1 week Ago By [email protected] (MENAFN)
( MENAFN - Straits Research) Introduction The cashew nut is one of the most sought-after edible nuts on the market. The cashew is a kidney-shaped nut abundant in protein, vitamin K, fat, and oil. Before being consumed, cashews are roasted and deshelled.
The oil derived from cashews is utilized in the manufacture of plastic. Generally, cashews are picked at the end of summer close to the coast. The food and beverage sector uses cashews as snacks, ingredients in restaurants, and frequently in desserts and ice creams.
Cashews provide several health benefits, including lowering blood cholesterol levels, reducing the risk of cardiovascular disease, preventing cancer and gallstones, and promoting healthy brain function. The cashew nut business is exploding because customers are adopting more nutritious diets and increasing their consumption of cashews in ready-to-eat dishes. Cashew Market Growth FactorsDevelopment of the Cashew Market in the African Region to Drive theGlobal Cashew Market Governments in Africa are reviving institutional infrastructure and changing markets.
Various African cashew boards and councils are instituting discipline in cashew commerce and partnering with other nations, such as Vietnam, to gain access to processing technologies. The African Cashew Initiative, founded in 2009 to strengthen primary production, processing, and market linkages along the cashew industry's value chain, is primarily responsible for the market's growth. To enable cashew farmers and processors in five African nations, including Benin, Burkina Faso, Ivory Coast, Ghana, and Mozambique, to achieve international standards, the project provides consultancy services and training at all phases of the production process.
This project focuses primarily on assisting growers and processors in boosting their yields and product quality and connecting business actors along the supply chain. Consequently, this project has expanded cashew production in Africa, increasing the worldwide cashew market. Due to the increasing demand for cashew-based snacks worldwide due to their flavor and health benefits, cashew production has increased significantly.
In addition, the need for plant-based diets has increased in recent years due to lifestyle changes and increased awareness. The popularity of the spread made of cashew milk and nut butter has expanded globally, especially in North America and Europe. Moreover, according to a study published in the British Journal of Nutrition, those who consume nuts more than four times per week have a 37% lower risk of coronary heart disease.
Therefore, there should be an increase in cashew nut production. Furthermore, the Cashew Export Promotion Council Of India (CEPCI), along with the International Nut and Dried Fruit Foundation (INC) of Spain and other world cashew players, has signed an agreement establishing a worldwide cashew task force to enhance world cashew production. They have proposed that the government subsidize this initiative to benefit cashew growers and enhance cashew nut production.
As a result of the increased demand for cashew-based processed foods and the substantial government support for cashew growers, cashew production has expanded. These variables are projected to stimulate market expansion in the coming years. Key Highlights Regional Analysis of the Global Cashew Market: By region, the global cashew market is segmented into North America, South America, Asia Pacific, and Europe.
North America accounted for the largest market share and is estimated to grow at a CAGR of 3.2% during the forecast period. Due to the high growth rate of imported cashew prices, the market value is anticipated to develop faster than the consumption volume.
Only a few states, including California, Florida, New York, Texas, and New Jersey, account for most of the nation's cashew consumption. There has been an increase in the use of cashews in the country's end-user food sector. For example, cashew nuts are utilized in snack foods.
Snacks alone account for almost 60 percent of cashews' demand. The country's snack market is anticipated to rise during the projection period, increasing cashew imports. In addition to raw or roasted cashews, raw or roasted cashews are used to make cashew butter, an alternative to peanut butter for those allergic to peanuts.
Bulk Nation USA, Once Again, Bassé Nuts, and Georgia Grinders are among the enterprises in the United States that manufacture cashew butter. Thus, the increasing demand for cashew nuts by the country's population and the rising demand from the processing industry are boosting the country's cashew nut consumption. Asia Pacific is the second largest region.
It is estimated to grow at a CAGR of 3.3% during the forecast period. Chinese consumers are interested in an assortment of nut flavors and products.
Consequently, the consumption of cashew nuts is rising considerably more rapidly than that of other nuts. Younger consumers (those between the ages of 19 and 35), particularly professional women, are now the primary force in increasing cashew consumption. These factors can promote cashew consumption in the marketplace.
Moreover, China's most commonly consumed snacks include roasted nuts and seeds, biscuits and cakes, dried bean curd, and candies or chocolates. Among all snack foods, roasted nuts and seeds, such as cashews and almonds, are the most popular and dominate the market share. On the Chinese snack food market, roasted nuts and seeds have the most outstanding sales rate because of their flavor, nutritional value, and health benefits.
In other countries, dried fruits are primarily utilized as food ingredients in the preparation of foodstuffs, while in China, they are considered a type of snack. There is a widespread perception among Chinese consumers that dried fruit has inherent health and nutritional benefits. In light of these indulgence considerations, it is anticipated that future Chinese cashew consumption will expand dramatically.
Europe is the third largest region. Germany is the top consumer of cashew nuts throughout Europe. The demand for cashews as a snack in Germany is seasonal, with a peak in the winter and a decline in the summer.
There has been a rise in the use of cashews in the food and beverage business serving consumers. Recent industrial interest in cashew nuts has led to their use in biscuits, cereals, ice cream toppings, and the production of cashew nut butter. Because of the rising popularity of healthy snacking, cashew consumption has surged.
Additionally, cashews are frequently employed as an ingredient in spreads and snack bars (especially organic). Intersnack is a German company engaged in processing and packaging. It operates in several other nations, including Australia, India, Vietnam, and Singapore.
Alnatura is a German organic food manufacturer with an extensive selection of cashew products. Thus, the increased demand for cashews from the processing industry contributes to the country's rising cashew nut consumption. In the ensuing years, a similar increase in demand is anticipated.
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