Cashew Nut Market

The article provides a comprehensive analysis of the global cashew nut market, focusing on consumption, production, imports, and exports trends. It forecasts market performance with anticipated growth rates and volume projections up to 2030. Key consuming and producing countries such as India, Vietnam, and Cote d'Ivoire are highlighted, along with insights into market value, per capita consumption, and yield figures.

Market Forecast

Driven by increasing demand for cashew nuts worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 7.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2022 to 2030, which is projected to bring the market value to $14.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cashew Nuts

In 2022, global consumption of cashew nuts contracted modestly to 6.1M tons, declining by -4.3% on 2021 figures. In general, the total consumption indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +17.0% against 2020 indices. As a result, consumption reached the peak volume of 6.3M tons, and then dropped slightly in the following year.

The global cashew nut market size shrank to $9.4B in 2022, reducing by -3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +21.6% against 2020 indices. As a result, consumption reached the peak level of $9.8B, and then shrank in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (2.1M tons), Vietnam (2M tons) and Ghana (293K tons), with a combined 73% share of global consumption. Nigeria, the Philippines, Benin, Indonesia, Brazil, Tanzania and Mozambique lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Tanzania (with a CAGR of +13.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Vietnam ($3.5B), India ($2.8B) and Brazil ($1.1B) appeared to be the countries with the highest levels of market value in 2022, with a combined 78% share of the global market.

Vietnam, with a CAGR of +13.0%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of cashew nut per capita consumption in 2022 were Vietnam (21 kg per person), Benin (14 kg per person) and Ghana (9 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Vietnam (with a CAGR of +11.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cashew Nuts

In 2022, production of cashew nuts decreased by -3.9% to 5.2M tons for the first time since 2019, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 10%. Global production peaked at 5.4M tons in 2021, and then declined modestly in the following year. The general positive trend in terms output was largely conditioned by temperate growth of the harvested area and a mild expansion in yield figures.

In value terms, cashew nut production reached $6.7B in 2022 estimated in export price. In general, production, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 63% against the previous year. As a result, production attained the peak level of $11B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Cote d'Ivoire (843K tons), Ghana (744K tons) and India (721K tons), with a combined 45% share of global production. Nigeria, Vietnam, Tanzania, the Philippines, Benin, Indonesia, Mozambique, Burkina Faso, Brazil and Guinea-Bissau lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +8.6%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average cashew nut yield fell slightly to 787 kg per ha in 2022, with a decrease of -3.9% on 2021. The yield figure increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 6.8%. As a result, the yield attained the peak level of 819 kg per ha, and then dropped modestly in the following year.

Harvested Area

In 2022, approx. 6.6M ha of cashew nuts were harvested worldwide; remaining relatively unchanged against the previous year's figure. The harvested area increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 when the harvested area increased by 14%. As a result, the harvested area attained the peak level of 6.7M ha. From 2019 to 2022, the growth of the global cashew nut harvested area remained at a somewhat lower figure.

Imports

World Imports of Cashew Nuts

Global cashew nut imports fell to 3.1M tons in 2022, dropping by -10.8% against 2021. Overall, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 60%. As a result, imports attained the peak of 3.4M tons, and then contracted in the following year.

In value terms, cashew nut imports contracted to $4.3B in 2022. In general, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 86%. As a result, imports attained the peak of $4.8B, and then reduced in the following year.

Imports By Country

Vietnam (1.7M tons) and India (1.4M tons) represented roughly 99% of total imports in 2022.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +18.0%).

In value terms, Vietnam ($2.3B) and India ($1.9B) constituted the countries with the highest levels of imports in 2022.

Vietnam, with a CAGR of +21.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review.

Import Prices By Country

In 2022, the average cashew nut import price amounted to $1,391 per ton, leveling off at the previous year. In general, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cashew nut import price increased by +15.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 24%. As a result, import price reached the peak level of $2,004 per ton. From 2018 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($1,392 per ton), while Vietnam totaled $1,377 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.2%).

Exports

World Exports of Cashew Nuts

After three years of growth, shipments abroad of cashew nuts decreased by -12.4% to 2.2M tons in 2022. In general, total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +9.6% against 2017 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 28% against the previous year. Over the period under review, the global exports attained the maximum at 2.5M tons in 2021, and then dropped in the following year.

In value terms, cashew nut exports contracted markedly to $2.4B in 2022. Over the period under review, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +1.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 53%. As a result, the exports attained the peak of $3.3B. From 2018 to 2022, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

Cote d'Ivoire represented the largest exporter of cashew nuts in the world, with the volume of exports resulting at 779K tons, which was approx. 36% of total exports in 2022. Ghana (451K tons) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Tanzania (11%), Nigeria (7.8%), Burkina Faso (5.4%) and Senegal (4.8%). Guinea-Bissau (97K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Senegal (with a CAGR of +102.7%), while the other global leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($818M), Ghana ($533M) and Tanzania ($227M) were the countries with the highest levels of exports in 2022, with a combined 66% share of global exports. Nigeria, Guinea-Bissau, Burkina Faso and Senegal lagged somewhat behind, together accounting for a further 22%.

Senegal, with a CAGR of +90.0%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average cashew nut export price stood at $1,094 per ton in 2022, waning by -3.7% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 24%. Over the period under review, the average export prices hit record highs at $1,681 per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Guinea-Bissau ($1,403 per ton), while Nigeria ($921 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform