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The Global Cashew Market size is projected to increase by 1,123.96 thousand t and the market size is estimated to grow at a CAGR of 5.3% between 2022 and 2027. In 2017 the size of the market was valued at 3,017.79 thousand t.
This cashew market 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). It also includes an in-depth analysis of drivers, trends, and challenges.
The cashew market is driven by the increasing prevalence of lactose intolerance and allergies associated with soy, hazelnut, and almond milk. As lactose intolerance cases rise in European countries like Italy, Germany, Spain, Turkey, Poland, France, and the United Kingdom, the demand for lactose-free and low-lactose products, including cashew milk, is growing rapidly. Additionally, allergies to soy, hazelnut, and almond milk create a demand for alternative options like cashew milk. These factors, coupled with the expanding global population affected by lactose intolerance and soy allergies, are expected to fuel the growth of the cashew market in the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The prevalence of clean labelling and fair-trade practices is a major trend in the market. Small and large cashew nut producers in countries like India increasingly rely on fair trade practices. For example, even before the introduction of the regulated sales framework, we observed significant improvements in trading practices among private dealers and commission agents. This is due to the high ethical standards and fair trade practices adopted by the Co-Operative Sale Society (TSS) SIRSI, TSS Totagar, Karnataka, India. Hence, an increase in clean labelling and fair trade practices is expected to have a positive impact on the growth of the global cashew market during the forecast period.
A potential source of allergens is a major cashew market challenge hindering market growth. Although cashews have several health benefits, they can be potential sources of allergenic proteins that can cause serious health conditions among people prone to cashew allergies. This is considered to be one of the major factors expected to limit the growth of the global cashews market during the forecast period. According to Health Canada, cashews are the priority allergen. There is a widespread prevalence of cashews allergies globally. In the US, the rate of cashews allergy was 0.2% and 0.5% among children and adults, respectively. Thus, it can badly impact the market growth of the Cashews market during the forecast period.
The 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 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
Vendors 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.
The cashew market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 thousand t in 2017 and continued to grow until 2021. Conventional farming is usually done on a large scale. In 2022, the low price of conventional cashews 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 conventional cashews is expected to increase during the forecast period owing to the rising awareness among consumers about the health benefits of consuming cashews. Being rich in certain essential proteins and minerals, consumption of cashews 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.
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 of cashew nuts through offline channels. These stores have a large amount of shelf space and storage space to accommodate different types of cashew nuts offered by local and international suppliers, allowing consumers to select products based on their preferred flavors and brands.These providers offer their products in supermarkets and hypermarkets such as: B. (Reliance Fresh), Spar International, 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.
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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 of cashews is meeting the rising requirements of consumers in the region. Thus, the significant growth in the production and consumption of cashews in North America is expected to fuel the market growth during the forecast period.
Cashews are a potential resource of vitamins, particularly vitamin E, and minerals, including magnesium and zinc. As a result, cashews are included by the vendors as a key ingredient in several snack and confectionery products. 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 cashew milk in countries including the US and Canada. Vendors are therefore offering cashew 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.
The North American market faces particular challenges due to the 2020 COVID-19 pandemic. However, by the end of 2020, several private label brands in the Asia-Pacific region will be launching Fast Moving products such as cashews and other cashew-based items via online platforms that will help them manage the negative impact of focused markets. We have changed our approach to promoting Consumer Goods (FMCG) products. Percentage of pandemics supported by strong growth seen through online channels. In addition, the easing of lockdown requirements resulting from a large-scale vaccination program in the region in 2021 has increased traffic in offline stores across the region. Therefore, such factors are likely to boost the expansion of the North American cashew market during the forecast period.
The cashew market 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.
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Cashew Market Scope |
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Report Coverage |
Details |
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Page number |
141 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.3% |
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Market growth 2023-2027 |
1123.96 th t |
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Market structure |
USD Fragmented |
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YoY growth 2022-2023(%) |
5.1 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 45% |
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Key countries |
US, Canada, India, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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, Haldiram Foods International Pvt. Ltd, Kalbavi Cashews, NIRVAANIC LIFE FOODS Pvt. Ltd., NUTSCO Inc., Olam Group Ltd., Prime Nuts Online Store, Royal Dry Fruits Pvt. Ltd., Shivam Cashew Industry, Sunorganic Industries Pvt. Ltd., and Vietnam Cashew Processing Joint Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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