Cashew Market Size, Share, Growth, and Industry Analysis, By Type (Flavoured, Unflavoured and others), By Application (Daily Food, Cooking and others) Regional Forecast By 2031

Updated On: 08 April 2024

Cashew Market Report Overview

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The global cashew market size was USD 6371.55 million in 2021, as per our research, the market is expected to reach USD 12640.3 million in 2031, exhibiting a CAGR of 7.09% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with Cashew market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

One of the most popular edible nuts on the market are cashew nuts. The kidney-shaped nut known as the product is high in protein, vitamin K, fat, and oil. Before eating, they are roasted and the shell is removed. Plastic is made from the cashew oil that is taken from the nut. They are typically picked towards the end of the summer and grow close to coastal locations. The food and beverage sector frequently uses product in sweets, ice cream, and as a snack and ingredient in restaurants. The product provides a number of health advantages, including the ability to lower blood cholesterol levels, lower the risk of cardiovascular disease, prevent cancer and gallstones, and support healthy brain function.

With rising demand from consumers, hotels & restaurants, bars, supplement makers, and other businesses, the market is expanding quickly. The demand for healthy snacks, increased consumer awareness of healthy eating practises, lifestyle changes, the numerous health benefits of product consumption, and the demand for cashew nut milk for those who are lactose intolerant are other factors that contribute to the expansion of the market.

COVID-19 Impact: Disruption of Supply chains Causes Market Distortion

Globally, COVID-19 had a direct and negative effect on the cashew market. The pandemic's global lockdown to stop and control it had a negative impact on the distribution networks. The disruption of the distribution system had an impact on value-adding operations since it reduced the market availability of cashew nut goods. West African producers suffered since the shutdown prevented them from sending product for processing. In the end, the collection and shipping delays will lead to lower yields than usual, thus lowering the available supplies of kernels. This is a significant component lowering the market's demand.  In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the market as a whole. The industry has been somewhat impacted by this.

LATEST TRENDS

"Adoption of plant based vegan diet amongst people to Boost the Market Growth"

Vegan and plant-based diets are becoming increasingly popular. People are adopting a plant-based vegan diet, which emphasises protein sources other than those sourced from animals, which is increasing demand for nuts and goods containing nuts. With the introduction of new and innovative items such as yoghurt with product butter, an increasing number of cashew-infused product manufacturers have captured the attention of both young and old consumers. However, thanks to international producers who have entered the market with a variety of products that are suitable for the country's healthier dietary practises, product use in consumers' diets has been consistent. Thus, the process of adoption of plant based vegan diet is a major trend that is creating opportunity for the industry to flourish. The market's overall expansion is primarily the result of these recent changes.

Cashew Market Segmentation

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• By Type

Based on type, the market is classified into Flavoured, Unflavoured and others.

• By Application

Based on application, the market is categorised into Daily Food, Cooking and others.

DRIVING FACTORS

"Increasing Health Consciousness amongst consumers that Gives the Market Extra boost "

There is a growing market for flavoured product, which have traditionally been consumed as a snack. Additionally, they are one of the primary ingredients in many savoury and sweet cuisines. In addition, as they are now a common ingredient in mueslis, energy bars, pastries, chocolates, and ice cream. One ounce of product includes 622 micrograms of copper, which is known to aid bone health and is one of the nutrients that the product is high in.

Nevertheless, according to the International Nut and Dried Fruit Council, product consumption is influenced by inflation. Compared to peanuts, product have a higher fibre content, and because they promote healthy digestion, they also aid in weight gain. Due to the high nutritional content, snack producers have introduced a variety of product-based snacks to fulfil consumer demand, such as ready-to-drink cashew milk, a lactose-free milk alternative. As a result, industry growth will be aided during the forecast period by the growing dependence on products. As a result, the increasing consciousness amongst consumers will boost the market. It will contribute to the expansion of the food and beverages industry and it will improve the overall Cashew market growth.

"Increasing Demand in the cosmetic industry for the product to Encourage Market Expansion"

The personal & beauty care sector has experienced significant demand for product as an active component for use in hair oils. The unsaturated fats, magnesium, zinc, and vitamin E found in products oil are crucial for the human body because they act as antioxidants. They also include additional acids including linoleic and oleic acid, which can be used to treat all hair types and issues. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, the increasing demand in the cosmetic industry of the product will help the market to boost.

RESTRAINING FACTORS

"Side effects caused by the Product to Impede Market Expansion"

Because they are high in fats and proteins, they might be bad for your health because they make you gain weight. As the product is high in salt, one of its negative effects is an increase in blood pressure. They can also make persons allergic to other nuts sick. Due to their high magnesium content, they may exhibit medication interactions. So, taking medications like antibiotics while eating product can be problematic. Consuming the product could cause some troubles for those who suffer from migraine-like symptoms. Due to the presence of the amino acids phenylethylamine and tyramine in the product, severe headaches may result. When consumed in big quantities, they can also upset your stomach.

Cashew Market Regional Insights

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"North America Dominating the Market Across the Globe"

Since this area is the largest user of the product, the market for Cashew in North America has profited from the region's expanding industrial development and several driving factors that have boosted the potential sectors. The increasing demand for products in the daily food and cooking industries is one of the important factors driving the Cashew Market Share. Rapid urbanisation trends will further strengthen the market as a whole.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

The analysis covers data on market participants and their positions within the industry. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more is provided in the study on materials.

List of Market Players Profiled

• Mondelez International (U.S.)
• Kanegrade Limited (U.K.)
• Callebaut (Switzerland)
• Russell Stover Candies (U.S.)
• The Hershey Company (U.S.)
• Kerry Group (Ireland)
• Archer Daniels Midland (U.S.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost Cashew Market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.