Cashew Market
PUBLISHED: 2023 ID: SMRC22820
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Cashew Market

Cashew Market Forecasts to 2028 - Global Analysis By Form (Roasted, Whole, Paste, Kernel, Pieces, Powder and Splits), Grade (Scorched Wholes, Dessert Wholes, White Wholes, Scorched Pieces, Dessert Pieces and White Pieces), Application, Distribution Channel and By Geography

4.7 (66 reviews)
4.7 (66 reviews)
Published: 2023 ID: SMRC22820

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $7.0 BN

Projected Year Value (2028)

US $9.1 BN

CAGR (2022 - 2028)

4.4%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Cashew Market is accounted for $7.0 billion in 2022 and is expected to reach $9.1 billion by 2028 growing at a CAGR of 4.4% during the forecast period. Cashew nuts are considered to be the most popular edible nuts available worldwide. The cashew, a nut with a kidney-like form, is rich in protein, vitamin K, fat, and oil. Cashews grow near to the shore and are often harvested around the end of the summer. In addition to decreasing blood cholesterol levels and lowering the risk of cardiovascular disease, cashews also prevent cancer and gallstones and promote healthy brain function. Cashews are often utilized in cooking and as a snack. It may also be mashed into a paste to serve as the base for curry sauces or used as a garnish for sweets or curries.

According to India Brand Equity Foundation (IBEF), in 2022, the cashew industry has much economic significance as it employs more than 10 lakh people on farms and factories in rural areas. The cultivation of cashew in India covers a total of 0.7 million hectares of land, and the country produces over 0.8 million tons (MT) annually.



Market Dynamics:

Driver:

Increasing demand for healthy snacks

Edible cashews have historically been a key component in sweets and other meals notably in Asian cuisine. They have also been eaten as a snack. On top of that, cashews are being used commonly as an ingredient in ice cream, energy bars, crackers, and cereal. Cashews have a higher fiber content than peanuts, which helps with digestion and encourages a healthy increase in body weight. Its advantages such as its high iron and magnesium content and rich fat content are fueling the market expansion.

Restraint:

Strict regulations

Many small-scale cashew processing facilities have terrible working conditions and poor sanitation, which leads to poor-quality cashew nuts that are heavily contaminated. Aflatoxin contamination may occur when high-moisture cashew nuts are stored in incompatible circumstances. Therefore, the European Union, Canada, India, and numerous other nations that import processed cashews all implement strong food safety standards and regulations. Therefore, the aforementioned variables hinder the market expansion.

Opportunity:

Government support for cashew farmers

Despite of the delicacy and nutritional advantages of cashew-based food, cashew production has been rising. Additionally, the demand for plant-based diets has lately expanded as a result of altering lifestyles and improved knowledge. The Cashew Export Promotion Council of India (CEPCI), INC (International Nut and Dried Fruit Foundation) Spain, and other international cashew players have joined forces to form a global cashew task force for increasing cashew nut production. As a result, manufacturing has increased and is expected to support market development.

Threat:

Raising competition from local players

The adoption of new technology and total industry automation made manufacturing simple. As a result, there were more manufacturing layouts. These rivals create inexpensive substitutes. Additionally, competitors had to sell cashews for less costs due to the rising demand for flavourful cashews and helpful government measures. These elements are limiting the market expansion.

Covid-19 Impact

Cashew producer revenue has been drastically decreased by the COVID-19, falling to 50% at the start of the pandemic. The second wave of Covid has significantly decreased cashew supply and consumption, which has lowered the sector's morale. Even the cashew industry's future is in jeopardy. Due to the lack of pilgrims, significant festivals and events in nations, cashew export volume has reached an all-time low and domestic sales have decreased. But world consumer consumption has not slowed down in the pandemic because of its strong nutritional benefits.

The cosmetic products segment is expected to be the largest during the forecast period

The cosmetic products segment is estimated to have a lucrative growth, due to its anti-oxidant properties. The unsaturated fats, magnesium, zinc, and vitamin E found in cashew oils are crucial for the human body because they act as antioxidants. The personal & beauty care sector has experienced significant demand for cashews as an active component for use in hair oils. Cashews also include additional acids including linoleic and oleic acid, which may be utilized to treat all hair types and issues. These benefits are promoting the segment's expansion.

The scorched pieces segment is expected to have the highest CAGR during the forecast period

The scorched pieces segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its low cost. Scorched pieces have a darker reddish colouring than whites due to overheating while roasting. Consumers enjoy them as snacks because of the improved roasted flavor in the kernels, which are utilized in confectionery and baking. Second-rate nuts became essential due to the rising cashew nut demand. The segment is driving market demand since it has the same nutritious content as wholes and lower purchase costs.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the presence of large cashew-producing countries. The majority of the world's cashew nuts are consumed in this region. Both young and elderly consumers are embracing the growing number of producers of inventive cashew-based consumer goods. The market in this area is expanding as a result of factors such rising interest in balanced diets and nutritious ready-to-eat snacks.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to persistently increased imports. In terms of volume, Vietnam is the world's top cashew exporter. The climate of the nation, which is humid and tropical, plus the abundance of fertile red soil make it ideal for cultivating cashews. Due to complete industrial automation and the adoption of modern technologies, Vietnam offers cashews of the highest quality at reasonable prices. Moreover, the initiatives by the government for carrying out high-density planting, commercial farming, and hybrid varieties of seed to ensure high yield makes are fuelling the market demand.



