Cashew Market Outlook 2023-2028: Steady Growth Driven by Health Awareness and Rising Disposable Incomes

Cashews are a good source of protein, fiber, vitamins, and minerals, which makes them a popular choice for health-conscious consumers. They are also a versatile ingredient that can be used in a wide range of food and beverage products, such as snacks, confectionery, dairy products, and bakery products.

The global cashew market is expected to reach US$ 9.3 billion by 2028, growing at a CAGR of 4.14% during the forecast period. This growth is mainly attributed to the increasing awareness of the health benefits of cashews, rising disposable incomes, and growing demand from emerging markets.

The Asia Pacific region is the largest consumer of cashews, accounting for over 60% of the global market share. The region is also the largest producer of cashews, with India, Vietnam, and Indonesia being the leading producers. Other key markets for cashews include North America, Europe, and Latin America.

The cashew market is segmented by type, application, and distribution channel. The major types of cashews include whole cashews, broken cashews, and cashew butter. The major applications of cashews include snacks, confectionery, dairy products, and bakery products. The major distribution channels for cashews include retail, foodservice, and online.

The retail segment is the largest distribution channel for cashews, accounting for over 50% of the global market share. This segment is expected to witness strong growth during the forecast period due to the increasing expansion of modern retail formats in emerging markets.

The foodservice segment is the second-largest distribution channel for cashews, accounting for over 30% of the global market share. This segment is expected to witness moderate growth during the forecast period due to the increasing demand for convenience food products.

The online segment is the fastest-growing distribution channel for cashews, with a CAGR of over 10% during the forecast period. This growth is mainly attributed to the increasing convenience and flexibility offered by online shopping platforms.

Some of the key players in the global cashew market include Olam International, Barry Callebaut, Archer Daniels Midland Company, Wilmar International, Savencia Fromage & Dairy, Royal Nut Company, KGK Group, Olam International, Trafigura Beheer B.V., Schouten, and Paramount Farms.

Key Trends Driving the Growth of the Cashew Market

+ Rising health awareness: Consumers are becoming increasingly aware of the health benefits of cashews, which is driving demand for the product.

+ Growing disposable incomes: Rising disposable incomes in emerging markets are leading to higher demand for premium food products, such as cashews.

+ Expanding food and beverage applications: Cashews are used in a wide range of food and beverage products, which is expanding the market for the product.

Challenges Facing the Cashew Market

+ Price volatility: The prices of cashews can be volatile due to factors such as weather conditions and crop yields.

+ Food safety concerns: There have been some cases of food safety concerns related to cashews, which could dampen demand for the product.

+ Competition from other nuts: Cashews face competition from other nuts, such as almonds and walnuts, which could limit the growth of the market.

Overall, the cashew market is expected to witness steady growth during the forecast period, driven by the increasing awareness of the health benefits of cashews, rising disposable incomes, and growing demand from emerging markets.

>>> Maybe you interested in: Organic Cashews from Vietnam – Dominating the International Market

CPT Corp: High-quality, safe organic cashews

We at CPT Corp are dedicated to providing our customers with the best organic cashews. We never compromise on quality or safety, and our products are made with extreme care and adherence to stringent guidelines.

Our organic cashews are tasty, healthy, and safe. We refrain from using dangerous chemicals throughout the growing and processing operations.

CPT Corp symbolizes a philosophy that prioritizes customer health, quality, and safety. We take pride in what we do, and we want every organic cashew you eat to reflect our devotion and dedication.

Contact Information:

HCM office Address: 191/6B Alley, Le Van Viet Street, Hiep Phu Ward, District 9, Ho Chi Minh City, Viet Nam

Factory Address: Nguyen Thai Hoc Street, Phuoc Tan Hamlet, Binh Tan Commune, Phu Rieng District, Binh Phuoc Province, Vietnam

Email: sales@cptcorp.vn

Website: cptcorp.vn

>>> See more: Vietnamese Organic Cashew Nuts: Raising the Value of Agriculture

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