Vietnam Cashew Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 4.80 Billion |
| Market Size (2029) | USD 6.40 Billion |
| CAGR (2024 - 2029) | 5.80 % |
Vietnam Cashew Market Analysis
The Vietnam Cashew Market size is estimated at USD 4.80 billion in 2024, and is expected to reach USD 6.40 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).
- In recent years, Vietnam has experienced consistent cashew production growth, driven by rising domestic and international demand. The country has invested in modernizing cashew farming practices, adopting advanced technologies, and improving infrastructure to enhance productivity and quality. Cashew nuts are a key nut species in Vietnam, contributing more than 40% to global production among all cashew-producing nations. Production increased by 5% in 2022 to 294.9 thousand metric tons from the previous year due to increasing demand from the processing industry.
- According to ITC Trade Map Data, Vietnam's export value of fresh or dried shelled cashews in 2022 was approximately USD 2.5 billion. This value has fluctuated due to global demand and competition from markets such as India and Africa. The primary importers of Vietnamese cashews are the United States, the European Union, and China.
- Vietnam is the largest producer and exporter of processed cashew nuts globally. The southern provinces of Binh Phuoc, Dong Nai, and Ba Ria-Vung Tau are major cashew farming areas in Vietnam. Binh Phuoc is particularly known as the 鈥渃ashew capital鈥� of the country, contributing significantly to cashew production. Despite being a global leader in processing and exporting cashews, Vietnam imports a significant amount of raw cashew nuts from African countries such as Nigeria and the Ivory Coast to meet the demand for its processing facilities. The country's focus has been shifting towards modernizing its cashew industry, improving productivity, and moving up the value chain by processing and branding high-quality cashew products.
Vietnam Cashew Market Trends
Largest Exporter of Shelled Cashews Globally
Vietnam's cashew industry has experienced exponential growth, transitioning from a raw cashew producer to a global leader in cashew processing and export due to strategic investments, favorable natural conditions, and efficient processing capabilities.
Vietnam's tropical climate, especially in regions such as Binh Phuoc and Dong Nai, is perfect for growing cashews, resulting in high yields. The country has modernized its cashew industry, focusing on quality control and strategic trade approaches, making it a leader in cashew processing. Its geographic location provides easy access to key Asian markets, such as China and India, reducing transportation costs and enabling faster delivery times. Vietnam's cashew nut export has expanded to over 90 countries in the last 10 years. It is the largest supplier of cashews to the United States, China, the Netherlands, Australia, Canada, and New Zealand.
Vietnam's network of trade agreements has boosted its competitiveness globally. For instance, in February 2022, to access the European, American, and Chinese markets, Vietnam undertook the EU-Vietnam Free Trade Agreement (EVFTA), UK-Vietnam FTA (EVFTA), and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). As a result of the EVFTA that is now in place, Vietnam has also become the largest source of cashew nuts for the EU. In the first 10 months of 2022, Vietnam exported 98.97 thousand metric tons of cashews to European markets. This represents an increase of 9.8% over the same period in 2021.
Favorable Government Initiatives are Supporting the Market's Growth
Vietnam is one of the major cashew producers across the world. The Vietnamese government is taking various measures to expand production and promote the regionally grown cashews among the trading countries. To promote the sustainable development of the cashew nut industry, Vietnam has implemented various policies and initiatives. The government has been supporting cashew nut farmers by providing funding, training, and technology transfer. In 2020, Vietnam developed a national plan for the cashew nut industry's development until 2030. This plan emphasizes improving product quality, increasing productivity, and developing new cashew nut products. The country's cashew association (Vinacas) signed a memorandum of understanding (MOU) with the cashew council and many other trading countries to support trading between countries such as Cambodia in 2023.
The Agricultural Science Institute for Southern Coastal Central of Vietnam (ASISOV) conducted tests on a wide range of cashew varieties to increase productivity. The trial production yielded high productivity, leading to the recognition of these varieties by the Ministry of Agriculture and Rural Development (MARD). The country has also implemented high-density planting, commercial farming, and seed programs to ensure high yields. Therefore these initiatives are anticipated to drive the cashews production in the country.
Vietnam Cashew Market News
- February 2023: The Cashew Nut Association of Cambodia (CAC) and the Vietnam Cashew Association (Vinacas) have signed a memorandum of understanding (MoU), allowing Cambodian farmers to sell directly to Vietnamese processing plants and bypass the traditional brokers.
- September 2022: Vinapro has launched Richer Milk, the first cashew milk line in Vietnam, made with 100% premium Vietnamese cashew nuts and natural flavor.
Vietnam Cashew Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Favorable Government Initiatives
4.2.2 Availability of Advanced Processing Technology
4.2.3 Increased Demand for Exports
4.3 Market Restraints
4.3.1 Climate Change and Environmental Challenges
4.3.2 Higher Dependence on Raw Cashew Imports
4.4 Value Chain / Supply Chain Analysis
5. MARKET SEGMENTATION
5.1 Production Analysis
5.2 Consumption Analysis (Value and Volume)
5.3 Import Analysis (Value and Volume)
5.4 Export Analysis (Value and Volume)
5.5 Price Trend Analysis
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Vietnam Cashew Industry Segmentation
Cashew nuts are edible kidney-shaped nuts rich in oil and protein. They are either roasted or shelled before being eaten. Oil extracted from the shells is used as a lubricant in the production of plastics.
The study analyzes the cashew market scenario in Vietnam. The Vietnamese cashew market report covers an extensive analysis of production(volume), consumption(volume and value), import(volume and value), export(volume and value), and price trend analysis. The report offers market size and forecasts in terms of value (USD) and volume (metric tons) for all the above segments.
Vietnam Cashew Market Research FAQs
How big is the Vietnam Cashew Market?
The Vietnam Cashew Market size is expected to reach USD 4.80 billion in 2024 and grow at a CAGR of 5.80% to reach USD 6.40 billion by 2029.
What is the current Vietnam Cashew Market size?
In 2024, the Vietnam Cashew Market size is expected to reach USD 4.80 billion.
What years does this Vietnam Cashew Market cover, and what was the market size in 2023?
In 2023, the Vietnam Cashew Market size was estimated at USD 4.52 billion. The report covers the Vietnam Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Cashew Nuts Industry Report
Statistics for the 2024 Vietnam Cashew Nuts market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Vietnam Cashew Nuts analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
