South America Cashew Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 582.24 Billion |
| Market Size (2029) | USD 750.20 Billion |
| CAGR (2024 - 2029) | 5.20 % |
South America Cashew Market Analysis
The South America Cashew Market size is estimated at USD 582.24 billion in 2024, and is expected to reach USD 750.20 billion by 2029, at a CAGR of 5.20% during the forecast period (2024-2029).
South America, particularly Brazil, offers optimal conditions for cashew cultivation, including warm temperatures, sufficient rainfall, and well-drained soils. FAOSTAT data shows that the cashew cultivation area in 2022 was 434,033 hectares, slightly lower than the 434,240 hectares in 2021. Despite this reduction, the region experienced increased production due to improved land productivity. FAOSTAT reports that cashew yield in 2022 reached 378.9 kg/ha, a 31.1% increase from the previous year's 288.9 kg/ha, highlighting the region's agricultural efficiency.
Cashews are a key ingredient in various plant-based products, including milk, cheeses, and other vegan alternatives. The growing trend of vegan and plant-based diets in South America has led to an increased demand for cashews as a versatile ingredient. In 2022, a significant development occurred in Brazil when the municipality of Salvador agreed with Conscious Eating Brazil, the Humane Society International, and the city hall. This collaboration aims to provide 10 million plant-based meals annually to over 170,000 students. Additionally, South America's geographical proximity to North America offers a strategic advantage for cashew exports to the United States and Canada. According to, ITC Trade Map in 2023, the United States alone accounted for 36.2% of Brazil's cashew export value, highlighting the strong trade relationship between the two regions in the cashew market.
South America Cashew Market Trends
Rising Global Demand for Cashews
Global demand for cashews has been steadily increasing, particularly in developed countries, due to their nutritional value and versatility in food applications. According to the ITC Trade Map, cashew export volume reached 12 thousand metric tons in 2023, a 20% increase from the previous year's 10 thousand metric tons. This growth is primarily driven by demand from developed countries such as the United States, Netherlands, and Canada, which collectively account for 55% of the total export volume. Notably, the United States' cashew imports from Brazil in 2023 totaled 4,388 metric tons, a 38% increase from the previous year's 3,177 metric tons.
South American producers are expanding production to meet this global demand, especially in North American and European markets. FAOSTAT data shows that cashew nut production volume in 2022 reached 164,447.88 metric tons, a 31% increase from the previous year's 125,442.79 metric tons. This production growth is attributed to government support and the adoption of precision agriculture practices by farmers in the region. The increasing demand from neighboring countries is anticipated to drive further market growth in South America.
Brazil Dominates the Market
Brazil leads cashew nut production in the region with extensive cultivation areas. FAOSTAT data shows Brazil's cashew production volume reached 1.47 million metric tons in 2022, a 32.5% increase from 1.11 million metric tons in the previous year. Small farmers, cultivating areas under 20 hectares, are key contributors to this production growth. The Brazilian Confederation of Agriculture and Livestock (CNA) reported approximately 170,000 cashew producers in the country in 2022, spread across 53,000 properties, with 70% being small farmers.
The Brazilian government has implemented policies to promote cashew cultivation, including subsidies and research and development programs. The annual Pronaf scheme supports local farmers, with a significant budget allocation of USD 65 billion for 2022-2023. This initiative provides credit lines, production subsidies, and interest payment subsidies to cashew farmers. Brazil's position as a major exporter of both raw cashew nuts and processed cashew kernels further solidifies its importance in the global cashew market. The combination of increasing production, government support, and growing global demand has solidified Brazil's position as a dominant cashew producer in the region.
South America Cashew Market News
- July 2024: The Brazilian government has introduced two harvest plans, one for agribusiness and another for family farming, which includes cashew farmers. The plans allocate over BRL 475 billion (USD 76.7 billion) in credit, with a substantial portion designated for large-scale agricultural enterprises.
- February 2024: Chile's government implemented phytosanitary import regulations for cashew nuts from all countries of origin. The exporting nation must provide an official phytosanitary certificate declaring that the shipment has been treated for the pathogens Trogoderma granarium and Corcyra cephalonica.
South 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
4.2.1 Rising Global Demand For Cashews
4.2.2 Increasing Production is Boosting the Market
4.2.3 Government Support and Investment
4.3 Market Restraints
4.3.1 Climate Change and Extreme Weather Events
4.3.2 Competition From Other Producing Regions
4.4 Value Chain/Supply Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis, Consumption Analysis by Value & Volume, Import Analysis by Value & Volume, Export Analysis by Value & Volume and Price Trend Analysis)
5.2 Argentina
5.3 Brazil
5.4 Chile
5.5 Colombia
5.6 Peru
6. REGIONAL ANALYSIS
6.1 PESTLE Analysis
6.2 Value Chain Analysis
6.3 Government Policies
7. COMPETITIVE ANALYSIS
7.1 Distribution Network and Retail Analysis
7.2 List/Profile of Key Players
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
South America Cashew Industry Segmentation
Cashew nuts are edible, kidney-shaped nuts rich in oil and protein. They are typically roasted and shelled before consumption. The South American cashew market analysis includes production volume, consumption value and volume, export value and volume, import value and volume, and price trend analysis.
South America Cashew Market Research FAQs
How big is the South America Cashew Market?
The South America Cashew Market size is expected to reach USD 582.24 billion in 2024 and grow at a CAGR of 5.20% to reach USD 750.20 billion by 2029.
What is the current South America Cashew Market size?
In 2024, the South America Cashew Market size is expected to reach USD 582.24 billion.
What years does this South America Cashew Market cover, and what was the market size in 2023?
In 2023, the South America Cashew Market size was estimated at USD 551.96 billion. The report covers the South America Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South America Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South America Cashew Industry Report
Statistics for the 2024 South America Cashew market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Cashew analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
South America Cashew Market Report Snapshots
