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Cashew Market Analysis

The Cashew Market size is estimated at USD 7.82 billion in 2024, and is expected to reach USD 9.20 billion by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).

The cashew market has been growing across the world due to the rising health consciousness and the inclination of people toward healthy food options. Cashew contains healthy carbohydrates, protein, and good fat. Likewise, the cashew is a nutritionally dense food providing a rich source of the B vitamin, vitamin K, and the essential minerals copper, iron, magnesium, manganese, phosphorus, and zinc, which support its consumption by health-conscious people across the world. Multiple benefits of nutrient-rich cashews are aiding the market growth over the forecast period.

• In recent years, there has been a global trend that looks favorably at vegan and plant-based diets. People who embrace a plant-based vegan diet prioritize alternative sources of protein instead of those derived from animals, resulting in the soaring demand for nuts and nut-infused foods, thereby increasing the consumption of cashew nuts globally. For instance, according to a survey conducted by Plant Protein’s sources, the vegan share in the United States drastically increased to 6% in 2022, which is about 19,632,000 vegans.
• In terms of production, according to FAOSTAT, global production of Cashew nuts, in shell was 3,826,874.29 metric tons which increased and reached 3,852,868.11 metric tons in 2022. Further, Côte d’Ivoire, with 970000 metric tons of Cashew nuts, in shell production, ranks first, followed by India, Vietnam, and Tanzania 752000, 341680.33, and 216906.63 metric tons, respectively.
• In addition, the United States is the largest consumer of cashew nuts, followed by Germany, the Netherlands, China, the United Arab Emirates, and the United Kingdom, owing to the increasing health consciousness among people. According to the International Trade Center (ITC), Trademap, in 2022, some major countries from which the United States imports cashews include Vietnam, Cote d’Ivoire, and Brazil. Vietnam constituted the largest exporter of cashews to the United States, accounting for 88.7% in 2022.

Cashew Industry Segmentation

Cashew nuts are edible kidney-shaped nuts, rich in oil and protein, and are roasted and shelled before being eaten. Raw cashew nuts (in-shell) have been considered while collecting data for production. The Global Cashew Nut Market is Segmented by Grade (White Wholes, Scorched Wholes, Dessert Wholes, White Pieces, Scorched Pieces, and Dessert Pieces) and Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market sizing in terms of volume in metric tons and value in USD.