Cashew industry and new export record

In 2024, cashew exports will reach 730 thousand tons, worth 4.37 billion USD. This figure exceeds the record that the industry achieved of 3.63 billion USD in 2021.

Record new record

Import and Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs, saying that it is estimated that Vietnam's cashew nut exports in 2024 will reach 730 thousand tons, worth 4.37 billion USD, up 13.3% in volume and 20.2% in value compared to 2023. The average export price of Vietnam's cashew nuts will reach about 6,003 USD/ton in 2024, up 6.1% compared to 2023.

In 2024, cashew nut exports will reach 730 thousand tons, worth 4.37 billion USD. Photo: TL

Regarding the market, in the 11 months of 2024, Vietnam's cashew nut exports to three market regions, Asia, America, and Europe, all grew well, of which the strongest increase was in the Americas region with an increase of 25.7% in volume and 30.4% in value compared to the same period in 2023. In contrast, cashew nut exports to Oceania and Africa decreased.

Cashew nut exports tend to increase to traditional and potential markets such as the United States and China. In particular, in the first 11 months of 2024, cashew nut exports to US market reached 179.48 thousand tons, worth 1.07 billion USD, up 24.4% in volume and 31.6% in value over the same period in 2023.

Cashew exports to the Chinese market reached 117.42 thousand tons, worth 687.84 million USD, up 18.9% in volume and 14.4% in value over the same period in 2023. In addition, the Vietnamese cashew industry also exploited the EU market well, with exports to many member markets such as the Netherlands, Germany, Spain, etc. all growing.

Mr. Tran Huu Hau - Deputy General Secretary of the Vietnam Cashew Association - assessed that in the past year, despite facing many difficulties in terms of crops and markets, cashew exports were still among the top 7 agricultural products exported over 3 billion USD of Vietnam with a record export turnover of 4.37 billion USD, up 20.2% in volume and 13.3% in value compared to 2023. Vietnam continues to be the world's largest cashew exporter (for the 18th consecutive year) and accounts for over 80% of the total global cashew export output.

Opportunity for Vietnam's cashew industry to accelerate

Among European countries, Germany is the largest consumer of cashews. The demand for cashews as snacks in Germany is seasonal, peaking in winter and declining in summer. In addition, cashews are increasingly used in the food and beverage industry.

Food and beverage manufacturers in the region have recently taken an interest in cashews, using them in biscuits and cereals, as ice cream toppings and in the production of cashew butter. Cashew consumption is increasing due to the growing trend of healthy snacking. The use of cashews in spreads and snack bars (especially organic) is increasing.

According to www.straitsresearch.com, the global cashew market size was valued at USD 7.78 billion in 2024, expected to reach USD 8.14 billion in 2025 and increase to USD 11.67 billion in 2033, growing at an average rate of 4.6% per year during the forecast period (2025 - 2033).

The growth driver of the cashew market is the growth of the food processing industry, driven by urbanization, changing consumer lifestyles and demand for convenience foods.

Accordingly, cashew nuts are widely used in the food processing industry to make snacks, confectionery, bakery products... With this trend, the demand for cashew imports from major markets will likely continue to increase in the coming time.

According to the Import-Export Department, in recent years, the Vietnamese cashew industry has maintained its leading position in the world in exporting cashew nuts for many consecutive years, while affirming the prestige of its brand in the international market. Vietnamese cashew nuts are now present on the shelves of over 90 countries and territories around the world, with export turnover growing steadily over the years.

Currently, there are more than 20 provinces and cities growing cashews, with a total area of ​​over 300,000 hectares. Of which, Binh Phuoc is the province that grows the most cashews in Vietnam, with an area of ​​over 150,000 hectares. This place has suitable soil conditions, fertile soil... easily helping cashew trees grow, develop, produce good seeds and high yields.

In addition to domestic production, our country is also spending a large amount of money on cashew imports to maintain its position as the world's top exporter. According to preliminary statistics from the General Department of Customs, in the first 11 months of the year, the amount of cashew nuts imported to Vietnam exceeded 2.3 million tons, worth more than 3 billion USD, down 10.2% in volume and 1.3% in value compared to the same period in 2023.

In terms of market, Cambodia is becoming the largest supplier with more than 818 thousand tons, worth more than 1.06 billion USD, up 34% in volume and 28% in value. The average price reached 1,302 USD/ton, down 4% compared to the same period in 2023. The country's cashew industry has grown rapidly in recent years and has become the largest supplier to Vietnam.

According to forecasts, the market cashew The global cashew industry will grow at an average of 4.6% during the period 2022 - 2027. The trend of favoring vegan and plant-based diets has increased the demand for nuts and nut-based foods, including cashews... This will be a good opportunity for the Vietnamese cashew industry to accelerate further in the coming time.

Source: https://baoquangninh.vn/nganh-dieu-va-ky-luc-moi-ve-xuat-khau-3338763.html