The North American cashew market is projected to record a CAGR of 4.3% during the forecast period (2020-2025).
- North American cashews contain less selenium compared to the cashews grown in the tropical regions. Most of the regional demand for cashews come from the United States and Canada. Since the region does not produce cashew as a major crop, the countries here cater to Africa, Brazil, and India for their market demand.
- The United States and Canada continue to be the largest buyer of Indian cashews and Brazil is another major exporter that supplies to the United States. Indian cashews are available with prominent importers in the United States, Mexico, and Canada.
Key Market Trends
United States is Growing to Emerge as an Exporter
The major countries to which the United States exports its shelled cashews include Canada, Vietnam, China, and Mexico. The country also carries out re-exports to a few countries. These include Canada, Vietnam, the United Kingdom, and the Netherlands. However, since the country is mainly import-dependent, these are relatively small in number. There are few major growers and distributors of cashew nuts in California viz., Braga Organic Farms, Diamond Foods LLC, Flanigan Farms Natural Foods, Bates Nut Farm, D&S Ranches, etc. With a high growth rate in the price of imported cashew, the region has begun to produce cashews in recent years. The United States exported 2652 ton in 2018, which increased to 2765 ton in 2019. Therefore, there is a rising potential in the country to cultivate cashews in the years to come.
United States Dominates the Market
The United States is the major consumer of cashews followed by Canada and Mexico. The consumption of cashews is mainly concentrated in some states owing to the high growth rate of the price of imported cashew. This, in turn, will lead the market value to increase much faster than the consumption volume. The consumption of cashew is majorly concentrated in states, like California, Florida, New York, Texas, and New Jersey. The main countries from which Canada has been importing cashews for its consumption over the past few years include Vietnam, Brazil, India, and Cote d’Ivoire. Some of the importers of cashew nuts in Canada include All Gold Imports Inc., Bulk Barn Foods Limited / Aliments Bulk Barn Limited, and Golden Boy Foods Limited Partnership. The consumption of shelled cashew nuts in Mexico observed a slant downturn in 2016-17 as compared to other countries owing to the rising trend of prices which has affected its consumption on a large scale.
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