CAGR of 5% during the forecast period (2024-2029)

The report covers the Vietnam Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

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Vietnam Cashew Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)