Key players in the market

Some of the key players profiled in the Cashew Market include Haldiram's, Olam International Limited, Alphonsa Cashew Industries, Prime Nuts FZE, Nutsco Inc, Bismi Cashew Company, Aryan International, Agrocel Industries Pvt. Ltd, DVK Group, Aurora Products Inc, CBL Natural Foods (Pvt) Ltd, Delicious Cashew Co, Bata Food, Kalbavi Cashews, Delphi Organic GmbH, Vietnam Cashew Processing Co, Nutty Yogi, Royal Dry Fruits, Lafooco (PAN Group) and Wonderland Foods.

Key Developments:

In September 2020, Alphonsa unveils new Pasteurisation and Packing Complex to facilitate customer demands for the highest quality cashew. With the rapid rise of food safety requirements around the world, Alphonsa is investing in a new Pasteurisation and Packing Complex to stay ahead of the regulations and its customer’s aspirations.

In May 2022, Aurora Cannabis announced that the company has launched three new EU GMP cannabis extracts for patients in the United Kingdom. The new product line comes from Aurora Nordic, their facility located in Odense, Denmark.

Forms Covered:
• Roasted
• Whole
• Paste
• Kernel
• Pieces
• Powder
• Splits

Grades Covered:
• Scorched Wholes
• Dessert Wholes
• White Wholes
• Scorched Pieces
• Dessert Pieces
• White Pieces

Applications Covered:
• Bakery Products
• Snacks & Bars
• Confectionaries
• Dairy Products
• Beverages
• Cereals
• Cosmetic Products
• Desserts
• Other Applications

Distribution Channels Covered:
• Online Store
• Retailers
• Supermarkets

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Cashew Market, By Form
5.1 Introduction
5.2 Roasted
5.3 Whole
5.4 Paste
5.5 Kernel
5.6 Pieces
5.7 Powder
5.8 Splits

6 Global Cashew Market, By Grade
6.1 Introduction
6.2 Scorched Wholes
6.3 Dessert Wholes
6.4 White Wholes
6.5 Scorched Pieces
6.6 Dessert Pieces
6.7 White Pieces

7 Global Cashew Market, By Application
7.1 Introduction
7.2 Bakery Products
7.3 Snacks & Bars
7.4 Confectionaries
7.5 Dairy Products
7.6 Beverages
7.7 Cereals
7.8 Cosmetic Products
7.9 Desserts
7.10 Other Applications

8 Global Cashew Market, By Distribution Channel
8.1 Introduction
8.2 Online Store
8.3 Retailers
8.4 Supermarkets

9 Global Cashew Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa

10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling
11.1 Haldiram's
11.2 Olam International Limited
11.3 Alphonsa Cashew Industries
11.4 Prime Nuts FZE
11.5 Nutsco Inc
11.6 Bismi Cashew Company
11.7 Aryan International
11.8 Agrocel Industries Pvt. Ltd
11.9 DVK Group
11.10 Aurora Products Inc
11.11 CBL Natural Foods (Pvt) Ltd
11.12 Delicious Cashew Co
11.13 Bata Food
11.14 Kalbavi Cashews
11.15 Delphi Organic GmbH
11.16 Vietnam Cashew Processing Co
11.17 Nutty Yogi
11.18 Royal Dry Fruits
11.19 Lafooco (PAN Group)
11.20 Wonderland Foods

List of Tables
1 Global Cashew Market Outlook, By Region (2020-2028) ($MN)
2 Global Cashew Market Outlook, By Form (2020-2028) ($MN)
3 Global Cashew Market Outlook, By Roasted (2020-2028) ($MN)
4 Global Cashew Market Outlook, By Whole (2020-2028) ($MN)
5 Global Cashew Market Outlook, By Paste (2020-2028) ($MN)
6 Global Cashew Market Outlook, By Kernel (2020-2028) ($MN)
7 Global Cashew Market Outlook, By Pieces (2020-2028) ($MN)
8 Global Cashew Market Outlook, By Powder (2020-2028) ($MN)
9 Global Cashew Market Outlook, By Splits (2020-2028) ($MN)
10 Global Cashew Market Outlook, By Grade (2020-2028) ($MN)
11 Global Cashew Market Outlook, By Scorched Wholes (2020-2028) ($MN)
12 Global Cashew Market Outlook, By Dessert Wholes (2020-2028) ($MN)
13 Global Cashew Market Outlook, By White Wholes (2020-2028) ($MN)
14 Global Cashew Market Outlook, By Scorched Pieces (2020-2028) ($MN)
15 Global Cashew Market Outlook, By Dessert Pieces (2020-2028) ($MN)
16 Global Cashew Market Outlook, By White Pieces (2020-2028) ($MN)
17 Global Cashew Market Outlook, By Application (2020-2028) ($MN)
18 Global Cashew Market Outlook, By Bakery Products (2020-2028) ($MN)
19 Global Cashew Market Outlook, By Snacks & Bars (2020-2028) ($MN)
20 Global Cashew Market Outlook, By Confectionaries (2020-2028) ($MN)
21 Global Cashew Market Outlook, By Dairy Products (2020-2028) ($MN)
22 Global Cashew Market Outlook, By Beverages (2020-2028) ($MN)
23 Global Cashew Market Outlook, By Cereals (2020-2028) ($MN)
24 Global Cashew Market Outlook, By Cosmetic Products (2020-2028) ($MN)
25 Global Cashew Market Outlook, By Desserts (2020-2028) ($MN)
26 Global Cashew Market Outlook, By Other Applications (2020-2028) ($MN)
27 Global Cashew Market Outlook, By Distribution Channel (2020-2028) ($MN)
28 Global Cashew Market Outlook, By Online Store (2020-2028) ($MN)
29 Global Cashew Market Outlook, By Retailers (2020-2028) ($MN)
30 Global Cashew Market Outlook, By Supermarkets (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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