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Cashew Market by Player, Region, Type, Application and Sales Channel 2024-2030

Published on : 16 July 2024
Pages :100
Report Code:SMR-7971133

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Report overview

The global Cashew market size is estimated to be $7.56 billion in 2023, and will reach $10.3 billion by 2032, growing at a CAGR of 3.5% during the forecast period from 2024 to 2032.

This report studies the Cashew market, covering market size for segment by type (Conventional Cashew, Organic Cashew, etc.), by application (Food Industry, Beverage Industry, etc.), by sales channel (Direct Channel, Distribution Channel), by player (Achal Group of Industries, Agrocel Industries Pvt. Ltd., ALPHONSA CASHEW INDUSTRIES, Aryan International, Bata Food, etc.) and by region (North America, Europe, Asia-Pacific, South America and Middle East & Africa).

The cashew (Anacardium occidentale) is a tropical evergreen tree native to Brazil, widely cultivated for its nuts and fruit. The cashew tree produces the cashew nut, which is a popular snack and ingredient in various culinary dishes worldwide. Cashews are also valued for their oil, which is used in food, cosmetics, and industrial applications.

Consumption Patterns:

Snack Industry: Cashews are a popular choice in the snack industry, accounting for approximately 45% of total consumption. The growing trend of healthy snacking has significantly boosted cashew sales.
Confectionery and Bakery: Around 25% of cashew consumption is attributed to the confectionery and bakery sector. Cashews are used in a variety of products, from chocolates and cookies to cakes and pastries.
Dairy Alternatives: The rise of plant-based diets has led to a surge in demand for cashew-based dairy alternatives, making up about 15% of the market. Cashew milk, butter, and cheese are increasingly popular among health-conscious consumers.

Geographical Distribution:

North America: The North American market accounts for 35% of global cashew consumption. The United States, in particular, has seen a significant increase in cashew imports due to rising health awareness.
Europe: Europe holds a 30% share of the market, with countries like Germany, the UK, and the Netherlands leading in consumption. The European market is driven by the demand for organic and fair-trade cashews.
Asia-Pacific: The Asia-Pacific region represents 25% of global consumption. India and China are major consumers, driven by both traditional culinary uses and modern snacking trends.

Demographics and Preferences:

Age Groups: Millennials and Gen Z are the primary consumers, making up 60% of the market. Their preference for healthy and convenient snacks has propelled the demand for cashews.
Income Levels: Higher-income households are more likely to consume cashews regularly, contributing to 70% of the market revenue. This is due to the relatively higher cost of cashews compared to other nuts.
Health-Conscious Consumers: About 65% of cashew consumers are driven by health and wellness trends. Cashews are favored for their nutritional benefits, including high protein and healthy fats.

Market Trends:

Organic Cashews: There is a growing preference for organic cashews, which now make up 20% of total market sales. This trend is particularly strong in North America and Europe.
Value-Added Products: The market for value-added cashew products, such as flavored cashews and cashew-based spreads, has grown by 10% annually. These products cater to consumers looking for unique and convenient options.
Sustainability: Sustainable sourcing practices are becoming increasingly important, with 30% of consumers willing to pay a premium for ethically sourced cashews. This trend is driving companies to adopt fair-trade and eco-friendly practices.

Economic Impact:

Employment: The cashew industry provides employment to millions, particularly in major producing countries like Vietnam, India, and Ivory Coast. In these regions, cashew processing is a vital source of income.

The nut grows at the end of the cashew apple, a pear-shaped fruit that is also edible and used in juices and alcoholic beverages. Cashews are rich in protein, healthy fats, vitamins, and minerals, making them a nutritious addition to a balanced diet. The tree thrives in warm, humid climates, and major producers include Vietnam, India, and the Ivory Coast.

This report provides detailed historical analysis of global market for Cashew from 2018-2023, and provides extensive market forecasts from 2024-2032 by region/country and subsectors. It covers the sales/revenue/value, gross margin, historical growth and future perspectives in the Cashew market.

Leading Players of Cashew including: