Cashew Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 2.40 Billion |
| Market Size (2029) | USD 2.9 Billion |
| CAGR (2024 - 2029) | 3.80 % |
India Cashew Market Analysis
The India Cashew Market size is estimated at USD 2.40 billion in 2024, and is expected to reach USD 2.9 billion by 2029, growing at a CAGR of 3.80% during the forecast period (2024-2029).
- India is among the major cashew-producing countries globally. According to the India Brand Equity Foundation (IBEF), 2024, the cultivation of cashews in India covers a total of 0.7 million hectares of land, and the country produces over 0.8 million tons (MT) annually. As per the Directorate of Cashewnut and Cocoa Development, Kochi, cashew has a valuable foreign exchange of about USD 0.47 billion annually. It employs about 15 lakh people in the processing and agrarian sectors.
- In recent years, the cashew market has seen a rapid shift in the consumption pattern across India, primarily owing to flavored assorted cashew products occupying an increased share in the retail market space. In India, cashew is grown in Kerala, Karnataka, Goa, and Maharashtra along the west coast and Tamil Nadu, Andhra Pradesh, Orissa, and West Bengal along the east coast. Cashew is also being cultivated in Chhattisgarh, Northeastern States (Assam, Manipur, Tripura, Meghalaya, and Nagaland) and Andaman Nicobar Islands to a limited extent. However, Maharashtra, Andhra Pradesh, Odisha, Karnataka, and Tamil Nadu are the major states, as per the Press Information Bureau (PIB), 2023.
- With increasing health consciousness, consumers are choosing to snack healthy, so the demand for flavored cashews is rising in India. In India, cashew nuts are available as roasted, salted, flavored, and coated with spices, honey, etc. Value-added products, like cashew powder, butter, and drinks, are available in the market. However, the cashew market in the country is likely to be hampered as the local population prefers other lighter snacks, available at lower prices, for on-the-go snacking.
India Cashew Market Trends
Increasing Demand for Cashew Snacks
- Edible cashews have been used as a snack for many years in the country, and they have also been used as one of the main ingredients in sweets and cooking, especially in Asian cuisine. Cashews are also increasingly used as a constituent in muesli, energy bars, cookies, chocolate, and ice creams. Cashews are high in nutrients, such as copper, which improve bone health in humans, as one ounce of cashew contains 622 micrograms of copper.
- Also, cashews are relatively high in fiber compared with peanuts, which helps gain a healthy weight by improving digestive function. The nutritional benefits also extend to a high iron and magnesium content in cashews compared to peanuts, which enhance the enzymatic reactions in the body. Such high-value nutrition has prompted snack manufacturers in India to launch several cashew-based snacks to meet the demand, such as ready-to-drink cashew milk, which acts as a lactose-free milk substitute.
- Cashews are also high in monounsaturated and polyunsaturated fats and are a good source of protein. This rich fat content of cashews makes them a seamless substitute for heavy cream, as it is increasingly used in various sweet or savory dishes as a healthy vegan alternative to heavy whipping cream in the country.
- According to a study published in the British Journal of Nutrition, the risk of coronary heart disease can be reduced by 37% in people who consume nuts more than four times a week. With such results, it is expected that more cashews may be used to manufacture snack bars, which are a healthy alternative to high-calorie chocolate bars.
- Value addition and consumption of cashews lead to new initiatives and developments for most companies. They are moving toward developing projects for cashew pulp and other cashew-derived products. For instance, in 2023, Sahyadri Farms set up the biggest cashew processing plant at Nashik with the capacity of processing 100 tonnes of cashew per day; while processing cashew, cashew oil is also produced from the shells, improving the economic value of production in this plant.
Increase in Production Capacities
- India is the second-largest producer of cashews in the world. Indian cashew is known worldwide for its excellent quality. Besides the vast scale of cashew production, India is also known for pioneering cashew processing and exporting cashew kernels globally. The cashew processing industry was concentrated in Goa, Vettapalam (Andhra Pradesh), Kollam (Kerala), and Mangalore (Karnataka). However, it is currently spread across many states in India. Over the years, India has emerged as the global processing hub for the cashew industry.
- Goa has about 30-odd units divided into large and small production units of cashews. While there are some cashew exporters, like Ajanta Industries and Zantye Cashew, most of the established processing units prefer to cater to the domestic market. Thus, the production of raw cashews is increasing with rising processing units.
- To keep up with the rise in the domestic and export demands for cashews (the country is the largest cashew consumer worldwide and second-largest exporter of cashew kernels), Indian companies have recently invested in purchasing large plantations as financing and management of processing facilities in Africa. For instance, in 2022, Indian food company Beta Group, owner of the Nut King brand, invested USD 100 million in cashew nut processing in Guinea-Bissau.
India Cashew Market News
- January 2024: Agricultural experts and engineers in New Delhi developed a groundbreaking machine that simplifies cashew kernel extraction. This will make kernel extraction faster and more cost-effective, saving labor costs and significantly increasing their overall cashew output.
- October 2022: Goa Forest Development Corporation proposed a cashew festival in April-May 2023 to boost cashew cultivation in the state and bid to make Goa self-sufficient in cash crop production in the next 5 to 10 years.
- March 2022: The new Silver Jubilee building of the Indian Council of Agricultural Research (ICAR)-Directorate of Cashew Research, Puttur, Karnataka, is regarded as a new dimension in the Council's vision of empowering and benefiting the agricultural community, which will help in advancing the research on the Cashew crop.
Cashew Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Production Analysis
5.2 Consumption Analysis (Volume and Value)
5.3 Import Market Analysis (Volume and Value)
5.4 Export Market Analysis (Volume and Value)
5.5 Price Trend Analysis
6. Regional Analysis
6.1 PESTLE Analysis
6.2 Government Regulations and Policies
6.3 Distribution Channel Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Cashew Industry Segmentation
Cashew nuts are edible kidney-shaped nuts, rich in oil and protein, and are roasted and shelled before being eaten.
The Indian cashew market report analyzes the production (volume), consumption (value and volume), and trade in terms of import (value and volume), export (value and volume), and price trend analysis.
The report offers the market size and forecasts in terms of volume in metric tons and value in USD for all the above segments.
Cashew Market Research FAQs
How big is the India Cashew Market?
The India Cashew Market size is expected to reach USD 2.40 billion in 2024 and grow at a CAGR of 3.80% to reach USD 2.9 billion by 2029.
What is the current India Cashew Market size?
In 2024, the India Cashew Market size is expected to reach USD 2.40 billion.
What years does this India Cashew Market cover, and what was the market size in 2023?
In 2023, the India Cashew Market size was estimated at USD 2.31 billion. The report covers the India Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cashew in India Industry Report
Statistics for the 2024 Cashew in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cashew in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
