As per our research report, the Cashew Nuts Market size is estimated to be growing at a CAGR of 3.31% from 2024 to 2030. Cashew nuts have their origins rooted in Northeastern Brazil, and they found their way to India in the early 1560s. Subsequently, Goa has consistently upheld its status as the primary hub for producing top-notch cashew nuts within India.Cashew nuts have emerged as highly sought-after edible nuts in the global market. This particular kidney-shaped variety, known as cashews, is esteemed for its rich protein, vitamin K, fat, and oil content.
Before consumption, cashews undergo a roasting process and subsequent shell removal. The extraction of cashew oil from the nut facilitates plastic production.The cashew nut market experiences significant growth driven by consumer preferences shifting towards healthier dietary options and the increased integration of cashew nuts into ready-to-consume food items.For many years, cashew nuts have been popular snacks and essential ingredients in both sweet and savory dishes, notably in Asian cuisine. Additionally, there has been a noticeable rise in their use in ice cream, energy bars, biscuits, and muesli. A single ounce of cashews contains a substantial 622 micrograms of copper, a mineral crucial for supporting human bone health. However, consumption patterns may be influenced by inflationary pressures, according to the International Nut and Dried Fruit Council.
Cashews are rich in monounsaturated and polyunsaturated fats, making them an excellent protein source. This high-fat content makes cashews a convenient substitute for heavy cream, increasingly favored in both sweet and savory dishes, particularly in regions like the United States and Europe, as a healthier vegan alternative to traditional heavy whipping cream.
In many small-scale cashew-processing units, the operational environment is often substandard and unhygienic, resulting in the production of inferior-quality cashew nuts with elevated contamination levels. Although machinery introduction aims to enhance operations, it also presents specific quality challenges. Moreover, storing high-moisture cashew nuts under adverse conditions, particularly in regions like the Ivory Coast and Ghana, poses a significant risk of aflatoxin contamination, raising concerns about food safety and hindering cashew production.
The global surge in cashew production is driven by the widespread popularity of cashew-based snacks, their palatability, and nutritional benefits. Additionally, the increasing demand for plant-based diets, propelled by changing lifestyles and heightened awareness, has further boosted the popularity of cashew-derived products. Notably, cashew milk and nut butter have gained significant traction worldwide, particularly in regions like North America and Europe.
The enduring trend favoring products made from natural ingredients, further accelerated by factors such as the COVID-19 pandemic, has led to a significant surge in the global market. This surge presents substantial growth opportunities for the natural Cashew Nuts segment worldwide, particularly in the realm of functional foods and beverages.
In September 2022, Julius Berger Nigeria PLC, a Nigerian Construction Firm, unveiled a modern cashew processing plant in Epe, Lagos State, Nigeria, as part of its diversification efforts into other sectors of the economy. This move not only signifies the company's expansion into agricultural produce processing but also enhances the country's cashew processing capacity.
KEY MARKET INSIGHTS:
Based on the Applications, Snacks and Bars are demonstrating a growing interest in cashew nuts, integrating them into various products such as cookies, cereals, and ice cream toppings, while also utilizing them in the production of cashew nut butter. This increased consumption of cashew nuts aligns with the growing trend towards healthier snacking habits. Notably, spreads and snack bars, particularly those labeled as organic, are increasingly incorporating cashew nuts as a key ingredient. In Germany, the demand for cashews as snacks follows a seasonal pattern, with peak consumption during the winter months and a decline during the summer seasons. Concurrently, there has been a significant surge in the utilization of cashew nuts across the end-user food and beverage industry.
Based on the Distribution Channels, the hypermarkets & supermarkets segment, currently leading the segmental space, is expected to substantially propel segmental expansion in the coming years. This projected growth is attributed to an increase in the allocation of shelf space within hypermarkets & supermarkets for producers, coupled with a rise in product promotions.
Based on the region, North America, currently holding the largest market share, is anticipated to maintain a steady growth trajectory, with a forecasted Compound Annual Growth Rate (CAGR) of 3.2% during the projection period. This growth is primarily fueled by the rising prices of imported cashews, which are expected to surpass consumption volume increases, thereby enhancing the market's overall value. Meanwhile, Asia Pacific emerges as the second-largest region, poised to register a CAGR of 3.3% during the forecast period. Chinese consumers are increasingly showing a preference for diverse nut flavors and products, leading to a rapid consumption of cashew nuts compared to other nuts.
Companies playing a leading role in the Cashew Nuts Market profiled in this report are Aryan International, Agrocel Industries Pvt. Ltd., CBL Natural Foods (Pvt) Ltd., Aurora Products Inc., Delicious Cashew Co., Divine Foods LLC, Kalbavi Cashews, Wonderland Foods, Haldiram's, Royal Dry Fruits.
Whole
Roasted
Paste
Splits
Public Dairy Products
Cereals
Confectionaries
Beverages
Snacks & Bars
Bakery Items
Convenience Stores
Hypermarkets & Supermarkets
Retailers
Specialist Stores
North America
Europe
Asia Pacific
South America
Middle East & Africa
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