Vietnam Cashew Market Report and Forecast 2024-2032

Vietnam Cashew Market Size

The Vietnam cashew market reached approximately 19.15 KMT in 2023. The market is projected to grow at a CAGR of 5.4% between 2024 and 2032, reaching a value of around 30.74 KMT by 2032.

Vietnam Cashew Market Outlook

• In 2023, the Southeast Asian nations collectively produced 1.5 million tons of cashews, making up a considerable 36.6% of the global production share.

• Binh Phuoc province is considered the primary hub for cashew production in Vietnam, encompassing more than half of the nation's cashew cultivation area and output.

• In 2022, cashew imports in Vietnam amounted to approximately 2 billion US Dollars.

Vietnam Cashew Market Growth

Binh Phuoc, located in Vietnam, boasts an impressive 152,000 hectares of cashew plantations, yielding approximately 170,000 tonnes annually. The province's favourable natural conditions, coupled with the implementation of advanced agricultural practices, have significantly boosted the productivity of cashew trees in the region.

Despite Vietnam's reliance on cashew imports to satisfy local demand, the country's diverse climates, subtropical in the north and tropical in the central and southern regions, provide ideal conditions for cashew nut cultivation. However, the current production levels are insufficient to meet the needs of the Vietnamese population. The largest consumer bases are concentrated in urban centres such as Ho Chi Minh City, Hanoi, and Da Nang, while smaller retail establishments, wholesale markets, and speciality food stores across Vietnam trade in smaller quantities of cashews.

Moreover, whole cashew kernels hold higher value compared to broken pieces, with a preference for white or pale ivory-coloured nuts over coloured or burnt ones. Processed cashews primarily consist of plain or salted varieties. Vietnam predominantly imports in-shell cashews rather than shelled ones, with a significant portion originating from cashew-producing nations in Africa. Noteworthy is Vietnam's pioneering role in advanced cashew processing technology, solidifying its position as a leader in this particular sector segment.

Vietnam Cashew Industry Segmentations

“Vietnam Cashew Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• White

• Scorched

• Dessert

Market Breakup by Form

• Whole

• Pieces

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Cashew Market Share

Based on the type, the market is segmented into white, scorched, and dessert. White cashew type is projected to grow at a CAGR of 6.3% during the forecast period of 2024-2032. High-quality cashew nuts classified by colour, size, and appearance are referred to as white cashews. There are numerous commercial and culinary applications for these distinct types of white cashews due to their variations in size, shape, and quality.

Leading Companies in the Vietnam Cashew Market

Market players are investing heavily in organic production practices and incorporating advanced manufacturing techniques to gain a competitive edge.

• PAN Group

• Donafoods (Dong Nai Agricultural Products Import-Export Processing Joint Stock Company

• Vietnam Cashew Processing Co.

• CPT CORP

• MYANCO.,Ltd.

• Others

Key Highlights of the Report

Vietnam Cashew Market Report Snapshots

Vietnam Cashew Market Size

Vietnam Cashew Market Growth

Vietnam Cashew Market Share

Vietnam Cashew Companies