United States Cashew Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Cashew Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The US cashew market is estimated to register a CAGR of 3.1% during the forecast period (2021-2026).

COVID-19 has a direct and negative impact on the cashew market in the United States. Due to the closure of cashew factories, value addition activities were affected negatively, which has resulted in the rise of cashew prices.

Health benefits of cashew consumption and demand from the cashew processing industries are the prime drivers of the market. The consumption of cashew is majorly concentrated in states like California, Florida, New York, Texas, and New Jersey.

In 2020, the country exported about USD 679 thousand cashews, majorly to Jamaica, Trinidad & Tobago, Canada, and South Korea. Similarly, the county imported cashew majorly from Vietnam, Côte d'Ivoire, and Honduras.

Key Market TrendsDecrease in the Cashew Imports

In the United States, in-shell cashew imports are very low in volume and have been decreasing significantly since 2017. According to the ITC Trade Map, the country imported 143 metric ton of in-shell cashew in 2020, which is almost 56.4% less than the 328 metric ton imported in 2017. The main reason for the reduction in import is the falling prices of cashew in the US market. The price of cashew declined by 13.5% in 2018, which affected the cashew imports. In 2020, Vietnam was the largest exporter of in-shell cashew to the United States, accounting for 89% of the total imports in volume, followed by Côte d'Ivoire and Honduras with 9% and 2%, respectively.

Growth in the consumption of Cashew in the United States

The United States is the second-largest consumer of cashew in terms of volume, with a share of 20.97% of the total global consumption, as of 2018. Cashews are also being increasingly used as a constituent in muesli, energy bars, cookies, chocolates, and ice creams. Therefore, high demand from direct consumers and cashew milk processing industries in the United States are the key stimulants for cashew consumption in the country. Vegetarians are prioritizing a plant-based diet, including plant-based sources of protein. Cashew nuts are a good source of plant protein. This has increased the per capita consumption of cashew nuts in the country. According to the International Nut and Dried Fruits Council, the per capita consumption of cashews in the country increased from 0.44 kilogram in 2016 to 0.46 kilogram in 2018.

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• The market estimate (ME) sheet in Excel format
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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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