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

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

The Vietnamese cashew market is projected to register a CAGR of 4.8% during the forecast period (2020-2025).

Key Highlights

• According to the FAO (2018), among all the cashew producing nations, Vietnam contributed 45% of the global production which accounts for 5 million metric ton. According to the Ministry of Agriculture and Rural Development, export turnover of cashew accounts for 353,000 metric ton in 2017 that amount to USD 3.52 billion.
• In the last five years, Vietnam has become the world’s leading cashew processing center with 1.5-1.8 million metric ton of raw cashew compared to 3.2 million metric ton globally.

Key Market TrendsConsolidation of Leadership in the Vietnam Cashew Market

Vietnam is carrying out high-density planting, commercial farming, and seed programs to ensure high yields. It also invested heavily in mechanizing the entire cashew processing to save on labor, and bring consistency and cost competitiveness. In the last eight years, Vietnam had increased its presence to over 85 countries. It is the largest supplier of cashew to the United States, China, Netherlands, Australia, Canada, and New Zealand. In 2016, Vietnam Cashew export accounted for USD 2,810,701 whereas in 2018 it accounted for USD 3,294,05 denoting the increase in demand for Vietnam cashew globally.

Favorable Government Initiatives are Supporting the Market Growth

Vietnam is one of the major cashew exporters across the world. The government is taking various measures to promote the regional grown cashew among the trading countries. Binh Phuoc, a Southeast region of Vietnam known as cashew capital of Vietnam has granted its cashew as geographical indication registration to build national brand for the cashew nut. Furthermore, the government plans to make this region as the country's main cashew growing area by expanding plantation to 200,000 ha by 2020. The country's Cashew Association (Vinacas) has signed Memorandum of Understanding (MOU's) with Cashew Council and many other trading countries to support trading between the countries and provide technical advice to the producers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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