Market Trends of North America Cashew Industry
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.
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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.
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