The Cashew Market size was estimated at USD 7.2 billion in 2023 and is projected to reach USD 11.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2024-2030).

Cashew Market

Market Summary

The global cashew market is a significant segment within the food and beverages industry, characterized by steady demand driven by its nutritional profile and versatile applications. Cashews are consumed both as a standalone snack and as a key ingredient in various culinary preparations, confectionery, and dairy alternatives. The market encompasses a complex supply chain involving cultivation, processing, distribution, and retail, with raw cashew nuts primarily sourced from tropical regions. Processing is a critical and value-adding stage, often concentrated in specific geographic areas due to labor requirements and expertise. The market is influenced by factors such as crop yields, international trade policies, and changing consumer preferences towards healthy and plant-based foods. Major consuming regions include North America and Europe, while production is dominated by countries in Africa, Asia, and South America. The industry is also witnessing a growing emphasis on sustainable and ethical sourcing practices, which is shaping procurement strategies for many leading food manufacturers and retailers.

Key Highlights

The cashew market is distinguished by several key factors that underscore its dynamics and future potential. The nut is renowned for its health benefits, being a good source of healthy fats, protein, vitamins, and minerals, which aligns perfectly with the global shift towards nutritious snacking. Product innovation is a major highlight, with manufacturers continuously introducing new formats such as flavored, roasted, salted, and organic cashews to cater to diverse palates and dietary requirements. The use of cashews as a base for vegan dairy products, including milk, cheese, and cream alternatives, represents a rapidly expanding and high-growth application segment. Furthermore, the market structure is unique, with a separation between raw nut-producing nations and processing hubs, creating distinct regional interdependencies. The presence of both large multinational agribusiness corporations and smaller regional players adds to the competitive landscape, fostering innovation and strategic partnerships across the value chain.

Drivers, Opportunities & Restraints

Growth in the cashew market is propelled by powerful drivers, primarily the increasing consumer awareness of health and wellness. The recognition of cashews as a heart-healthy snack rich in unsaturated fats is a significant demand driver. The rising popularity of plant-based diets is another major force, opening new application avenues in meat and dairy alternatives. However, the market faces considerable restraints. Production is highly susceptible to climatic variations and pests, leading to volatility in raw material supply and prices. The processing phase is labor-intensive and often faces challenges related to manual shelling, including concerns over working conditions and the need for technological modernization. Opportunities abound in addressing these challenges. There is a substantial opportunity for investment in mechanized processing equipment to improve efficiency and sustainability. Expanding into untapped markets in Asia-Pacific and Latin America, along with developing value-added products like cashew-based spreads and nutrition bars, presents significant growth potential for industry stakeholders.

Concentration Insights

The global cashew market exhibits a high degree of concentration at specific points in the value chain. The cultivation of raw cashew nuts is concentrated in a handful of countries, with Ivory Coast, India, and Vietnam being the top producers. Vietnam and India, in particular, have also emerged as global hubs for cashew processing, accounting for a dominant share of the kernel supply. This geographic concentration creates inherent risks related to supply chain disruptions, weather events, or political instability in these key regions. On the demand side, consumption is more diversified but still shows concentration in developed economies like the United States and European nations, which are major importers of processed kernels. The competitive landscape is also concentrated, featuring a mix of large integrated agribusinesses such as Olam International and Borges Agricultural & Industrial Nuts, and numerous specialized processors and distributors. This concentration necessitates robust supply chain management and strategic sourcing for companies operating in this market.

Type Insights

The cashew market is segmented by type, primarily distinguishing between raw, roasted, and salted variants, each catering to different consumer needs and applications. Whole white kernels represent a premium category, often used in confectionery and whole-nut snacks for their aesthetic appeal and consistency. Broken pieces are a cost-effective option widely utilized as an ingredient in culinary dishes, bakery products, cereals, and nut mixes. The roasted and salted segment is a major driver in the snack aisle, offering convenience and enhanced flavor profiles. A growing and influential sub-segment is organic cashews, which appeals to health-conscious consumers seeking products free from synthetic pesticides and fertilizers. This demand has prompted more growers to adopt organic farming practices. Furthermore, manufacturers are increasingly introducing infused and flavored cashews, such as honey-glazed, chili-lime, or herb-infused, to attract new consumers and drive impulse purchases, reflecting the ongoing trend of flavor innovation in the snack industry.

Application Insights

Cashews find diverse applications across the food and beverage industry, extending far beyond simple snacking. The direct consumption segment, which includes packaged nuts and trail mixes, remains the largest application, driven by the demand for healthy on-the-go snacks. In the confectionery industry, cashews are a prized ingredient in chocolates, cookies, and energy bars, valued for their rich flavor and crunchy texture. The culinary segment is another significant application, where cashews are used in both whole and paste forms in Asian cuisines, such as curries and kormas, and as a thickening agent in soups and sauces. A revolutionary and fast-growing application is in the dairy alternative sector, where cashew milk, cheese, yogurt, and ice cream have gained substantial popularity among vegans and lactose-intolerant consumers. This versatility ensures a stable and growing demand across multiple food channels, from retail and food service to industrial ingredient manufacturing.

