Global Cashew Nuts Market Growth Rate 2024, Forecast To 2033
25 Jul, 2024
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% during the historic period. This growth is driven by increasing consumer demand for healthy snacks, recognition of cashews' nutritional benefits, shifts towards plant-based and vegetarian diets, expansion of retail channels, and the introduction of new cashew nut products. Looking ahead, the market is projected to grow to $10.7 billion by 2028, with a CAGR of 5.9%. Key growth drivers include improvements in supply chain management practices, investments in cashew farming infrastructure, rising awareness of nut consumption benefits, growing popularity of plant-based diets, and increased use of cashews in various food products. Major trends expected in the forecast period 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.
Major Driver In The Cashew Nuts Market
The thriving retail and e-commerce sectors are expected to drive substantial growth in the cashew nut market in the coming years. Retail, which includes direct sales to consumers through physical stores, and e-commerce, which facilitates online transactions, benefit from advancements in internet infrastructure and increased online shopping accessibility. These sectors play a vital role in making cashew nuts widely available to a broader consumer base. For instance, 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. This growth in retail and e-commerce sectors is set to continue propelling the cashew nut market, which is projected to reach $X billion in 2023, $Y billion in 2024, and $Z billion by 2028.
Request A Free Sample Of The Global Cashew Nuts Market ReportCashew Nuts Market Competitive Landscape
Nestlé S.A., Archer Daniels Midland Company, Bunge Limited, The Kraft Heinz Company, John B. Sanfilippo & Son Inc., Vietnam Cashew Corporation (VINACAS), Lien Anh Co. Ltd, Haldiram Foods International Private Limited, Alphonsa Cashew Industries, Diamond Foods LLC, Emerald Nuts LLC, Aurora Products Inc., Aryan Food Ingredients Limited, CBL Natural Foods Private Limited, Nutsco Inc., Delicious Cashew Company, Nutty Yogi, Wonderland Foods, Bismi Cashew Company, Divine Foods, Achal Cashew Nuts, Delphi Organic, Bata Food, Kalbavi Cashews, Royal Dry Fruits
Key Cashew Nuts Market Trend
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.
Purchase The Global Cashew Nuts Market Report Directly And Get A Swift DeliveryCashew Nuts Market Segmentation
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
By Geography:The regions covered in the cashew nuts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cashew nuts market in 2023.
The Cashew Nuts Global Market Report 2024 furnishes information about the global cashew nuts market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.