NEW YORK, Feb. 21, 2024 /PRNewswire/ — The cashew market is estimated to grow at a CAGR of 5.3% between 2022 and 2027. The size is forecasted to increase by 1,123.96 thousand tons during the forecast period. Based on type, the cashew market is segmented into conventional or regular and organic, based on distribution channel, the market is segmented into offline and online, based on geography, the cashew industry is segmented into North America, APAC, Europe, Middle East and Africa, and South America. The growth by the conventional segment will be significant during the forecast period. Conventional cashews are produced with the application of pesticides and fertilizers on the nuts. The conventional cashew segment, valued at 2,305.22 thousand t in 2017, saw continuous growth until 2021, primarily due to its affordability compared to organic cashews. In 2022, low conventional prices remained a major growth driver, fueled by increasing consumer awareness of its health benefits, such as lowering LDL cholesterol and promoting cardiovascular health, muscle development, and immune system support. These advantages, combined with cost-effectiveness, are anticipated to sustain demand in the forecast period among B2B clients. For insights on the contribution of each segment, buy the report!
- The report includes historic data from 2017 to 2021. In 2017, the market was valued at 3,017.79 thousand tons.
Country-level analysis
- North America is estimated to account for 45% of the growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape during the forecast period. The growth in the region is attributed to factors such as the substantial production of cashews in the region.
- The US and Canada are key countries. The increasing vegan population and growing health concerns over the consumption of dairy-based products are increasing consumer preference for dairy-free alternatives such as cashew milk. This is one of the key factors driving the growth in North America. The geographic landscape of the report also provides impacting factors and changes that impact current and future trends. For detailed information, request a sample!
One of the key drivers-
The rising cases of lactose intolerance are notably driving the growth. The number of lactose-intolerant individuals is increasing, especially in European countries such as Italy, Germany, Spain, Turkey, Poland, France, and the UK. This has spurred the demand for lactose-free products and products that do not contain dairy ingredients. Plant-based alternatives, including cashew milk, is a viable alternative to dairy. With the increasing number of lactose-intolerant people, the demand for cashew milk is increasing worldwide. All these factors are supporting the growth.
- The risk of allergies is a major challenge.
Competitive landscape and vendor analysis
Technavio’s report includes the adoption lifecycle, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Some of the major players are Achal Group of Industries, Agrocel Industries Pvt. Ltd., ALPHONSA CASHEW INDUSTRIES, Aryan International, Bata Food, Bismi Cashew Co., CBL NATURAL FOODS Pvt. Ltd., DCC Delicious, Delphi Organic GmbH, DVK Group, Haldiram Foods International Pvt. Ltd, Kalbavi Cashews, NIRVAANIC LIFE FOODS Pvt. Ltd., NUTSCO Inc., Olam Group Ltd., Prime Nuts Online Store, Royal Dry Fruits Pvt. Ltd., Shivam Cashew Industry, Sunorganic Industries Pvt. Ltd., and Vietnam Cashew Processing Joint Co., among others. Download a PDF sample!
Significant surge due to the rising popularity of vegan and plant-based diets. As more people embrace healthier lifestyles, nuts like cashews have become a staple in their diets. This trend has led to the emergence of innovative products, with cashew-infused product manufacturers introducing items such as cashew-butter yogurt and roasted spice-coated cashew kernels to cater to consumer demands. The International Nut and Dried Fruit Council plays a pivotal role in promoting the benefits of cashews globally, while organizations like the National Horticulture Board work to support cashew cultivation and distribution. With increasing awareness of health benefits and culinary versatility, the cashew industry continues to expand and diversify.
Related reports:
- The tree nuts market is estimated to grow at a CAGR of 7.15% between 2022 and 2027. The size is forecast to increase by USD 20,008.42 million. The rising popularity of vegan snacks among millennials is notably driving the growth, although factors such as the potential source of allergens may impede the growth.
- The cashew milk market size is expected to increase by USD 59.35 million from 2021 to 2026, and the growth momentum will accelerate at a CAGR of 6.9%. The rising prevalence of lactose intolerance and allergies associated with soy, hazelnut, and almond milk is one of the key factors driving the global cashew milk growth. The availability of substitutes is the major challenge.
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