The new report by Expert Market Research titled, ‘Global Cashew Kernel Market Report and Forecast 2022-2027’, gives an in-depth analysis of the cashew kernel market, assessing the market based on its segments like grade and major regions. The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size: USD 5.4 billion
• Forecast CAGR (2022-2027): 4.80%
• Forecast Market Size: USD 7.2 billion
With the introduction of new and innovative products such as cashew-butter yoghurt in the United States and roasted spice-coated cashew kernels in India, an increasing number of cashew-infused products by the manufacturers have attracted both young and old consumers. However, the use of cashew kernels in consumers’ diets has been consistent in South America, with multinational manufacturers penetrating the market with a variety of cashew products that suit the country’s healthier diet regime. Brazil, on the other hand, has always been a price-conscious cashew kernel consumer. The resurgence of the Brazilian economy has been hampered by the mounting fiscal deficit, causing cashew consumption to be heavily dependent on inflation rates.
Increasing demand for flavoured cashews, as well as favourable government initiatives, are driving up cashew nut consumption in the African region. The consumption of cashew kernels, whole or in pieces, has received little exposure among consumers in West and East Africa. This could be attributed to the region’s consumers’ untapped retail market for ready-to-eat cashews. However, the Competitive Cashew Initiative, formerly known as the African Cashew Initiative, has played an important role in the marketing of high-quality raw cashew kernels in Benin, Côte d’Ivoire, Mozambique, and Ghana, which has improved production and processing efficiencies in these countries in a variety of ways, such as the promotion of SAP software in the cashew value chain in West Ghana.
Industry Definition and Major Segments
Cashew kernels are the refined version of raw cashew. These kernels are classified as white/scorched wholes, pieces, and splits, among others.
The cashew kernel market can be segmented on the basis of grade.
Based on grade:
• White Wholes
• Scorched Wholes
• Dessert Wholes
• White Pieces
• Scorched Pieces
• Dessert Pieces
On the basis of regional markets, the segmentation of the cashew kernel market includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Cashew kernel’s global market growth can be attributed to its numerous health benefits and applications. Because of their nutritional benefits, cashew nuts are becoming more popular as a confectionary ingredient in chocolates and desserts. Furthermore, cashew nuts are widely used as an active ingredient in many gravy-based dishes, driving up demand from the food and beverage industry. Moreover, cashew-based dairy products are rapidly gaining popularity as a vegan alternative to traditional dairy products. These are some of the factors driving product demand from the food and beverage industry, thereby boosting market growth.
Besides that, as the cosmetic industry grows, cashew kernels are increasingly being used as a key sustainable product in many personal care products. As a result, rising per capita incomes and a growing demand for natural and plant-based ingredients in cosmetic products are two factors driving the use of cashews in the cosmetic industry, accelerating market expansion.
Key Market Players
The major players within the market are Alphonsa Cashew Industries, Nutsco Inc., DVK Group, Olam International Limited, Prime Nuts FZE, Vietnam Cashew Processing Co., Bismi Cashew Company and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.