Cashew Market Forecasts to 2028 – Global Analysis By Form (Roasted, Whole, Paste, Kernel, Pieces, Powder and Splits), Grade (Scorched Wholes, Dessert Wholes, White Wholes, Scorched Pieces, Dessert Pieces and White Pieces), Application, Distribution Channe

Cashew Market Forecasts to 2028 – Global Analysis By Form (Roasted, Whole, Paste, Kernel, Pieces, Powder and Splits), Grade (Scorched Wholes, Dessert Wholes, White Wholes, Scorched Pieces, Dessert Pieces and White Pieces), Application, Distribution Channel and By Geography

According to Stratistics MRC, the Global Cashew Market is accounted for $7.0 billion in 2022 and is expected to reach $9.1 billion by 2028 growing at a CAGR of 4.4% during the forecast period. Cashew nuts are considered to be the most popular edible nuts available worldwide. The cashew, a nut with a kidney-like form, is rich in protein, vitamin K, fat, and oil. Cashews grow near to the shore and are often harvested around the end of the summer. In addition to decreasing blood cholesterol levels and lowering the risk of cardiovascular disease, cashews also prevent cancer and gallstones and promote healthy brain function. Cashews are often utilized in cooking and as a snack. It may also be mashed into a paste to serve as the base for curry sauces or used as a garnish for sweets or curries.

According to India Brand Equity Foundation (IBEF), in 2022, the cashew industry has much economic significance as it employs more than 10 lakh people on farms and factories in rural areas. The cultivation of cashew in India covers a total of 0.7 million hectares of land, and the country produces over 0.8 million tons (MT) annually.

Market Dynamics:

Driver:

Increasing demand for healthy snacks

Edible cashews have historically been a key component in sweets and other meals notably in Asian cuisine. They have also been eaten as a snack. On top of that, cashews are being used commonly as an ingredient in ice cream, energy bars, crackers, and cereal. Cashews have a higher fiber content than peanuts, which helps with digestion and encourages a healthy increase in body weight. Its advantages such as its high iron and magnesium content and rich fat content are fueling the market expansion.

Restraint:

Strict regulations

Many small-scale cashew processing facilities have terrible working conditions and poor sanitation, which leads to poor-quality cashew nuts that are heavily contaminated. Aflatoxin contamination may occur when high-moisture cashew nuts are stored in incompatible circumstances. Therefore, the European Union, Canada, India, and numerous other nations that import processed cashews all implement strong food safety standards and regulations. Therefore, the aforementioned variables hinder the market expansion.

Opportunity:

Government support for cashew farmers

Despite of the delicacy and nutritional advantages of cashew-based food, cashew production has been rising. Additionally, the demand for plant-based diets has lately expanded as a result of altering lifestyles and improved knowledge. The Cashew Export Promotion Council of India (CEPCI), INC (International Nut and Dried Fruit Foundation) Spain, and other international cashew players have joined forces to form a global cashew task force for increasing cashew nut production. As a result, manufacturing has increased and is expected to support market development.

Threat:

Raising competition from local players

The adoption of new technology and total industry automation made manufacturing simple. As a result, there were more manufacturing layouts. These rivals create inexpensive substitutes. Additionally, competitors had to sell cashews for less costs due to the rising demand for flavourful cashews and helpful government measures. These elements are limiting the market expansion.

Covid-19 Impact

Cashew producer revenue has been drastically decreased by the COVID-19, falling to 50% at the start of the pandemic. The second wave of Covid has significantly decreased cashew supply and consumption, which has lowered the sector's morale. Even the cashew industry's future is in jeopardy. Due to the lack of pilgrims, significant festivals and events in nations, cashew export volume has reached an all-time low and domestic sales have decreased. But world consumer consumption has not slowed down in the pandemic because of its strong nutritional benefits.

The cosmetic products segment is expected to be the largest during the forecast period

The cosmetic products segment is estimated to have a lucrative growth, due to its anti-oxidant properties. The unsaturated fats, magnesium, zinc, and vitamin E found in cashew oils are crucial for the human body because they act as antioxidants. The personal & beauty care sector has experienced significant demand for cashews as an active component for use in hair oils. Cashews also include additional acids including linoleic and oleic acid, which may be utilized to treat all hair types and issues. These benefits are promoting the segment's expansion.

The scorched pieces segment is expected to have the highest CAGR during the forecast period

The scorched pieces segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its low cost. Scorched pieces have a darker reddish colouring than whites due to overheating while roasting. Consumers enjoy them as snacks because of the improved roasted flavor in the kernels, which are utilized in confectionery and baking. Second-rate nuts became essential due to the rising cashew nut demand. The segment is driving market demand since it has the same nutritious content as wholes and lower purchase costs.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the presence of large cashew-producing countries. The majority of the world's cashew nuts are consumed in this region. Both young and elderly consumers are embracing the growing number of producers of inventive cashew-based consumer goods. The market in this area is expanding as a result of factors such rising interest in balanced diets and nutritious ready-to-eat snacks.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to persistently increased imports. In terms of volume, Vietnam is the world's top cashew exporter. The climate of the nation, which is humid and tropical, plus the abundance of fertile red soil make it ideal for cultivating cashews. Due to complete industrial automation and the adoption of modern technologies, Vietnam offers cashews of the highest quality at reasonable prices. Moreover, the initiatives by the government for carrying out high-density planting, commercial farming, and hybrid varieties of seed to ensure high yield makes are fuelling the market demand.

Key players in the market

Some of the key players profiled in the Cashew Market include Haldiram's, Olam International Limited, Alphonsa Cashew Industries, Prime Nuts FZE, Nutsco Inc, Bismi Cashew Company, Aryan International, Agrocel Industries Pvt. Ltd, DVK Group, Aurora Products Inc, CBL Natural Foods (Pvt) Ltd, Delicious Cashew Co, Bata Food, Kalbavi Cashews, Delphi Organic GmbH, Vietnam Cashew Processing Co, Nutty Yogi, Royal Dry Fruits, Lafooco (PAN Group) and Wonderland Foods.

Key Developments:

In September 2020, Alphonsa unveils new Pasteurisation and Packing Complex to facilitate customer demands for the highest quality cashew. With the rapid rise of food safety requirements around the world, Alphonsa is investing in a new Pasteurisation and Packing Complex to stay ahead of the regulations and its customer’s aspirations.

In May 2022, Aurora Cannabis announced that the company has launched three new EU GMP cannabis extracts for patients in the United Kingdom. The new product line comes from Aurora Nordic, their facility located in Odense, Denmark.

Forms Covered:
• Roasted
• Whole
• Paste
• Kernel
• Pieces
• Powder
• Splits

Grades Covered:
• Scorched Wholes
• Dessert Wholes
• White Wholes
• Scorched Pieces
• Dessert Pieces
• White Pieces

Applications Covered:
• Bakery Products
• Snacks & Bars
• Confectionaries
• Dairy Products
• Beverages
• Cereals
• Cosmetic Products
• Desserts
• Other Applications

Distribution Channels Covered:
• Online Store
• Retailers
• Supermarkets

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements