What years does this Africa Cashew Market cover, and what was the market size in 2023?

In 2023, the Africa Cashew Market size was estimated at USD 792.30 million. The report covers the Africa Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Africa Cashew Market Size

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 %

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).

Cashews flourish in the tropical climates of 20 African nations, split between the western and eastern regions. These countries collectively account for about 90% of the global raw cashew nut traded. Côte d'Ivoire leads the production and exports. Other producing countries include Tanzania, Nigeria, Benin, Guinea-Bissau, Mozambique, and Ghana. Africa processes less than 15% of its cashew nuts, with most being shipped to Asia. Asia primarily imports raw cashews and supplies its global supply with a share of more than 85% for processed cashews.
One significant trend shaping the cashew market is the rising global demand for healthier snacks, with consumers increasingly favoring environment-friendly and ethically sourced food products. Despite this trend, Africa faces a challenge due to its inadequate processing infrastructure. In response, certain firms are contributing to strengthening the cashew supply chain in Africa. For instance, in November 2021, Red River Foods, a US-based company, collaborated with the US Agency for International Development (USAID) West Africa Trade and Investment Hub. Their joint initiative involves a USD 3 million investment to enhance cashew production and processing in West Africa. Part of this investment goes toward establishing a processing facility in Côte d’Ivoire.
The Competitive Cashew Initiative, previously the African Cashew Initiative, significantly boosts the marketing of premium raw cashew kernels in Benin, Côte d'Ivoire, Mozambique, and Ghana. This initiative has notably bolstered production and processing efficiencies, including adopting SAP software in the cashew value chain in Western Ghana. Given the rising presence of cashew-based retail manufacturers and the ongoing initiatives in Africa's cashew production and processing, the market is poised for substantial growth in the coming years.

Africa Cashew Industry Segmentation

Cashew nuts are edible kidney-shaped nuts, rich in oil and protein, which are roasted and shelled before being eaten. The study focused on raw cashew nuts in their shells.

The African cashew market is segmented by geography 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 forecasts in value (USD) and volume (metric tons).

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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, C√¥te 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.

C√¥te 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.

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Africa Cashew Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Market Overview
2. 1.2 Market Drivers
  1. 1.2.1 Higher Demand for African Cashews from European Countries
  2. 1.2.2 Surging Cashew prices Present a Lucrative Opportunity for Producers
  3. 1.2.3 Global Agencies Collaborating for Sustainability Efforts
3. 1.3 Market Restraints
  1. 1.3.1 Domestic Processing Remains Limited
  2. 1.3.2 Significant Price Disparity Between Producers and Consumers
4. 1.4 Value Chain Analysis
2. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Wholesale Price Trend Analysis)
1. 2.1 Nigeria
2. 2.2 Côte d'Ivoire
3. 2.3 Benin
4. 2.4 Tanzania
5. 2.5 Burundi