LONDON--(BUSINESS WIRE)--Please replace the release dated February 1, 2018, with the following corrected version due to multiple revisions.
The corrected release reads:
APAC TOPS THE CASHEW NUT PROCESSING EQUIPMENT MARKET | TECHNAVIO
The latest market research report by Technavio on the global cashew nut processing equipment market predicts a CAGR of more than 5% during the period 2018-2022.
The report segments the global cashew nut processing equipment market by technology (automatic cashew nut processing equipment and semi-automatic cashew nut processing equipment), by product (shelling equipment, roasting equipment, peeling equipment, and drying equipment), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global cashew nut processing equipment market, according to Technavio food and beverage researchers:
- Increasing government support for cashew nut processing: a major market driver
- APAC dominated the global cashew nut processing equipment market with more than 51% share in 2017
- Rise in foreign investments for cashew nut processing: a key market trend
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Increasing government support for cashew nut processing: a major market driver
Increasing government support for cashew nut processing is one of the major factors driving the global cashew nut processing equipment market. There has been increasing government support for improving cashew nut production and processing in various emerging economies such as India, Ghana, Côte d’Ivoire, Kenya, and others. For instance, in March 2017, the Government of Ghana revised its plan to establish the Cashew Development Authority. The establishment of the authority is to increase production, regulate prices, and revive the cashew nut processing sector by establishing new cashew nut processing companies and re-establishing the distressed cashew nut processing companies.
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APAC: largest cashew nut processing equipment market
APAC held the largest share of the global cashew nut processing equipment market in 2017. The region accounted for more than 51% of the global market share in 2017. It is anticipated that there will be an increase in government support for more cashew nut processing activities in APAC during the forecast period. For instance, the Board of Investments (BOI) has approved incentives for the expansion project of cashew nut processing company, R-Ley Trading in the Philippines. Such government support will assist in increasing the processing capacity expansions, thereby propelling the market growth of the cashew nut processing equipment.
According to a senior analyst at Technavio for research on food service, “EMEA is anticipated to witness the highest growth rate in the cashew nut processing equipment market during the forecast period. The region accounted for close to 35% of the overall market in 2017 and is expected to grow further during the forecast period. There have been increasing foreign investments to enhance cashew nut processing in various countries such as Tanzania, Kenya, and Côte d’Ivoire.”
Rise in foreign investments for cashew nut processing: a key market trend
The cashew nut processing industry is one of the major industries in emerging economies such as India, Brazil, Côte d’Ivoire, Vietnam, Nigeria, Thailand, and others. There is ample availability of raw cashew nuts in countries such as Côte d’Ivoire, Nigeria, and Benin. In November 2016, the Government of Côte d’Ivoire exempted the locally processed nuts from export duties. The objective of this move was to improve the cashew nut processing industry in the country. Due to the enormous opportunities for the cashew industry in these countries, several foreign investors have been partnering with local entrepreneurs to set up plantations and processing factories in various countries.
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