Cashews Market Forecast and CAGR
According to latest research by Fact.MR., cashews market is set to witness steady growth during 2021-2031. Demand for cashews will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Increased demand from healthcare industry will mean optimistic growth opportunities in near future, moreover, sales of cashews in food and beverages will provide momentum to market growth.
What is Driving Demand for Cashews?
The ever-evolving end-user demand for food supplements that cater their health more is driving the demand for cashews in various industries. Food & beverages industry applications still at the pinnacle for cashew nut utilization and revenue generation making it a lucrative business.
Medical industry also utilizing cashew nuts for heart disease control, eye protection, blood disease prevention and weight loss. The skincare and cosmetics industry using cashews for manufacturing skin protection creams and hair shiners. Supplements industry utilizing it as flavor and dietary fiber.
The increasing awareness among modern consumers about the benefits of nuts intake to supplement body regularly accounting for high demand. The food service industry is another demand driver for cashew nut utilization in various preparations and as snacks by various beverage providers.
Snacks Industry Likely to Augment Cashew Nut Sales
The increasing demand for a healthy snack range among modern consumers and the need for a snack type that is harmless even on regular consumption are some potent factors that are impressing the snack manufacturers to add more nut-based snacks in their product range. This has casted an optimistic footprinton the overall market growth for cashews.
The snack range is versatile in itself providing a number of flavors to choose from resulting in providing customers with freedom of choice. Cashew’s utilization in food service industry especially as a drink supporter in bars and pubs is also aiding to its market expansion.
India Cashew Market Outlook
India other than being the world’s largest cashew nut producer is also the biggest consumer and a leading importer. The demand for cashew nut in Indian market is likely to increase at a steady pace owing to an increase in the cashew nut processing capacity. Still the consumption is more than its production.
The demand for cashew nut is lead by the food and beverages industry. The rising numbers of manufacturers constantly subsidizing research and development in the product range to make it suitable for the ever-evolving taste choices of its consumers is targeting consumers of all age groups. For example, cashew nuts in roasted, fried, salty, sweet, spice coated etc. varieties were introduced by key companies keeping in mind the local palate.
The increased utilization is also a result of increased imports of shelled cashews in the Indian region. Moreover, the use of cashew nuts for dietary and medical purposes is boosting its market growth in India. The product innovation and development resulted in new cashew-based beverages like ready-to-drink lactose-free milk substitute. This momentum will result in optimistic marketplace growth for cashew market.
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Europe Demand Outlook for Cashews
The European market is observing a steady increase on the consumption of cashew nut over time. The market in recent time has been flooded with products containing cashews be it bread spreads or snacks, which has resulted in an overall increase in the consumption of cashews. The regional import increased by 5% in 2019 and the market trends suggests optimistic increase in the forecast period of 2021-2031.
The impact of Covid-19 pandemic on the growth of European cashew market was very subtle. As even in the last 6 months of 2020, the imports and consumption were almost twice that observed in the previous year. The demand is projected to be stable but some hindrances in the supply by producing nations may cast some fluctuations in import quantities.
The high imports also result in reduction of prices and cheaper prices attract more consumers. Even during the pandemic, the consumption of cashew nut in the food manufacturing and food service industries have seen a decline but the household consumption was also increased at the same time. The European marketplace is a lucrative one for cashew nut business.
Who are the Key Manufacturers and Suppliers of Cashew?
Some of the leading manufacturers and suppliers of cashew nuts includes
- Hormel Foods Corporation
- Sahale Snacks Inc.
- Sunshine Nut Co.
- Snyder's-Lance Inc.
- Food to Live
- Glenda’s Farmhouse
- Woodstock Farms Manufacturing
- Tong Garden Co.
Many key manufacturers and suppliers have switched to new marketing strategies as a result of falling export rates with potential markets. For instance, in 2019 India owing to its worst fall of exports planned to implement new branding exercise in the U.S., the biggest marketplace for Indian cashew nuts. A much-needed effort by Indian exporters as the U.S. market place started utilizing cheap cashews over quality Indian ones.
An Adaptive Approach to Modern-day Research Needs
Cashew Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Raw Material
- Cashew nut
- Cashew fruit
- Raw/ Dry
- Crushed/ Powdered
By End-use Industry
- Food & Beverages
- Convenience Food
- Bakery/ Confectionery
- Household/ Retail
By Distribution Channel
- Business to Business
- Business to Consumers
- Supermarkets/ Hypermarkets
- Convenience Stores
- Departmental Stores
- Specialty Stores
- Online Retails
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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