DUBLIN--(BUSINESS WIRE)--The "Cashew Kernel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The cashew kernel market is projected to witness a CAGR of 5.2% during the forecast period.
COVID-19 affected the cashew value chain negatively, as a result of a disrupted distribution channel, which tends to lower the end-products of cashew nuts in the market. Producers from West Africa suffered in the loss as they are unable to export cashew to Vietnam and India for processing due to the lockdown and disrupted transport systems. The delay in collection and shipment further reduced the overall kernel supply.
The cashew kernel market witnessed a rapid shift in the consumption pattern across North America and Asia-Pacific in recent years, primarily due to assorted cashew products occupying an increased share in the retail market space. Asia-Pacific is the largest consumer with the growing consumption inclining toward the use of cashew kernels in daily diets and healthy ready-to-eat snacks. The high penetration rate of cashew-based retail manufacturers in the developed and emerging markets and the successful implementation of initiatives in cashew production and processing in Africa are further expected to drive the global cashew kernel market during the forecast period.
The drivers identified in the market are increasing demand for healthy snacks, increasing demand from the European countries, and an increase in the number of primary processing units in Africa. All these factor together are influencing the cashew kernel market positively.
Key Market Trends
Increasing Demand From the European Countries
In Europe, consumers are willing to spend more for quality foods. Consumers are also looking for new products due to increased health awareness and nutritional facts. Cashew kernels are primarily used in the European market as a roasted-and-salted snacks. Lately, cashew kernel also turns out to be attractive to industrial users and is used for cookies and cereals, and is also promoted as a topping on ice cream. The United Kingdom is the second-largest consumer of cashew kernels in the region. In 2018, the per capita consumption of cashews in the United Kingdom was estimated to be 0.9 kg/year. The United Kingdom is the largest market in Europe for Fair Trade Certified products.
Rising demand for cashew kernel coupled with little or no domestic production, European cashew kernel imports is increasing, to satiate the demand driven by the health trend. The Netherlands, Germany, United Kingdom, and the growing markets in Central and Eastern Europe offer opportunities for developing country suppliers. According to ITC Trade, in 2019, the import volume of cashew nuts in Germany reached 60,222 metric ton which was valued at USD 477,073 thousand.
In the newer markets, such as Eastern Europe, there is an inclination in kernel grades toward the superior types, notably from the pieces to the wholes. The W320 is the leading grade in the imports. The health benefits of nuts could be reason for the sustained demand despite increased retail price.
Asia-Pacific is the Largest Consumer
The Asia-Pacific region is the largest consumer of cashew nuts in the world. Cashews are also increasingly consumed as snacks, owing to their high nutritional content. The shell of the nut is known to be a good source of an important liquid, known as cashew nut shell liquid (CNSL) in commercial applications. CNSL is a dark brown, sticky liquid extracted from the honeycomb structure of fresh shells. It is one of the few major economic sources of natural phenols.
India is the top consumer of cashew kernels in the world and accounts for 25% of the supply. The consumption is projected to increase for culinary and confectionary applications. Cashews are also increasingly consumed as a snack, owing to their high nutrition content. In India, cashew kernels are roasted, salted, flavored, and coated with spices, honey, etc. The main peak in consumption is from October to January, during the Diwali and Navratri festivals.
The Chinese consumers are also looking for diverse nut flavors and products. In China, roasted nuts and seeds, biscuits and cakes, and dried bean curd and candies or chocolates are the most consumed products during snack time. Among others, roasted nuts and seeds, such as cashews and almonds, are the most saleable snack, which occupies the dominant position among all snack foods. The roasted nuts and seeds registered the highest sales rate in the Chinese snack food market, as taste, nutritional added value, and health benefits play an important role.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
5 MARKET SEGMENTATION
5.1 Grade
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Africa
6 MARKET OPPORTUNITIES AND FUTURE TRENDS
7 IMPACT OF COVID-19 ON THE MARKET
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