Cashews Market - Forecasts from 2024 to 2029

Cashews Market - Forecasts from 2024 to 2029

The cashews market is projected to grow at a CAGR of 5.75% during the forecast period thereby reaching a market size of US$17.834 billion in 2029 from US$12.057 billion in 2022.

The increasing trend towards vegan and plant-based diets is one of the major reasons pushing the market for cashews in the projected period. An increasing number of cashew-infused products are available in the market which is attracting the younger generation and health-conscious people to give them a try. Furthermore, growing government initiatives are propelling the market.

Growing production of cashews and increased imports propel the cashew market.

The demand for cashews is growing in developed countries. For instance, according to the International Nut and Dried Fruit Council, in the crop year 2022/23, almonds and walnuts production accounted for 27% and 22% of the global production, followed by cashews which accounted for 20% of the global nuts productions. Furthermore, the market is anticipated to witness further growth due to various agreements and initiatives aimed at boosting cashew production. For instance, in November 2022, Solidaridad West Africa entered a 2.4 million Euro partnership with the European Union in Sierra Leone to implement the Agro-Tech Development Support program. Running from 2022 to 2026, this four-year initiative aims to advance technology in the cashew value chain, support rural livelihoods, and mitigate natural resource and biodiversity degradation. As per the INC Nuts & Dried Fruits Statistical Yearbook 2022/23, global cashew production has been consistently on the rise. In the 2020/21 period, cashew production, measured on a kernel basis, stood at 8,46,810 metric tons, experiencing an increase to 10,86,270 metric tons. Furthermore, in 2022/23, the overall production reached 1,095,030 metric tons. The escalating demand for cashews can be attributed to their high nutritional value, digestive health benefits, and the growing popularity of cashew-based snacks. Additionally, the increasing consumption of lactose-free, ready-to-drink cashew milk, serving as an alternative for those with lactose allergies, contributes to the upward trend in cashew production.

It is projected that the cashew market in Asia Pacific will grow steadily.

The growing demand for cashew-based snack foods coupled with their healthy fiber and protein benefits are driving the regional market growth.

India is one of the leading cashew producers globally, and according to the International Society for Horticultural Science, the country accounts for approximately 25.52% of the global cashew production. One of the most popular snack foods is cashews, which may be eaten raw or roasted. Furthermore, because of their flavorful nature, cashews are often used in dairy and confections like ice cream and candies. India's cashew manufacturing scale has benefited from the country's rapid population increase and the supporting rise in this important application. For instance, according to the National Horticulture Board, in 2021, India’s cashew production stood at 729.80 thousand tonnes which represented an increase of 4.8% over 2020’s production volume of 696.10 thousand tonnes. Furthermore, the well-established presence of major cashew companies in India such as Western India Cashew Company coupled with launches of new hybrid cashew varieties in India are expected to propel the country's market growth. For instance, in September 2021, the Directorate of Cashew Research introduced a new hybrid variety of cashews namely “Nethra Jumbo-1”. Additionally, in June 2023, the 'Slurp Up the Fun' digital campaign was introduced by Hershey India Pvt. Ltd., a subsidiary of The Hershey Company, to introduce cashew butterscotch ice cream, a flavour that is rich in nutrients, to their milkshake lineup. This special combination of butterscotch ice cream and cashew nuts has been thoughtfully created based on consumer preferences, providing a nutritious milkshake experience. Furthermore, in September 2022, the Kerala State Cooperative Consumer's Federation and Supplyco signed a contract for the KSCDC to distribute cashew nuts and other products through their marketing outlets.

India is also one of the major cashew exporters and owing to the growing international demand for such nuts, the export scale of India has also increased. For instance, according to the India Trade Portal (Ministry of Commerce & Industry), in March 2022, India exported cashews worth US$40 million which signified a 19% increase in exports over February’s exports in the same year. Such an increase in exports will act as an additional driving factor as it positively impacts the cashew production scale in India. Moreover, APEDA commemorated National Cashew Day on November 23, 2023, across the key cashew-producing and -processing states of Tamil Nadu, Karnataka, Kerala, Orissa, Maharashtra, Andhra Pradesh, and Meghalaya. Indian cashew nuts are recognized as one of the significant agricultural products with global demand.

Market Developments:

June 2023: Invest India, a division of the Department of Promotion of Industry and Internal Trade under the Union Ministry of Commerce and Industry in India, launched a series of initiatives that are aimed at promoting local products and uplifting the cashew and feni industries in Goa, India. These measures are taken for support by the Government of Goa during the One District One Product (ODOP) Sampark program held in Panaji, Goa.
May 2023: The makers of the Planters snack nuts brand introduced three creative twists on a classic American favourite. These fresh cashew flavours are currently accessible for purchase in retail outlets, enhancing the product portfolio of the globally recognized Planters brand.

Segmentation:

By Distribution Channel:

Online
Offline
By End-User Industry:

Bakery and Confectionary
Breakfast Cereals
Dairy Products and Flavored Drinks
Snacks
By Geography
North America
By Distribution Channel
By End-User Industry
By Country
USA
Canada
Mexico
South America
By Distribution Channel
By End-User Industry
By Country
Brazil
Argentina
Others
Europe
By Distribution Channel
By End-User Industry
By Country
United Kingdom
Germany
France
Spain
Italy
Others
Middle East and Africa
By Distribution Channel
By End-User Industry
By Country
Saudi Arabia
UAE
Others
Asia Pacific
By Distribution Channel
By End-User Industry
By Country
China
Japan
India
South Korea
Taiwan
Indonesia
Thailand
Others