Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 8 Billion | USD 11 Billion | 4.5% | 2022 |
The global cashew nuts market size was evaluated at $8 billion in 2022 and is slated to hit $11 billion by the end of 2030 with a CAGR of nearly 4.5% between 2023 and 2030.
Cashew nuts are rich in minerals and vitamins. Moreover, the need for a convenient diet is likely to steer the demand for cashew nuts across the globe. Apart from this, escalating consumption of ready-to-eat snacks will embellish the sale of the product globally. Availability of products in various flavors such as salted, butter, smoky, and pepper will spur the expansion of the market across the globe in the upcoming years. The rise in the adoption of a vegan lifestyle and choice of healthy alternatives for meat as well as dairy products has enhanced the popularity of cashew nuts globally.
Escalating consumption of nutritive cashew snacks will steer the global market trends over years to come
Surging demand for healthy cashew snacks has translated into massive growth in the global cashew nuts market in recent years. Easy availability of products in flavored forms along with supportive government policies regarding the production of cashew nuts is predicted to protrude the growth of the market globally in the upcoming years. The rise in the intake of plant-based foods along with the growing trend of a vegan diet has resulted in a profound increase in the market profitability across the globe. Intake of cashew nut kernels in whole or piece forms will embellish the global market size. Thriving retail and e-commerce sectors will contribute majorly towards the global market proceeds in the upcoming years. New product launches are predicted to contribute sizably towards the global market earnings.
For instance, in August 2023, the Kerala State Cashew Development Corporation introduced twenty-four value-added cashew products. Moreover, cashew vita is available in four flavors including chocolate, pistachio, cardamom, and vanilla.
Stringent laws over maintaining food quality standards can impede the global industry expansion
Strict protocols associated with food quality are anticipated to restrict the expansion of the global cashew nuts industry. Furthermore, storage of moisture-laden cashew nuts in unfavorable conditions across countries such as Ghana and Ivory Coast can lead to aflatoxin contamination which can be a concern for food safety. This, in turn, can further impede the expansion of the industry across the globe. Moreover, stringent food safety regulations levied in the EU, India, and Canada can put brakes on the growth of the industry globally.
Supportive government policies over cashew crop cultivation can help the global market explore new growth avenues in the near future
Huge consumption of cashew-based processed snacks along with government incentives for farmers cultivating cashew crops will open new growth avenues for the global cashew nuts market. Changing lifestyles along with a rise in awareness related to a high protein content of cashew nuts will create new facets of growth for the global market.
An increase in product costs due to taxes on products can challenge the global industry expansion over the forecast period
High supply chain costs and rise in product costs have posed a huge challenge for the global cashew nuts industry expansion. Apart from this, a massive rise in export duties & other taxes levied on the product can restrict the global industry expansion in the upcoming years.
The global cashew nuts market is sectored into the form, usage, distribution channel, and region.
In form terms, the cashew nuts market across the globe is divided into splits, roasted, paste, and whole segments. Furthermore, the whole segment, which accumulated about 75% of the global market earnings in 2022, is expected to register the highest CAGR in the ensuing years. The expansion of the segment during 2023-2030 can be owing to the good taste of whole cashew nuts and the nutritive benefits offered by them.
Based on the usage, the global cashew nuts industry is sectored into dairy products, snacks & bars, confectioneries, cereals, beverages, and bakery items segments. Moreover, the snacks & bars segment, which dominated the segmental growth in 2022, is projected to lead the segmental expansion over the forecast timeframe. The segmental expansion over the upcoming years can be subject to a rise in the use of cashew nuts in the manufacture of snacks & bars products.
Based on the distribution channel, the cashew nuts market globally is divided into convenience stores, retailers, hypermarkets & supermarkets, and specialist stores segments. Furthermore, the hypermarkets & supermarkets segment which led the segmental space in 2022, is predicted to contribute majorly to the segmental expansion in the upcoming years. This growth can be attributed to a rise in the allocation of shelf space in hypermarkets & supermarkets for the producers along with an increase in product promotions.
Report Attributes | Report Details |
---|---|
Report Name | Cashew Nuts Market |
Market Size in 2022 | USD 8 Billion |
Market Forecast in 2030 | USD 11 Billion |
Growth Rate | CAGR of 4.5% |
Number of Pages | 210 |
Key Companies Covered | Vietnam Cashew Processing Company, Alphonsa Cashew Industries, Ajanta Industries, Divine Foods, Achal Cashew Nuts, Delphi Organic, Agrocel Industries, Bata Food, CBL Natural Foods Private Limited, Bismi Cashew Company, Aryan International, Alien Green, Nutsco Inc., Cascade Agroindustrial S.A., and others. |
Segments Covered | By Form, By Usage, By Distribution Channel, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America is expected to retain its global market domination in the forecast years
North America, which contributed nearly 57% of the global cashew nuts market revenue in 2022, is expected to be a dominating region in the upcoming years. Moreover, the regional market expansion over the period from 2023 to 2030 can be attributed to a prominent surge in the consumption of products in various states such as New Jersey, California, Texas, Florida, and New York in the U.S. Growing awareness about the nutritive properties of the product among the consumers in the countries such as Canada and the U.S. along with a rise in the product demand in the snacks sector in the region will steer the regional market trends. The rise in the production of cashew butter has resulted in huge demand for the harvesting of cashew nuts in the sub-continent. The rise in the presence of key players producing cashew butter in the U.S. is likely to push the growth of the market in the region.
The Asia-Pacific cashew nuts industry is predicted to record the fastest CAGR in the coming eight years. The growth of the industry in the region over the forecast timeline can be credited to an increase in the use of the product in various cuisines in countries such as India, China, Japan, Thailand, Malaysia, and Indonesia. Furthermore, an increase in the use of roasted cashew nuts in bakery items such as biscuits can benefit the expansion of the industry in the region.
The European cashew nuts market is slated to record a massive surge in the next eight years owing to the massive intake of products in countries such as Germany. Apart from this, the rise in the application of products in the food & beverages sector in the continent will steer the expansion of the market in the continent in the forthcoming years. The growing use of products in manufacturing cookies and cereals as well as in cakes & ice creams will proliferate the size of the market in Europe.
The global cashew nuts market profiles key players such as:
By Form
By Usage
By Distribution Channel
By Region
FrequentlyAsked Questions
Cashew nuts are rich in minerals and vitamins. Moreover, the need for a convenient diet is likely to steer the demand for cashew nuts across the globe.
The global cashew nuts market growth over forecast period can be owing to the rise in the intake of plant-based foods along with the growing trend of a vegan diet.
According to a study, the global cashew nuts industry size was $8 billion in 2022 and is projected to reach $11 billion by the end of 2030.
The global cashew nuts market is anticipated to record a CAGR of nearly 4.5% from 2023 to 2030.
The Asia-Pacific cashew nuts industry is set to register the fastest CAGR over the forecasting timeline owing to an increase in the use of the product in various cuisines in countries such as India, China, Japan, Thailand, Malaysia, and Indonesia.
The global cashew nuts market is led by players such as Vietnam Cashew Processing Company, Alphonsa Cashew Industries, Ajanta Industries, Divine Foods, Achal Cashew Nuts, Delphi Organic, Agrocel Industries, Bata Food, CBL Natural Foods Private Limited, Bismi Cashew Company, Aryan International, Alien Green, Nutsco Inc., and Cascade Agroindustrial S.A.
The global cashew nuts market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.
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