What Is The Scope Of The Global Cashew Nuts Market?
Cashew nuts are the seeds of the cashew tree (Anacardium occidentale), a tropical evergreen tree native to Brazil. The cashew nut is encased in a shell at the bottom of the cashew apple, which is the fruit of the cashew tree. After harvesting, the cashew nuts are removed from the shell, dried, and then processed for consumption. They offer a variety of nutritional benefits due to their rich composition of nutrients.
Cashew Nuts Global Market Report 2024 provides data on the global cashew nuts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Cashew Nuts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Cashew Nuts Market Expected To Grow In Size And Annual Rates?
The cashew nuts market has exhibited strong growth, rising from $8.05 billion in 2023 to $8.52 billion in 2024, with a compound annual growth rate (CAGR) of 5.7%. This growth in the historic period is driven by increasing consumer demand for healthy snacks, recognition of cashews' nutritional benefits, dietary shifts towards plant-based and vegetarian diets, expansion of retail channels, and introduction of new cashew nut products. Looking ahead, the market is poised to reach $10.7 billion by 2028, growing at a CAGR of 5.9%. The forecast period will see improvements in supply chain management practices encompassing logistics, storage, and transportation, investments in cashew farming infrastructure, rising awareness of nut consumption benefits, popularity of plant-based diets, and increased use of cashews in various food products. Major trends include ongoing investments in agricultural technologies, adoption of biodegradable packaging from renewable sources, vertical farming techniques, integration of remote sensing and satellite imaging for plantation monitoring, and deployment of AI-driven farm management systems.
What Main Forces Are Fueling Expansion In The Cashew Nuts Market?
The thriving retail and e-commerce sectors are set to drive the growth of the cashew nut market moving forward. Retail, involving direct sales to consumers through physical stores, and e-commerce, facilitating online transactions, benefit from advancements in internet infrastructure, increased accessibility of online shopping, evolving consumer preferences, and digital platform adoption. Retail stores and e-commerce platforms play crucial roles in making cashew nuts widely accessible, catering to a broader consumer base. For example, in February 2024, according to the Census Bureau of the Department of Commerce, e-commerce sales surged by 7.5% in the fourth quarter of 2023 compared to the same period in 2022. Therefore, the thriving retail and e-commerce sectors are driving the growth of the cashew nut market.
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What Are The Primary Segments In The Global Cashew Nuts Market?
The cashew nuts market covered in this report is segmented –
1) By Form: Whole, Roasted, Splits, Paste
2) By Usage: Dairy Products, Cereals, Confectionaries, Beverages, Snacks And Bars, Bakery Items
3) By Distribution Channel: Convenience Stores, Hypermarkets And Supermarkets, Retailers, Specialist Stores
Which Key Trends Are Driving Changes In The Cashew Nuts Market?
Major companies operating in the cashew nuts market are focusing on developing innovative cashew processing plants, such as automatic cashew processing plants, to gain a competitive edge. An automatic cashew processing plant reduces manual labor needed to process raw cashew nuts into finished kernels. For example, in October 2021, Mekong Tech Group, a Vietnam-based manufacturer of cashew machines, launched VN-2022, an advanced automatic cashew processing plant. It operates automatically from cleaning through shelling and separating to tray filling, reducing labor for shelling cashews by 60–70%. The plant features a modern automatic control system connecting machine systems via SCADA (supervisory control and data acquisition) or ERP (enterprise resource planning) software. Key elements like the cashew steaming, chilling, shelling, and separating systems are created using the latest technology available in Vietnam.
What Is The Leading Region In The Cashew Nuts Market?
North America was the largest region in the cashew nuts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cashew nuts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
