Global cashew reserves are tightening, prices are rising!

According to German media Mundus Agri, the global cashew export volume for the 2024/25 season is expected to increase by approximately 10% compared to the same period last year. Although major buyers such as the European Union, China, and the Middle East have increased their imports, the U.S. market is showing a different trend.

The cashew production season in the northern hemisphere has already ended, and according to data from experts at Olam Food Ingredients (OFI), a leading global supplier of food and beverage ingredients, the global cashew export volume for the 2024/25 season is expected to increase by approximately 10% compared to the previous season. Most of these exports were completed before the end of July, which slightly alleviated the raw material shortage issues for processors in Vietnam and India. OFI pointed out that processing volumes in Asia and Africa reached their peak in the third quarter, and export volumes will continue to grow in the coming months as suppliers need to fulfill existing contracts. The purchasing volume in major consumption areas such as the European Union, China, and the Middle East has increased, leading to tighter inventories. The U.S. also increased its purchases in the first two quarters, but subsequently, imports decreased due to tariffs imposed by Trump and market uncertainties.

Demand in India has also declined, but market experts predict a gradual recovery starting from the September festival season. Purchasing intentions in China and Europe are expected to remain stable in the short term—the strengthening of the euro has driven transaction activity, and buyers are seeking price advantages while meeting part of their needs. However, U.S. demand is expected to further shrink, with high retail prices making consumers more cautious. Data from the Vietnam Cashew Association (Vinacas) shows that from January to July 2025, Vietnam exported 83,000 tons of cashews to the U.S., valued at $561 million, a decrease of 27.5% and 11.7% respectively compared to the same period last year. Although Vietnam still holds over 87% of the U.S. market share, its value share is declining. From January 1, 2025, to September 14, 2025, the European Union's cashew imports increased by nearly 5% compared to the same period last year, with an average import price of €6.45 per kilogram, which is 20% higher than last year.

Image source: Mundus Agri 2025 International Fruit and Vegetable Report. All rights reserved. For reprint permission, contact the International Fruit and Vegetable Report and credit the source.