Cashew Market by Type, Distribution Channel, and Geography - Forecast and Analysis 2023-2027

Cashew Market Size 2023-2027

The global cashew market size is projected to increase by 1,123.96 thousand tons, growing at a CAGR of 5.3% from 2022 to 2027. Market growth is driven by rising lactose intolerance and allergies to soy, hazelnut, and almond milk. The demand for lactose-free and alternative milk options like cashew milk is expanding, particularly in European countries.

Global Cashew Market Overview

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Global Cashew Market Segmentation

This market forecast report extensively covers market segmentation by type (conventional or regular and organic), distribution channel (offline and online), and geography (North America, APAC, Europe, Middle East and Africa, and South America). This cashew market research and growth report also includes an in-depth analysis of drivers, trends, and challenges.

By Type

The market share growth by the conventional segment will be significant during the forecast period. Conventional cashews are produced with the application of pesticides and fertilizers on the nuts. 

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The conventional or regular segment was valued at 2,305.22 tons in 2017 and continued to grow until 2021. Conventional farming is usually done on a large scale. In 2022, the low price of conventional compared with that of organic cashews is one of the major factors that drove the growth of the segment during the forecast period. The demand for the former is expected to increase during the forecast period owing to the rising awareness among consumers about the health benefits. Being rich in certain essential proteins and minerals, consumption in appropriate quantities helps in lowering the amount of bad cholesterol low-density lipoprotein (LDL) cholesterol in the body and, thereby, reducing the risk of cardiovascular diseases. They also help in healthy muscle development and maintaining healthy bones and teeth, along with boosting the immune system and reducing the risk of diabetes. Hence, such health benefits of conventional cashews at lower cost will drive the growth of the segment during the forecast period.

By Distribution Channel

In 2022, offline distribution channels such as supermarkets, hypermarkets, and convenience stores accounted for the largest market share. Supermarkets and hypermarkets are the most effective distribution channels. An increasing number of hypermarkets and supermarkets are promoting the sale through offline channels. These stores have a large amount of shelf space and storage space to accommodate different types offered by local and international suppliers, allowing consumers to select products based on their preferred flavors and brands, including dairy alternatives. These providers offer their products in supermarkets and hypermarkets such as B. (Reliance Fresh), Spar International, and Spencer`s Retail Ltd. Other Retail Pvt. To grow offline sales, players manage sales through store expansion in local and regional markets. Providers are increasing their offline sales through market expansion plans and offering their products in different regions.

Key Regions 

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North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

In 2022, North America was one of the largest producers of cashews in volume. The increasing production is meeting the rising requirements of consumers in the region. Thus, the significant growth in production and consumption in North America is expected to fuel the market growth during the forecast period.

They are a potential resource of vitamins, particularly vitamin E, and minerals, including magnesium and zinc. As a result, These are a popular snack and are also used in various cuisines and confectioneries. Furthermore, due to the increasing vegan population and growing health concerns over the consumption of dairy-based products, consumers in this region prefer to purchase dairy-free alternatives, including cashew milk. Thus, in recent years, there has been an increase in the consumption of this milk in countries including the US and Canada. Companies are therefore offering this milk that is free from preservatives and contains no artificial colors. Therefore, the above-mentioned factors are estimated to boost the expansion of the regional market during the forecast period.

Global Cashew Market Dynamics and Customer Landscape

The market operates within a dynamic framework, influenced by various factors such as suppliers, prices, exports, and industry trends. With a significant global trade presence, cashews are cultivated in various regions worldwide, with Vietnam emerging as a key player in cashew processing and export. The industry encompasses a wide range of stakeholders, including farmers, processors, buyers, and sellers, contributing to the market size and competition.

Harvested from cashew plantations, the nuts undergo roasting and packaging before reaching consumers. Quality and varieties play crucial roles in determining price competitiveness and consumer demand, with an increasing trend towards organic cashew products. Despite fluctuations in raw cashew prices, the cashew kernel segment remains resilient, driven by its versatility and nutritional value. As the cashew industry continues to evolve, it adapts to changing consumer preferences and market dynamics, ensuring sustained growth and profitability.