Regional Insights

The cashew market demonstrates distinct regional characteristics in terms of production, processing, and consumption. Africa is the powerhouse of raw cashew nut production, with Ivory Coast, Tanzania, and Benin being leading contributors. However, a significant portion of this raw produce is exported to Asia for processing. Asia-Pacific stands as the global processing center, with Vietnam and India dominating the shelling and kernel preparation industry. India is also a major domestic consumer of cashews. North America and Europe are the primary consumption regions, representing the largest import markets for processed cashew kernels. These regions have mature markets with high per capita consumption of nuts, driven by health trends. Latin America and the Middle East are emerging as growth markets, showing increasing demand fueled by rising disposable incomes and a growing middle class adopting healthier eating habits, presenting new export opportunities for producers and processors.

Company Insights

The competitive landscape of the cashew market features a blend of large multinational agri-commodity corporations and specialized nut companies. Key players such as Olam International, Borges Agricultural & Industrial Nuts, and John B. Sanfilippo & Son (maker of Fisher nuts) have a significant global presence, often with vertically integrated operations that span sourcing, processing, and distribution. These companies leverage their scale, extensive supply networks, and strong brand recognition to serve major retail and industrial customers worldwide. Alongside these giants, numerous regional processors and family-owned businesses play a crucial role, particularly in Vietnam and India, often focusing on specific stages of the value chain. Private label products also command a substantial share, especially in large supermarket chains. Competition is based on factors including price, product quality, consistency, sustainability certifications, and the ability to offer a diverse portfolio of value-added products to meet evolving customer demands.

Recent Developments

The cashew market is evolving rapidly, with recent developments focusing on sustainability, technology, and product expansion. There is a heightened industry-wide focus on ethical sourcing and transparency, leading to increased adoption of certifications like Fair Trade and initiatives to improve labor conditions in processing facilities. Major players are investing in backward integration by establishing direct relationships with farmer cooperatives in Africa to secure a sustainable and traceable supply of raw nuts. Technological advancements are gaining traction, with investments in mechanized shelling equipment to reduce reliance on manual labor and increase processing efficiency and yield. In terms of products, innovation continues with the launch of new flavors and formats, including single-serve packs and keto-friendly or paleo-certified options. Furthermore, companies are expanding their footprint in the plant-based sector by launching new cashew-based dairy alternative products, responding directly to the surge in vegan and flexitarian lifestyles.

Report Segmentation

This comprehensive market research report on the cashew industry provides a detailed analysis segmented across multiple dimensions to offer a granular understanding of the market. The segmentation by type categorizes the market into whole kernels and broken pieces, with further breakdowns into sub-types such as raw, roasted, salted, and organic to analyze value and volume trends for each category. Application segmentation delves into the various end-uses, including direct consumption, confectionery and bakery products, culinary applications, dairy alternatives, and others, assessing the demand dynamics and growth potential of each segment. Geographic segmentation offers a regional analysis covering key areas such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, providing insights into production, consumption, trade patterns, and competitive landscapes specific to each region. This multi-faceted segmentation allows stakeholders to identify high-growth niches, understand regional disparities, and make informed strategic decisions.

FAQs

What are the health benefits of eating cashews?

Cashews are a nutrient-dense food offering numerous health benefits. They are an excellent source of healthy monounsaturated and polyunsaturated fats, which support heart health by helping to reduce bad cholesterol levels. They provide plant-based protein, essential minerals like copper, magnesium, and manganese, and antioxidants. Regular consumption is associated with improved bone health, better immune function, and may aid in weight management by promoting a feeling of fullness.

Which country is the largest producer of cashews?

Ivory Coast is consistently ranked as the world's largest producer of raw cashew nuts. The country has significantly expanded its cultivation areas and output in recent years, solidifying its position at the top of global production. Other major producing nations include India, Vietnam, Tanzania, and Benin, contributing substantially to the global supply of raw cashews.

How are cashews processed?

Cashew processing is a multi-step and largely manual process. It begins with sun-drying the harvested raw nuts. The critical and dangerous step involves roasting the nuts to make the toxic shell brittle and easier to crack. The shells are then carefully cut open, typically by hand, to extract the kernel inside. The kernel is subsequently dried, peeled to remove its thin skin, graded by size and quality, and finally packaged for distribution.

What is driving the growth of the cashew market?

The growth of the cashew market is primarily driven by the global shift towards healthier snacking options and plant-based diets. Consumers are increasingly choosing nuts like cashews for their nutritional benefits. The rising popularity of veganism has catapulted cashews into a key ingredient for dairy alternatives like milk, cheese, and cream. Furthermore, continuous product innovation in flavors and formats is expanding their appeal to a wider consumer base.

What are the main challenges in the cashew industry?

The cashew industry faces several significant challenges. Production is vulnerable to unpredictable weather patterns and pests, leading to fluctuations in yield and quality. The processing stage is extremely labor-intensive and poses health risks to workers from the corrosive liquid in the cashew shell. Price volatility for raw nuts impacts profitability for processors. Additionally, there is increasing pressure from consumers and regulators for more sustainable and ethically transparent supply chains.

Citius Research has developed a research report titled “Cashew Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• Cashew Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Cashew Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

Cashew Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

Cashew Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of Cashew Market
• Research Methodology
• Executive Summary
• Market Dynamics of Cashew Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Cashew Market
• Cost and Gross Margin Analysis of Cashew Market
• Cashew Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “Cashew Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

Cashew Market Key Stakeholders

Below are the key stakeholders for the Cashew Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

Cashew Market Report Scope

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Cashew Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the Cashew Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Cashew Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

Report Customization

Citius Research provides free customization of reports as per your need. This report can be personalized to meet your requirements. Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.

Frequently Asked Questions