United States Cashew Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

United States Cashew Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The United States Cashew Market size is estimated at USD 1.00 billion in 2023 and is projected to reach USD 1.28 billion by 2028, growing at a CAGR of 5.00% during the forecast period (2023-2028).

Cashew is a highly nutritious and concentrated form of food, providing a substantial amount of energy. The cashew nut kernel has a pleasant taste and flavor and can be eaten raw, fried, and sometimes salted or sweetened with sugar. Cashew nuts are consumed in various forms, including as salty or sweet snacks and as ingredients in desserts and savory dishes, or are further processed into cashew butter or as ingredients in multiple spreads, sauces, bars, and drinks.

The rapidly growing groups of vegans, vegetarians, and occasional meat-eaters in the country prioritize plant-based diets and alternative protein sources instead of those derived from animals, resulting in the soaring demand for nuts and nut-infused food, thereby increasing the consumption of cashew nuts in the country.​ Also, there has been an increasing application of cashew nuts in the end-user food market, boosting the consumption of cashews in the country.

Cashew kernels are a popular nut with many uses, from snacking to cooking and baking. They are also a good source of nutrients such as protein, healthy fats, and minerals like magnesium and zinc. It's worth noting that the price of cashew kernels can vary depending on the nuts' quality, origin, and availability. Production, processing, and transportation costs can also impact the price. The demand for cashew nuts is expected to grow due to their popularity and versatility.

The health benefits of cashew consumption and demand from the cashew processing industries are the prime drivers of the market in the country. Cashew consumption is mainly concentrated in California, Florida, New York, Texas, and New Jersey. In recent years, consumers have been incorporating cashew nuts into their diets as a snack and ingredient in various food products. This trend is driven by several factors, including the perceived health benefits of cashews, such as their high nutrient content, including healthy fats, protein, and fiber. Moreover, cashews are a versatile ingredient that can be used in various ways, including as a dairy alternative in products like cashew-butter yogurt. The launch of innovative cashew-infused products has helped to fuel the trend, particularly among younger and health-conscious consumers.

US Cashew Market Trends

Health Benefits of Cashew Nuts Increases Consumption

Cashews are a rich source of protein, fat, copper, magnesium, manganese, zinc, phosphorus, iron, and vitamins. Cashews are especially rich in unsaturated fats, linked to a lower risk of premature death and heart disease. They also contain polyunsaturated fatty acids, which help lower low-density lipoproteins (LDL) and increase the high-density lipoproteins in the body (HDL).

In addition, cashews contain a significant amount of copper, a mineral essential for energy production, healthy brain development, and a robust immune system. Cashews are high in nutrients, which improve bone health in humans, as one ounce of cashew contains 622 micrograms of copper.

Cashews are increasingly used as a constituent in muesli, energy bars, cookies, chocolates, and ice creams. Therefore, the essential stimulant for cashew consumption is in high demand from direct consumers and cashew milk processing industries in the United States. According to the International Nut and Dried Fruits Council, the per capita consumption of cashews in the country increased from 0.48 kg/year in 2019 to 0.54 kg/year in 2021.

The rising health-consciousness concern and greater acceptance of plant-based diets in the country are escalating cashew and product consumption. This otherwise has an inflation-driven consumption pattern, as per the International Nut and Dried Fruit Council.

Growing Cashew Nut Imports in The Country

The United States is the largest consumer of cashew nuts, followed by Germany, the Netherlands, China, the United Arab Emirates, and the United Kingdom, owing to the increasing health consciousness among people. Cashew requires a frost-free tropical climate; hence, planting in the United States is limited to extreme south Florida, Hawaii, and Puerto Rico. There is no commercial production in the United States as of now. However, cashews are grown in botanical collections and some home landscapes, which propels higher imports across the globe to fulfill the demand.

According to the International Trade Center (ITC), Trademap, Vietnam, Brazil, Cote d'Ivoire, India, and Indonesia are the major exporters of fresh or dried cashew nuts to the United States. In 2021, Vietnam was the largest exporter, accounting for most imports at 163,169 metric tons. Brazil, Cote d'Ivoire, India, and Indonesia also exported significant amounts, with 5,718 metric tons, 4,608 metric tons, 3,149 metric tons, and 2,286 metric tons, respectively.

The popularity of cashew processed food materials such as cashew milk, butter, cookies, smoothies, snacks, milk, cream, cheese, and many others in the country will escalate to higher imports in the coming years.

Cashew kernels represent the main product of the cashew industry. They are consumed in various forms, including a salty or sweet snack or an ingredient in desserts and savory dishes. They are further processed as cashew butter or as an ingredient in various spreads, sauces, bars, and drinks. In addition, Cashew oil is a necessary byproduct that can be extracted from cashew kernels.

The oil is rich in nutrients and has a variety of uses in the food industry, such as in cooking, salad dressings, and as a flavoring agent. Cashew kernels are also graded based on quality, with standards set by various organizations and countries. These standards consider factors such as the color and size of the kernels, as well as whether they are whole or broken. This grading system helps ensure consistency and quality in the cashew industry for producers and consumers.

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