Overview of Production & Trade
West Africa Leads Raw Cashew Nut (RCN) Production
In 2025, Côte d’Ivoire, the world’s leading raw cashew producer, is expected to hit a record 1.3 million tonnes, boosted by better harvest conditions and a crackdown on smuggling. Benin, Ghana, and Nigeria also remain key producers.

Vietnam’s Import Cutbacks Shift Market Balance
Vietnam, traditionally importing over 70% of raw cashew nuts for processing and re-export, has drastically cut its 2025 imports from Africa due to uncertainty around U.S. tariffs—with possible duties as high as 46% on processed cashews. This sudden shift has disrupted the normal flow of cashews, especially from West Africa.

Currency Pressure & Farmer Impact
The weakening U.S. dollar has lowered farmgate prices in Côte d’Ivoire from 425 CFA/kg ($0.73) to as low as 200 CFA/kg ($0.35). Combined with a glut of unsold stock—reportedly over 200,000 tonnes—this poses financial risks for smallholder farmers.

???? Market Size & Price Outlook
Global Market Value (2025): USD 8.1 billion (raw nuts)

Projected Value (2030): USD 9.5 billion, CAGR of ~3.3%

Processed Cashew Market: Estimated to reach USD 11.5 billion by 2030, growing at 4.6% CAGR

Key Regions:
Asia-Pacific: Dominates global demand; India and Vietnam are the largest consumers and processors.

North America & Europe: Growing demand for value-added cashew products, especially in health-conscious and plant-based segments.

Price Trends:
With reduced availability of high-quality raw nuts and export restrictions in producing nations, cashew kernel prices are expected to trend upward, potentially exceeding $4.50/lb, especially for premium-grade kernels.

???? Regulatory & Value Chain Developments
New Export Controls
Tanzania: All RCN exports must now go through the Tanzania Mercantile Exchange, adding new costs and causing shipping delays.

Benin: Announced a ban on raw cashew exports starting April 2025 to encourage local processing.

Ghana & Côte d’Ivoire: Strengthening border controls to limit informal trade and protect national supply chains.

Push Toward Domestic Processing
There’s a rising push in Africa to process cashews locally instead of exporting raw nuts. Governments are offering incentives for investment in processing plants. This aims to increase job creation and retain value within the continent.

???? Demand Trends & Product Innovation
Health-Driven Growth
Cashews are increasingly viewed as a healthy snack. Their use in vegan diets, plant-based milks, and functional snacks is on the rise, particularly in the U.S., Canada, and Western Europe.

Innovative Products
Cashew Milk & Cheese – used as dairy alternatives in vegan products

Cashew Butter – gaining popularity in the premium spreads segment

Roasted & Flavored Cashews – expanding in e-commerce and snack food channels

E-commerce Growth
The shift toward online shopping and ethical consumerism is encouraging brands to promote sustainably sourced and fair-trade cashews.