The cashew nut market has been gaining significant attention from the Food and Agriculture Organization (FAO) due to its numerous health advantages. This nut is rich in protein, sugar, fiber, healthy fats, antioxidants, copper, and phosphorus, making it an essential component of dietary guidelines for residents following various national health policies. Cashews are not only a great source of essential nutrients but also contribute to boosting immunity, maintaining blood pressure, and aiding in weight management. They are beneficial for brain functions, eye health, and even help regulate blood cholesterol levels. The versatile cashew nut can be used in various dishes, from savory chicken noodles and soups to sweet cheesecake, cookies, and energy bars. It is also an integral ingredient in spreads, organic bars, and snacks and bars. Moreover, it is used in dairy products, confectioneries, cereals, and even in cosmetic products.

Retailers and online stores have been capitalizing on the cashew initiative, offering a wide range of cashew-based products. However, it is crucial to ensure the cashew nuts are free from aflatoxin contamination, a potential health risk. The cashew nut market is not just limited to the food and beverage sector but also extends to sea areas where cashew fruit-producing trees are grown. Cashews are also used in making spicy chili lime creams, sweet cashew oils, and even in gallstones prevention.

In conclusion, cashews offer numerous health advantages, making them an essential component of plant-based diets and a must-have in various industries, including the food and beverage sector. Cashew nuts are not just a tasty snack but a powerhouse of essential nutrients that contribute to maintaining a healthy lifestyle.

Global Cashew Market Trends and Analysis

A significant trend shaping the market landscape is the growing emphasis on clean labeling and fair-trade principles. Producers, both small and large, particularly in countries like India, are increasingly embracing fair-trade practices. Notably, even before the implementation of regulated sales frameworks, substantial enhancements in trading practices were witnessed among private dealers and commission agents. This shift is attributed to the adoption of high ethical standards and fair-trade practices by entities such as the Co-Operative Sale Society (TSS) SIRSI and TSS Totagar in Karnataka, India. Therefore, the rise in clean labeling and fair-trade initiatives is poised to positively influence the expansion of the global market throughout the forecast period.

Key Global Cashew Market Challenges 

A potential source of allergens is a major market challenge hindering market growth. Although they have several health benefits, they can be potential sources of allergenic proteins that can cause serious health conditions among people prone to allergies. This is considered to be one of the major factors expected to limit the growth of the global market during the forecast period. According to Health Canada, they are the priority allergen. There is a widespread prevalence of cashews allergies globally. In the US, the rate of this allergy was 0.2% and 0.5% among children and adults, respectively. Thus, it can badly impact the market growth of the market during the forecast period.

Customer Landscape

The cashew market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the cash market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Cashew Market Customer Landscape

Who are the major players in the Cashew market?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Royal Dry Fruits Pvt. Ltd.- The company offers roasted and salted cashew nuts.
• Kalbavi Cashews- The company offers such as whole white cashews, popular cashews, cashew premium, thai cashews, and green chili.
• Haldiram Foods International Pvt. Ltd- The company offers such as masala kajus and salted cashews.

This cashew market trends report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Achal Group of Industries
• Agrocel Industries Pvt. Ltd.
• ALPHONSA CASHEW INDUSTRIES
• Aryan International
• Bata Food
• Bismi Cashew Co.
• CBL NATURAL FOODS Pvt. Ltd.
• DCC Delicious
• Delphi Organic GmbH
• DVK Group
• NIRVAANIC LIFE FOODS Pvt. Ltd.
• NUTSCO Inc.
• Olam Group Ltd.
• Prime Nuts Online Store
• Shivam Cashew Industry
• Sunorganic Industries Pvt. Ltd.
• Vietnam Cashew Processing Joint Co.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

In the global market, the growth rate is notable, driven by changing diets and increasing demand for healthy snacks. A recent study highlights the nutritional benefits of cashew kernels, leading to higher consumption. They are a key ingredient in various snacks and undergo nut processing by specialized processors before export. However, prices are influenced by factors such as supply from farmers, quality of kernels, and competition. The plantations and farming worldwide focus on cultivation and harvest to meet market demand. Packaging plays a crucial role in preserving the freshness of different varieties of cashew kernels. With global production primarily centered in regions like Vietnam, buyers and sellers participate in the raw cashew nuts market and Vietnamese cashews market, ensuring a steady flow of supply to meet the needs of consumers around the world.

Segment Overview

This cashew market growth and trends report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook (thousand t, 2017 - 2027)
  • Conventional or regular
  • Organic
• Distribution Channel Outlook (thousand t, 2017 - 2027)
  • Offline
  • Online
• Region Outlook (thousand t, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

What are the Key Data Covered in this Cashew Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market Growth Analysis across North America, APAC, Europe, Middle East and Africa, and South America
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of the key market companies

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