W5 Cashew Update: Global Cashew Market Predicted to Reach USD 15.60 Billion by 2028 and Soar Exports in Vietnam Due to Strong Export Demand

Global Cashew Market Predicted to Reach USD 15.60 Billion by 2028

According to Research and Markets(RM), the global cashew market is predicted to reach USD 15.60 billion by 2028, driven by the rising demand for plant-based products and sustained governmental support. The report highlights India's significant investment in cashew nut production and processing, making it a major player in the global cashew landscape. According to the International Society for Horticultural Science (ISHS), India accounts for 25.52% of the world's cashew production. In addition, integrated construction solutions specialist Julius Berger's establishment of a cashew processing facility in Lagos, Nigeria, is a significant process for Nigeria's cashew processing industry.

Vietnam's Cashew Exports Continue to Soar with Growing Export Demand

On January 26, 2024, the Vietnam Cashew Association (VINACAS) reported increasing cashew demand from India, Europe, the United States (US), China, and Japan. In 2023, Vietnam's cashew exports reached a total of USD 3.63 billion, making a 17% year-on-year (YoY) increase in value and a 23% YoY rise in volume. Vietnam's cashew exports have maintained their position as the leading global cashew exporter for 16 consecutive years, accounting for 80% of the total global cashew export volume. In addition, exports in 2024 are expected to grow significantly as many enterprises effectively explore the markets in China and the US. Currently, the US is the largest destination for Vietnamese cashews, making up 25% of the total export turnover, followed by China at 19%. Moreover, there is also growing interest in Europe and India.