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Global Cashew Market to Hit USD 15.60 Billion by 2028, Boosting Vietnam's Exports on High Demand


Published Date: February 12, 2024
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Research and Markets (RM) projects that the growing demand for plant-based goods and ongoing government backing will propel the worldwide cashew market to reach USD 15.60 billion by 2028. The research emphasises how India has become a prominent player in the global cashew scene with its large investments in cashew nut cultivation and processing. 

According to the International Society for Horticultural Science (ISHS), India contributes to 25.52% of the world's cashew production. Furthermore, the building of a cashew manufacturing facility in Lagos, Nigeria, by Julius Berger, a pioneer in integrated construction solutions, is a milestone for Nigeria's cashew processing sector.

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Vietnam's Cashew Exports Are Experiencing a Significant Surge Due to Increasing Demand in Export Markets

The Vietnam Cashew Association (VINACAS) announced on January 26, 2024, that demand for cashews is rising in India, China, Japan, Europe, and the US. Vietnam's cashew exports increased by 23% in volume and 17% in value year over year (YoY) to a total of USD 3.63 billion in 2023. Vietnam is the world's top cashew exporter, with 16 years of uninterrupted exports, making over 80% of the entire volume of cashew exports worldwide. 

Furthermore, it is anticipated that exports would increase dramatically in 2024 as a result of numerous businesses successfully exploring the US and Chinese markets. Vietnamese cashew exports are currently primarily going to the US, accounting for 25% of total export revenue, with China coming in second at 19%. Additionally, interest in Europe and India is growing.

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