According to the report by Expert Market Research (EMR), the global cashew kernel market reached a value of around USD 5.93 billion in 2023. Aided by the escalating inclination towards health-conscious snacking and the burgeoning use of cashew kernels in a diverse array of culinary applications, the market is projected to further grow at a CAGR of 4.9% between 2024 and 2032 to reach a value of nearly USD 9.10 billion by 2032.
Cashew kernels, renowned for their buttery texture and nutritional benefits, are increasingly becoming a staple in global diets. These kernels are not only a rich source of essential vitamins and minerals such as vitamin E, K, B6, copper, phosphorus, zinc, magnesium, iron, and selenium, but also provide a healthy dose of heart-friendly monounsaturated fats. Their versatile nature makes them an ideal ingredient in various culinary delights ranging from savoury dishes to desserts and snacks.
The global cashew kernel market growth is primarily driven by the rising awareness of the health benefits associated with regular cashew consumption. As consumers become more health-conscious, there is a noticeable shift towards nutrient-rich and lower-calorie nuts as part of daily diets. This shift is significantly supported by the growing trend of plant-based and vegan diets, where cashew kernels serve as a crucial component in dairy alternatives such as cashew milk and vegan cheese.
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Furthermore, the fitness and wellness trend continues to propel the popularity of cashews as a protein-rich snack that aids in muscle recovery and provides sustained energy. Fitness enthusiasts and athletes increasingly incorporate cashew kernels into their dietary regimes, bolstering cashew kernel market expansion.
Beyond their dietary benefits, cashew kernels find extensive applications across various industries. In the food industry, cashews are used to enhance the flavour and texture of products like chocolates, ice creams, and baked goods. The cosmetic industry also harnesses the antioxidative properties of cashew oil, which is derived from these kernels, to formulate skincare products that offer anti-ageing benefits. This is supporting the cashew kernel market development.
Additionally, the versatility of cashews extends to the production of gluten-free flour alternatives, which are gaining popularity among consumers with gluten intolerance or those opting for gluten-free lifestyles. This alternative flour is used in a variety of baking recipes, thereby expanding the scope of cashew kernel applications.
Despite the promising growth prospects, the cashew kernel market faces certain challenges that could impact its trajectory. One of the primary challenges is the volatility in raw cashew nut prices, which can fluctuate due to changes in weather patterns, crop yields, and international trade policies. These fluctuations can significantly affect the cost of production and, consequently, the pricing of cashew kernels in the global market.
Furthermore, labour-intensive harvesting and processing methods pose challenges in terms of scaling production without compromising the quality of the cashew kernels. Addressing these challenges presents an opportunity for market players to innovate in mechanisation and automation, potentially reducing production costs and increasing efficiency.
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The global cashew kernel market exhibits significant growth opportunities across various regions. The Asia Pacific stands out as a major consumer and producer, with countries like India and Vietnam leading in both consumption and production. The robust domestic markets in these countries, coupled with their substantial export capacities, play a pivotal role in the global supply chain of cashew kernels.
Moreover, North America and Europe are witnessing a surge in demand for cashew kernels due to the increasing prevalence of health-centric eating habits and the rise of veganism in these regions. The market in these areas is further driven by innovative product offerings and strategic marketing campaigns aimed at promoting the benefits of cashew consumption.
The global cashew kernel market is set to continue its growth trajectory, supported by evolving dietary trends and a growing emphasis on healthy living. As consumers worldwide increasingly opt for nutritious and versatile food options, cashew kernels are poised to remain a preferred choice, driving sustained market expansion. With its myriad health benefits and broadening spectrum of applications, the cashew kernel market is expected to thrive in the forthcoming years, offering lucrative opportunities for producers and marketers alike.
Market Segmentation
The market can be divided based on grade and region.
Market Breakup by Grade
- White Wholes
- Scorched Wholes
- Dessert Wholes
- White Pieces
- Scorched Pieces
- Dessert Pieces
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cashew kernel market. Some of the major players explored in the report by Expert Market Research are as follows:
- Alphonsa Cashew Industries
- Nutsco Inc.
- DVK Group
- Olam International Limited
- Prime Nuts FZE
- Vietnam Cashew Processing Co.
- Bismi Cashew Company
- Others
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