Vietnam: Cashew Nut Market 2024

Cashew Nut Market Size in Vietnam

The Vietnamese cashew nut market shrank dramatically to $X in 2021, waning by -58.7% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Cashew Nut Production in Vietnam

In value terms, cashew nut production dropped to $X in 2021 estimated in export price. Overall, production continues to indicate a pronounced descent. The growth pace was the most rapid in 2015 with an increase of 97%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

In 2021, the average yield of cashew nuts in Vietnam fell to X tons per ha, waning by -8.6% on 2020. Overall, the yield indicated slight growth from 2012 to 2021: its figure increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cashew nut yield increased by +49.2% against 2017 indices. The growth pace was the most rapid in 2015 with an increase of 48%. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2021, the growth of the average cashew nut yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of cashew nuts production in Vietnam contracted modestly to X ha, stabilizing at the previous year's figure. In general, the harvested area recorded a mild decline. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 1%. The cashew nut harvested area peaked at X ha in 2012; however, from 2013 to 2021, the harvested area failed to regain momentum.

Cashew Nut Exports

Exports from Vietnam

In 2021, shipments abroad of cashew nuts decreased by -26.3% to X tons, falling for the second consecutive year after five years of growth. In general, exports saw a slight shrinkage. The growth pace was the most rapid in 2015 when exports increased by 349%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, cashew nut exports contracted remarkably to $X in 2021. Overall, exports recorded a pronounced contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 522% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons), Saudi Arabia (X tons) and the United States (X tons) were the main destinations of cashew nut exports from Vietnam, with a combined 87% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +36.5%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) remains the key foreign market for cashew nut exports from Vietnam, comprising 58% of total exports. The second position in the ranking was taken by India ($X), with a 12% share of total exports. It was followed by the United States, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value to Saudi Arabia totaled +23.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+45.8% per year) and the United States (-7.3% per year).

Export Prices by Country

In 2021, the average cashew nut export price amounted to $X per ton, growing by 5% against the previous year. In general, the export price, however, saw a mild slump. The most prominent rate of growth was recorded in 2015 when the average export price increased by 39% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Cashew Nut Imports

Imports into Vietnam

In 2021, approx. X tons of cashew nuts were imported into Vietnam; with a decrease of -71.9% against the year before. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when imports increased by 99%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, cashew nut imports reduced dramatically to $X in 2021. Over the period under review, imports, however, continue to indicate a mild expansion. The growth pace was the most rapid in 2013 with an increase of 83% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Cote d'Ivoire (X tons) constituted the largest cashew nut supplier to Vietnam, with a 37% share of total imports. Moreover, cashew nut imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, Cambodia (X tons), twofold. The third position in this ranking was taken by Ghana (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from Cote d'Ivoire totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (-0.4% per year) and Ghana (+5.3% per year).

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of cashew nut to Vietnam, comprising 35% of total imports. The second position in the ranking was held by Cambodia ($X), with a 17% share of total imports. It was followed by Ghana, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Cote d'Ivoire amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (-1.1% per year) and Ghana (+5.2% per year).

Import Prices by Country

The average cashew nut import price stood at $X per ton in 2021, dropping by -8.9% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 27%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea-Bissau (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :