Asia-Pacific: Cashew Nut Market 2024

Cashew Nut Market Size in Asia-Pacific

In 2021, the Asia-Pacific cashew nut market decreased by -25.2% to $X, falling for the third consecutive year after seven years of growth. The total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -37.1% against 2018 indices. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Cashew Nut Production in Asia-Pacific

In value terms, cashew nut production fell to $X in 2021 estimated in export price. The total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +8.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 47%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

India (X tons) remains the largest cashew nut producing country in Asia-Pacific, comprising approx. 47% of total volume. Moreover, cashew nut production in India exceeded the figures recorded by the second-largest producer, Vietnam (X tons), twofold. The third position in this ranking was held by the Philippines (X tons), with a 15% share.

In India, cashew nut production remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (+0.2% per year) and the Philippines (+7.3% per year).

In 2021, the average yield of cashew nuts in Asia-Pacific fell modestly to X kg per ha, with a decrease of -2.1% compared with the previous year's figure. The yield figure increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the yield increased by 10%. Over the period under review, the cashew nut yield reached the maximum level at X kg per ha in 2018; however, from 2019 to 2021, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of cashew nuts were harvested in Asia-Pacific; flattening at 2020 figures. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the harvested area increased by 4.9% against the previous year. The level of harvested area peaked at X ha in 2020, and then reduced modestly in the following year.

Cashew Nut Exports

Exports in Asia-Pacific

In 2021, approx. X tons of cashew nuts were exported in Asia-Pacific; shrinking by -15.2% compared with the year before. Overall, exports showed a slight downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 31%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, cashew nut exports declined notably to $X in 2021. In general, exports saw a pronounced slump. The most prominent rate of growth was recorded in 2015 with an increase of 16% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Indonesia (X tons) was the key exporter of cashew nuts, committing 57% of total exports. India (X tons) took the second position in the ranking, distantly followed by Thailand (X tons). All these countries together held near 35% share of total exports. The following exporters - Vietnam (X tons), Myanmar (X tons) and Cambodia (X tons) - each resulted at a 5.9% share of total exports.

Indonesia experienced a relatively flat trend pattern with regard to volume of exports of cashew nuts. At the same time, Thailand (+108.7%), India (+23.9%) and Myanmar (+1.1%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +108.7% from 2012-2021. By contrast, Vietnam (-1.0%) and Cambodia (-28.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India and Thailand increased by +24 and +7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest cashew nut supplier in Asia-Pacific, comprising 54% of total exports. The second position in the ranking was taken by India ($X), with a 26% share of total exports. It was followed by Vietnam, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Indonesia was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: India (+26.3% per year) and Vietnam (-2.8% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, shrinking by -7.3% against the previous year. Over the period under review, the export price saw a mild descent. The most prominent rate of growth was recorded in 2016 when the export price increased by 18%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+1.9%), while the other leaders experienced mixed trends in the export price figures.

Cashew Nut Imports

Imports in Asia-Pacific

In 2021, overseas purchases of cashew nuts decreased by -41.8% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 28% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, cashew nut imports shrank dramatically to $X in 2021. In general, imports, however, posted temperate growth. The most prominent rate of growth was recorded in 2015 with an increase of 46% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X tons) represented the largest importer of cashew nuts, constituting 71% of total imports. It was distantly followed by Vietnam (X tons), mixing up a 28% share of total imports.

India experienced a relatively flat trend pattern with regard to volume of imports of cashew nuts. Vietnam experienced a relatively flat trend pattern. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported cashew nuts in Asia-Pacific, comprising 74% of total imports. The second position in the ranking was held by Vietnam ($X), with a 24% share of total imports.

From 2012 to 2021, the average annual growth rate of value in India stood at +2.2%.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, surging by 2.6% against the previous year. Import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cashew nut import price decreased by -38.6% against 2017 indices. The pace of growth appeared the most rapid in 2017 when the import price increased by 25% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, the country with the highest price was India ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+1.5%).

Source: IndexBox Platform

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