Market Size of Africa Cashew Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 822.49 Million |
| Market Size (2029) | USD 984.91 Million |
| CAGR (2024 - 2029) | 3.67 % |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Africa Cashew Market Analysis
The Africa Cashew Market size is estimated at USD 822.49 million in 2024, and is expected to reach USD 984.91 million by 2029, growing at a CAGR of 3.67% during the forecast period (2024-2029).
- The African cashew industry has grown rapidly over the last decade. The market's growth is driven by several factors, such as increasing demand for cashew nuts around the region due to their natural nutritional benefits as they are plant-based diets. Cashew nuts are also considered a substitute for dairy products and represent a popular savory snack. They are also a substitute for the ever-popular peanut butter.
- Furthermore, increasing demand for flavored cashews and favorable government initiatives are further fueling the consumption of cashew nuts in the African region. The consumption of cashew kernels, whole or pieces, has had a limited exposition to consumers in West and East Africa. This is attributed to the untapped retail market for ready-to-eat cashews for consumers in the region.
- However, the Competitive Cashew Initiative, formerly known as the African Cashew Initiative, has been playing a vital role in the marketing of high-quality raw cashew kernels in Benin, Côte d'Ivoire, Mozambique, and Ghana, which further enhanced the production and processing efficiencies in these countries in various ways, such as the promotion of SAP software in the cashew value chain in West Ghana.
- Therefore, the high penetration rate of cashew-based retail manufacturers in the markets and the successful implementation of initiatives in cashew production and processing in Africa are further expected to drive the market during the forecast period.
Africa Cashew Industry Segmentation
Cashew nuts are edible kidney-shaped nuts, rich in oil and protein, which are roasted and shelled before being eaten. Raw cashew nuts (in-shell) have been considered while collecting data for the study.
The Africa cashew market is segmented by countries into Nigeria, Côte d'Ivoire, Benin, Tanzania, and Burundi. The study covers production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis.
The report offers market estimation and forecast in value (USD thousand) and volume (metric ton).
Africa Cashew Market Size Summary
The African cashew market is experiencing significant growth, driven by increasing demand for cashew nuts due to their nutritional benefits and versatility as a snack and ingredient substitute. The market is further bolstered by favorable government initiatives and the rising popularity of flavored cashews. Despite limited exposure in some regions, efforts like the Competitive Cashew Initiative are enhancing production and processing efficiencies, particularly in countries like Benin, Côte d'Ivoire, Mozambique, and Ghana. These initiatives, along with the high penetration of cashew-based retail manufacturers, are expected to sustain the market's growth trajectory over the forecast period.
Côte d'Ivoire stands out as a leader in the African cashew market, with continuous production increases and significant export activities. The country's young cashew trees and expanding acreage, supported by government investments and international financial institutions, are key factors in its success. The government's commitment to boosting local processing capacity through various incentives is further enhancing production. Cashews are increasingly integrated into a variety of food products across Africa, driven by their high nutritional value and versatility. Initiatives in other countries, such as Senegal and Tanzania, also aim to support the cashew industry through innovative solutions and agricultural support, contributing to the sector's overall growth and development.
Africa Cashew Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
-
2. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
-
2.1 Nigeria
-
2.2 Côte d'Ivoire
-
2.3 Benin
-
2.4 Tanzania
-
2.5 Burundi
-
Africa Cashew Market Size FAQs
How big is the Africa Cashew Market?
The Africa Cashew Market size is expected to reach USD 822.49 million in 2024 and grow at a CAGR of 3.67% to reach USD 984.91 million by 2029.
What is the current Africa Cashew Market size?
In 2024, the Africa Cashew Market size is expected to reach USD 822.49 million.
