What years does this Vietnam Cashew Market cover, and what was the market size in 2023?

In 2023, the Vietnam Cashew Market size was estimated at USD 4.52 billion. The report covers the Vietnam Cashew Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Cashew Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Vietnam Cashew Market Size

Market Size of Vietnam Cashew Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
Forecast Data Period	2024 - 2029
Market Size (2024)	USD 4.80 Billion
Market Size (2029)	USD 6.40 Billion
CAGR (2024 - 2029)	5.80 %

Vietnam Cashew Market Analysis

The Vietnam Cashew Market size is estimated at USD 4.80 billion in 2024, and is expected to reach USD 6.40 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).

In recent years, Vietnam has experienced consistent cashew production growth, driven by rising domestic and international demand. The country has invested in modernizing cashew farming practices, adopting advanced technologies, and improving infrastructure to enhance productivity and quality. Cashew nuts are a key nut species in Vietnam, contributing more than 40% to global production among all cashew-producing nations. Production increased by 5% in 2022 to 294.9 thousand metric tons from the previous year due to increasing demand from the processing industry.
According to ITC Trade Map Data, Vietnam's export value of fresh or dried shelled cashews in 2022 was approximately USD 2.5 billion. This value has fluctuated due to global demand and competition from markets such as India and Africa. The primary importers of Vietnamese cashews are the United States, the European Union, and China.
Vietnam is the largest producer and exporter of processed cashew nuts globally. The southern provinces of Binh Phuoc, Dong Nai, and Ba Ria-Vung Tau are major cashew farming areas in Vietnam. Binh Phuoc is particularly known as the “cashew capital” of the country, contributing significantly to cashew production. Despite being a global leader in processing and exporting cashews, Vietnam imports a significant amount of raw cashew nuts from African countries such as Nigeria and the Ivory Coast to meet the demand for its processing facilities. The country's focus has been shifting towards modernizing its cashew industry, improving productivity, and moving up the value chain by processing and branding high-quality cashew products.

Vietnam Cashew Industry Segmentation

Cashew nuts are edible kidney-shaped nuts rich in oil and protein. They are either roasted or shelled before being eaten. Oil extracted from the shells is used as a lubricant in the production of plastics.

The study analyzes the cashew market scenario in Vietnam. The Vietnamese cashew market report covers an extensive analysis of production(volume), consumption(volume and value), import(volume and value), export(volume and value), and price trend analysis. The report offers market size and forecasts in terms of value (USD) and volume (metric tons) for all the above segments.

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Vietnam Cashew Market Size Summary

The Vietnamese cashew industry is a significant player in the global market, being the largest producer and exporter of processed cashew nuts worldwide. The industry is characterized by its robust growth trajectory, driven by advancements in cultivation and processing technologies. Vietnam's strategic focus on high-density planting and commercial farming has enhanced yield efficiency, while investments in advanced processing technologies have improved profit margins by reducing labor costs and ensuring quality consistency. The country's cashew exports have expanded to over eighty-five countries, with major markets including the United States, China, and the Netherlands. Despite challenges such as the Russia-Ukraine conflict impacting export volumes, the industry continues to thrive, supported by government initiatives and the Vietnam Cashew Association's efforts to bolster production and trade.

Vietnam's cashew industry is poised for continued expansion, with significant contributions to global production and a growing export market. The Binh Phuoc region, known for its high-quality cashew nuts, serves as the country's primary cashew-growing area, supported by government efforts to increase plantation areas. The industry benefits from various initiatives, including farmer training and seed programs, which have positively impacted production and quality. Additionally, international trade agreements like the EU-Vietnam Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership have opened new markets for Vietnamese cashew products. The introduction of innovative products, such as cashew milk, further highlights the industry's dynamic nature and its commitment to meeting global demand.

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Vietnam Cashew Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Market Overview
2. 1.2 Market Drivers
  1. 1.2.1 Favorable Government Initiatives
  2. 1.2.2 Availability of Advanced Processing Technology
  3. 1.2.3 Increased Demand for Exports
3. 1.3 Market Restraints
  1. 1.3.1 Climate Change and Environmental Challenges
  2. 1.3.2 Higher Dependence on Raw Cashew Imports
4. 1.4 Value Chain / Supply Chain Analysis
2. MARKET SEGMENTATION
1. 2.1 Production Analysis
2. 2.2 Consumption Analysis (Value and Volume)
3. 2.3 Import Analysis (Value and Volume)
4. 2.4 Export Analysis (Value and Volume)
5. 2.5 Price Trend Analysis