Cashews: huge potential
January 22, 2025 at 12:09 PM ,
Der AUDITOR
Significant growth expected
As reported by the Vietnam Cashew Association (Vinacas) with reference to the Ministry of Industry and Trade, the global cashew trade is estimated at USD 7.78 billion in 2024. And there is still room for improvement here, as the forecast for 2025 is already USD 8.14 billion and for 2033 even USD 11.67 billion. This would correspond to average annual growth of 4.6% in the period 2025-2033.
Vietnam remains the record holder
The biggest driver of this growth is the shift in the food industry; healthy and balanced nutrition is becoming more and more of a focus and cashews are increasingly being used in the production of snacks, confectionery and drinks. Vietnamese exporters are extremely optimistic that this trend will continue to drive demand in key target countries in the future.
Vietnam has long been the leading cashew exporter on the global market, supplying nuts to key destinations such as the US, the EU, China and the UK. The example of the USA, the largest export market for Vietnam, clearly shows the importance of Vietnamese shipments; according to the US International Trade Commission, the United States imported cashew nuts worth over USD 874 million in the first ten months of 2024, an increase of 27.5% compared to the same period in 2023. Vietnam's market share here was 89.65%. According to the Ministry of Customs, Vietnam's total exports in 2024 will be just under 724,000 mt of cashews worth USD 4.34 billion, an increase of 12.4% in volume and 19.2% in value compared to 2023. This means that the Vietnamese cashew industry has set a new export record.
EU imports record significant growth
EU cashew imports also increased by almost 11% in 2024 compared to the previous year. Imports totalled 185,189 mt worth EUR 1.027 billion (2023: 167,171 mt worth EUR 932.84 million). The most important supplier here was once again Vietnam, which increased its shipments to the EU by 7.3% to 132,118 mt. Côte d'Ivoire (+34.9% to 23,881 mt) is in second place, followed by India (-1% to 10,190 mt). The most important buyer countries in the EU in 2024 were the Netherlands, Germany and Spain.
|
EU cashew imports, in mt |
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|
Supplier |
2023 |
2024 |
Diff. |
|
Vietnam |
123,080 |
132,118 |
7.3% |
|
Côte d'Ivoire |
17,699 |
23,881 |
34.9% |
|
India |
10,289 |
10,190 |
-1.0% |
|
Benin |
1,509 |
3,802 |
152.0% |
|
Nigeria |
1,913 |
2,709 |
41.6% |
|
Brazil |
3,325 |
2,016 |
-39.4% |
|
Burkina Faso |
3,131 |
1,978 |
-36.8% |
|
Tanzania |
622 |
1,874 |
201.3% |
|
Ghana |
1,673 |
1,147 |
-31.4% |
|
Mozambique |
852 |
1,131 |
32.7% |
|
Others |
3,078 |
4,343 |
41.1% |
|
Total |
167,171 |
185,189 |
10.8% |
|
DG AGRI TAXUD Customs Surveillance System, 01/01-31/12 08013200 Fresh or dried cashew nuts, shelled |
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View more
- price charts for edible nuts
- price charts for dried fruit, oilseeds, spices and more
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