Insatiable domestic appetite
With the United States trailing far behind, India outshines its competitors, merely nibbling at 10-15% of the global cashew consumption. Yet, the plot thickens—India’s cashew exports, once a dominant force at 35%, now dwindle to a mere 10%, resulting from an insatiable domestic appetite overpowering the allure of international markets. Once relegated to mere snacking, cashews now grace the grocery lists of households, courtesy of supermarkets and retail giants. Online food delivery platforms join the ensemble, ensuring cashews knock on consumers’ doors. The HORECA segment and dessert artisans play supporting roles, embedding cashews in culinary creations. This cinematic shift, however, casts a shadow on exports, as the local audience favors lighter, pocket-friendly snacks for their on-the-go cravings.
In the subplot of health consciousness, experts observe a rising demand for flavored cashews, a testament to consumers’ inclination towards healthier snacking alternatives. Yet, an undercurrent of challenges surfaces—the local populace, drawn to more economical on-the-go snacks, poses a hurdle for the cashew market.
As the final act approaches, the kernel prices dance to $7,38 – $7,50 per kg this fiscal year, orchestrating a five percent crescendo. Experts forecast a global cashew market to swell to $9.3 billion by 2028, embracing a 4.14% CAGR from 2023 to 2028. In this grand finale, the India cashew market, a rising star, anticipates a growth spurt from $2.31 billion in 2023 to $2.79 billion by 2028, waltzing to a 3.80% CAGR.
In the wings, market veterans hint at a global surge in raw cashew production, with countries like Cambodia and Ivory Coast taking the spotlight. However, India, the lead character, must expand its raw cashew production ambitiously, aiming to satisfy its voracious appetite and export 100,000 tonnes of kernels annually by 2030.