Cashew Value Chain Analysis Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Cashew Value Chain Analysis Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The cashew market is projected to register 4.8% during the forecast period (2022-2027).

The COVID-19 outbreak directly and negatively impacted the cashew market globally. Lockdowns in different countries disrupted the demand for cashew nuts due to the lack of purchasing power, resulting in reduced income in most countries. The value chain of the cashew market is negatively affected as a disrupted distribution channel tends to lower the end-products of cashew nuts in the market.

In recent years, there has been a growing inclination toward the use of cashew nuts in daily diets and healthy ready-to-eat snacks. The increasing number of cashew-infused product manufacturers has taken the young and geriatric consumers by stride with the launch of innovative products, such as cashew-butter yogurt in United States and roasted, spice-coated cashew nuts in India. Thus, over the long term, the high penetration rate of cashew-based retail manufacturers in the developed and emerging markets and the successful implementation of initiatives in cashew production and processing in Africa are expected to drive the cashew nut market during the forecast period.

Key Market TrendsIncreasing Government Initiatives to boost Cashew Production

The cultivation of cashew happens in a well-constructed stage in the respective value chain, with individual growers and grower collectives as the primary stakeholders in the process. However, cashew cultivation is highly concentrated on individual farms, while an insignificant number of growers operate as part of cooperatives, which are relatively smaller in size and area. Governments of Africa are reforming markets and revitalizing institutional infrastructure. For instance, since 2009, “The African Cashew Initiative” has been helping improve primary production, processing, and market linkages along the value chain of the cashew market. The project uses advisory services and training at all stages of the production process to help cashew farmers and processors in five African countries, namely Benin, Burkina Faso, Ivory Coast, Ghana, and Mozambique, to meet international standards. This project mainly focuses on supporting producers and processors to increase the yield and quality of their products and link the business players along the chain.

Asia-Pacific is Leading the Consumer Demand

Asia-Pacific is the largest consumer of cashew nuts in the world. Cashews are increasingly consumed as a snacking food product due to their high nutrition content. The shell is known to be a good source of an important liquid known as cashew nut-shell liquid (CNSL). Vietnam is the top cashew nut-consuming country in the world. In 2021, Vietnam’s cashew consumption stood at 1.6 million ton. As Vietnam leads in the production of cashews worldwide, it is also a major exporter of cashews to other international markets. This factor aids in the manufacturing of end-products from cashews. Cashews are mostly consumed as snack products, a healthier alternative to high-calorie chocolate bars. Currently, cashew milk is gaining popularity as a sugar-free milk substitute.

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