Market Size of North America Cashew Industry
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 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 Size Summary
The North American cashew market is characterized by its reliance on imports, primarily from India and Brazil, as the region does not produce cashews as a major crop. The United States and Canada are the largest consumers, with significant demand for shelled cashews, which are imported in various forms such as raw and salted. The market is driven by the increasing use of cashews in the food industry, particularly in snack items and as alternatives to peanut products. The growing trend towards healthy, ready-to-eat snacks has led to a rise in the consumption of cashews, supported by their nutritional benefits, including being a good source of magnesium. This trend is expected to continue, contributing to the market's growth over the forecast period.
Efforts to enhance local production are underway, particularly in Canada, where collaborations with international partners aim to boost sustainable cashew production. Despite these efforts, the United States remains predominantly import-dependent, with significant exports to countries like Canada, Vietnam, and Mexico. The market dynamics are influenced by factors such as imported cashew prices and consumer demand, which drive the introduction of new products by distributors and manufacturers. The region's market is poised for growth, supported by increasing consumer interest and strategic initiatives to expand production capabilities.
North America Cashew Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain / Supply Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 United States
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2.1.1.1 Production Analysis
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2.1.1.2 Consumption Analysis by Volume and Value
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2.1.1.3 Import Analysis by Volume and Value
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2.1.1.4 Export Analysis by Value and Volume
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2.1.1.5 Price Trend Analysis
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2.1.2 Canada
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2.1.2.1 Production Analysis
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2.1.2.2 Consumption Analysis by Volume and Value
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2.1.2.3 Import Analysis by Volume and Value
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2.1.2.4 Export Analysis by Value and Volume
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2.1.2.5 Price Trend Analysis
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2.1.3 Mexico
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2.1.3.1 Production Analysis
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2.1.3.2 Consumption Analysis by Volume and Value
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2.1.3.3 Import Analysis by Volume and Value
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2.1.3.4 Export Analysis by Value and Volume
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2.1.3.5 Price Trend Analysis
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North America Cashew Market Size 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.