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Cashew Nut remains a cash crop in high demand globally. Cashew Nuts comes in 2 major variants namely, Raw Cashew Nut and the processed Cashew Nuts.
Cashew Nuts significantly contribute to the annual GDP of top exporting countries. For the purpose of this post, we will be focusing on raw cashew Nuts.
The raw cashew nuts market keeps growing as the global cashew market is projected to register a CAGR of 4.6 percent between 2021 to 2026.
COVID-19 has a direct and negative impact on the worldwide cashew market. The global quarantine imposed to halt and contain the pandemic had a negative impact on distribution networks.
Raw Cashew Nut Price Per Ton
A disrupted distribution system lowered the availability of cashew nut end-products on the market, affecting value addition operations. Due to the lockdown, West African cashew producers were unable to send cashew to Vietnam and India for processing. Because of the delays in collecting and shipment, yields will be lower than usual, significantly lowering overall kernel supplies.
Vegan and plant-based diets, on the other hand, are gaining popularity around the world. People who follow a vegan diet prioritize plant-based protein over animal-derived protein, which has resulted in a surge in demand for nuts and nut-infused goods.
Over the years, African countries have contributed 56.5% to the global cashew production while Asian countries contributed 44%.
Vietnam has been the largest supplier of cashews to the United States, China, Australia, Canada, and New Zealand.
Without wasting time let’s take a look at the top 10 exporters and importers of raw cashew nuts.
Top Importers Of Raw Cashew Nuts
According to statista.com, In 2020, India was the largest importer of in-shell cashews worldwide, with imports amounting to a value of 1.09 billion U.S. dollars. That year, China was the second-largest importer of cashew nuts in the world, with an import value of around over 15 million U.S. dollars. other countries that fall into the list of top 10 importers of cashew nuts include Belgium, Netherlands, USA, United Kingdom, Sri Lanka, South Africa, Egypt, and Isreal in that order
Top Exporters Of Raw Cashew Nut
To date, Vietnam still remains the highest exporter of Raw Cashew Nuts with an average of 2.3 Billion Dollars in export value in 2020.
India follows Vietnam with an export value of 407.7 Million Dollars in the same year. The Netherlands is third with a 271.2 Million export value.
Other countries that make the list of top 10 exporters of raw cashew nuts include Germany , Brazil, Ivory Coast, Indonesia, Mozambique, the United States, and Myanmar
Current Pricing Across All Major Markets
The prices of raw cashew nuts have declined as much as 20 percent in the last three months, mainly due to the current US-China tussle and sluggish demand due to the lockdown.
Raw cashew nuts are measured per kilogram but for export, it is sold in Tonnes or metric Tonnes depending on the quantity.
The price of 1 kg of raw Cashew Nuts in the world market ranges between 1 Dollar to 2 Dollars
The price of one Tonne of raw Cashew Nut in the world market is between 1000 Dollars to 2000 Dollars
The price of one Metric Tonne of raw Cashew Nut in the world market is between 10,000 Dollars to 20,000 Dollars
Please note that 1 Tonne is equal to 1,000kg
Also, note that traders may sell lesser or higher than this price depending on various factors we cannot determine but we strongly believe the prices will be relatively close to the price range mentioned in this post.
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Conclusion
Cashew Nuts significantly contribute to the annual GDP of top exporting countries. The global cashew market is projected to register a CAGR of 4.6 percent between 2021-2026. African countries have contributed 56.5% to the global cashews production while Asian countries contributed 44%. The prices of raw cashew nuts have declined as much as 20 percent in the last three months. Vietnam remains the highest exporter of Raw Cashew Nuts with an average of 2.3 billion dollars in export value in 2020. India follows Vietnam with an export value of 407.7 million dollars.
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