Global Cashews Market Forecast Report 2023-2028: India is a Market Leader in the Asia Pacific Region

DUBLIN, Jan. 30, 2024 /PRNewswire/ -- The "Cashews Market - Forecasts from 2023 to 2028" report has been added to  ResearchAndMarkets.com's offering.

The expanding cashews market is anticipated to experience significant growth from 2021's valuation of US$11.555 billion, with projections to reach US$15.597 billion by 2028, growing at a compound annual growth rate (CAGR) of 4.38%. The surge in consumer adoption of vegan and plant-based diets is fueling this growth, as well as the proliferation of cashew-based products appealing to health-conscious consumers and younger demographics.

Globally, governments have been instrumental in advancing the industry. For instance, significant initiatives in India aim to promote the cashew sector, demonstrating the government's commitment to bolstering the industry's development. Investments in cashew processing in regions like Nigeria also underscore the recognition of the market's potential.

Increased Production and Import Demand Driving Market Growth

Developed countries are displaying a heightened demand for cashews, leading to an upsurge in imports. Europe, in particular, is seeing robust cashew consumption, with countries like Germany, the United Kingdom, and the Netherlands leading in imports. India's cashew production has also seen growth, with the country maintaining its position as a substantial exporter, contributing to the overall market expansion.

India: A Market Leader in the Asia Pacific Region

India commands a substantial share of the global cashew market, with the country's vast cashew production servicing both domestic and international demands. The presence of key industry players and the introduction of new hybrid varieties bolster the market's vitality. Exports from India are escalating in response to global demand, further stimulating the domestic market.

Market Segmentation

The cashews market is assessed across various distribution channels and end-user industries. The report segments the industry into the following categories:

By Distribution Channel

• Online
• Offline

By End-User Industry

• Bakery and Confectionery
• Breakfast Cereals
• Dairy Products and Flavored Drinks
• Snacks

By Geography

• North America
• South America
• Europe
• Middle East and Africa
• Asia Pacific

This segmentation offers a comprehensive view of the market, enabling stakeholders to understand the various facets driving cashew demand in different sectors and regions.

The comprehensive research illuminates the dynamic nature of the cashew market, underscoring the intersection between health trends, market demands, and agricultural advancements. Industry stakeholders, investors, and others interested in the cashew market can derive substantial value from the insights provided in this thorough analysis.

Expected Market Developments

• The cashews market will continue benefiting from the shift towards plant-based diets.
• Key regions like the Asia Pacific, led by India's substantial market share, will dominate the landscape.
• Government initiatives and growing consumer preferences will shape the future of cashew consumption and production.

Continued market growth and changing consumer habits indicate a promising future for the cashew industry on a global scale. With increased awareness of the health benefits associated with cashews and their versatility across various food products, the market's upward trajectory is poised for sustained momentum.

Companies Profiled

• Western India Cashew Company
• Olam International Limited
• Bismi Cashew Company
• Siva Foods Impex Private Limited
• PT. Ruby Privatindo
• Delicious Cashew Co
• Wonderland Foods
• Royal Dry Fruits Pvt Ltd.
• Nutty Yogi
• Haldirams

For more information about this report visit https://www.researchandmarkets.com/r/ubzk65

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SOURCE Research and Markets