North America Cashew Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.10 Billion |
| Market Size (2029) | USD 1.29 Billion |
| CAGR (2024 - 2029) | 3.05 % |
North America Cashew Market Analysis
The North America Cashew Market size is estimated at USD 1.10 billion in 2024, and is expected to reach USD 1.29 billion by 2029, growing at a CAGR of 3.05% during the forecast period (2024-2029).
- North American cashews contain less selenium than those grown in tropical regions, and most of the regional demand for cashews comes from the United States and Canada. Since the region does not produce cashew as a major crop, the countries here cater to Africa, Brazil, and India for their market demand. The United States and Canada continue to be the largest buyer of Indian cashews, and Brazil is another major exporter that supplies to the United States. Indian cashews are available with prominent importers in the United States, Mexico, and Canada.
- Canada is making inroads to enhance its production of cashews the country. Thus, some of its government organizations are collaborating with cashew producers from other countries to make itself sustainable for cashew production and consumption during the forecast period. nIn June 2019, the Mennonite Economic Development Associates (MEDA), an international development organization based in Canada, in collaboration with its partners in Ghana, signed a partnership agreement with small- and medium-scale cashew crop nursery operators in five regions to produce seedlings for farmers at a subsidized price of 50%.
- Cashew nuts are imported, exported, and distributed in many forms, such as shelled, raw, and salted. However, to avoid any double calculation, the complete analysis of the global production is focused on in-shell cashew nuts. Trade of in-shell cashew nuts is nearly negligible in the region compared to shelled cashews. Hence, the analysis of the report considers imports and exports of shelled cashews.
- There has been an increasing application of cashew nuts in the end-user food market in the country. For instance, cashew nuts are used in snack items, accounting for over 60% of the cashew demand. Raw or roasted cashews are also used to manufacture cashew butter, an alternative to peanut butter for those allergic to peanuts. Increased consumption of cashew nuts as ready-to-eat snacks and rising demand in the processing and commercial food industry are expected to be the major drivers of the market in the region and tend to grow during the forecasting period.
North America Cashew Market Trends
Increasing Consumption Owing to Nutritional Benefits of Cashew
- In recent years, with the growing inclination towards using cashew nuts in daily diets and healthy ready-to-eat snacks, cashew-infused product manufacturers have taken young and geriatric consumers by stride with the launch of innovative products. Cashews are a good source of magnesium, which plays an important role in over 300 enzymatic reactions within the body and has lately been used to make dairy alternatives, such as cashew milk, cashew-based cheese, cashew-based cream sauces, and sour cream.
- The US Food and Drug Administration (FDA) has approved a health claim for food labels that eating 1.5 oz per day of most nuts as part of a diet may reduce the risk of heart disease. Due to these factors, consumers are showing more interest in cashews and related products, thus helping the market in the coming years. The United States is the major consumer of cashews, followed by Canada and Mexico. According to International Trade Center (ITC) trade, the United States was the largest importer of cashew in the region and worldwide in 2021, with an import volume of 182,924 metric tons. It is reported to have increased compared to the previous year due to an increase in the consumption of cashew in the country.
- The consumption of cashews is mainly concentrated in some states like California, Florida, New York, Texas, and New Jersey, owing to the high growth rate of imported cashew prices. This, in turn, will lead the market value to increase much faster than the consumption volume. Depending on the customers' demand and value, distributors and cashew-related product manufacturers are releasing new products to consumers' interest in the market. These factors will allow the market to grow in the following years.
United States is Growing to Emerge as an Exporter
- The major countries where the United States exports its shelled cashews include Canada, Vietnam, China, and Mexico. The country also re-exports to a few countries, including Canada, Vietnam, the United Kingdom, and the Netherlands. However, since the country is mainly import-dependent, these are relatively small. A few major growers and distributors of cashew nuts in California, viz., Braga Organic Farms, Diamond Foods LLC, Flanigan Farms Natural Foods, Bates Nut Farm, D&S Ranches, etc.
- With a high growth rate in imported cashew prices, the region has begun to produce cashews in recent years. Concerning the United States, the total exported and re-exported cashew nuts volume was 4,060 tons in 2019, which increased to 4,437 tons in 2021. The re-exported quantity decreased in 2021 compared to 2017 due to decreased exports to Asian countries such as Vietnam. However, increased consumption increased the quantity exported to Canada by 5% from 2020 to 2021. Therefore, the country has a rising potential to cultivate cashews in the coming years.
North America Cashew Market News
- June 2022: During the first six months of 2022, the exports of cashew nuts from the United States to other countries decreased due to the higher raw material price, with no increase in the selling price of processed products. The reduction in imports from Vietnam and Brazil is also the major reason for the decline in the market.
- May 2022: The Department of Agriculture of the United States (USDA) started a new campaign on Cashew nuts, financing a total of USD 38 million, with implementation by LIFFT-Cashew in the SEGABI (Senegal, Gambia Guinea-Bissau) region. The project is expected to increase production and trade between the United States and SEGABI region.
North America 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 / Supply Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography
5.1.1 United States
5.1.1.1 Production Analysis
5.1.1.2 Consumption Analysis by Volume and Value
5.1.1.3 Import Analysis by Volume and Value
5.1.1.4 Export Analysis by Value and Volume
5.1.1.5 Price Trend Analysis
5.1.2 Canada
5.1.2.1 Production Analysis
5.1.2.2 Consumption Analysis by Volume and Value
5.1.2.3 Import Analysis by Volume and Value
5.1.2.4 Export Analysis by Value and Volume
5.1.2.5 Price Trend Analysis
5.1.3 Mexico
5.1.3.1 Production Analysis
5.1.3.2 Consumption Analysis by Volume and Value
5.1.3.3 Import Analysis by Volume and Value
5.1.3.4 Export Analysis by Value and Volume
5.1.3.5 Price Trend Analysis
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Cashew Industry Segmentation
Cashew nuts are edible kidney-shaped nuts from the Anacardiaceae family, rich in oil and protein, and roasted and shelled before being eaten. Oil extracted from the shells is used as a lubricant in the production of plastics.
The North American cashew market is segmented by geography into (United States, Canada, and Mexico). The report covers the extensive study of production (volume), consumption (volume and value), import (volume and value), export (volume and value), and price trend analysis of the cashew market, in addition to the value chain analysis.
The report offers market size in terms of both value in (USD) and volume in (metric ton) for the above-mentioned segments.
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North America Cashew Market Research FAQs
How big is the North America Cashew Market?
The North America Cashew Market size is expected to reach USD 1.10 billion in 2024 and grow at a CAGR of 3.05% to reach USD 1.29 billion by 2029.
What is the current North America Cashew Market size?
In 2024, the North America Cashew Market size is expected to reach USD 1.10 billion.
What years does this North America Cashew Market cover, and what was the market size in 2023?
In 2023, the North America Cashew Market size was estimated at USD 1.07 billion. The report covers the North America Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Cashew Industry Report
Statistics for the 2024 North America Cashew market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Cashew analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
