Cashew Crunch: Africa’s Untapped Potential Fuels Global Boom
African farmers hold the key to a multi-billion dollar industry, but value addition is crucial.
The humble cashew nut, once a mere luxury, has transformed into a strategic agricultural powerhouse. This edible seed now underpins a complex, global commercial network, connecting African growers to Asian processors and lucrative markets in Europe and the Americas, driving billions in annual revenue.
Africa’s Raw Powerhouse
Data from FAOSTAT indicates a staggering global cashew production of over 3.9 million tons in 2023. The Ivory Coast emerged as the leading producer, yielding more than 1.04 million tons. Despite African nations collectively accounting for approximately 55% of global output, most production leaves the continent as raw material, yielding limited profits for farmers.
Asia’s Value-Added Advantage
Countries like Vietnam and India are crucial players in the cashew supply chain, expertly transforming raw nuts into high-value, processed products. In 2024 alone, Vietnam’s exports of treated cashews reached over 730,000 tons, generating $4.37 billion. This represents a significant annual increase of over 20%, with an average price per ton of $6003, starkly highlighting the substantial profits Asia garners through “added value.”
A Growing Global Market
The international cashew market is experiencing robust growth. Straits Research estimates its value at approximately $7.78 billion in 2024, with projections to reach $11.67 billion by 2033, boasting a compound annual growth rate of 4.6%. Further projections from Business Research Insights anticipate the market expanding from $8 billion in 2024 to $15.87 billion by 2033, fueled by rising consumer demand for healthy snacks and plant-based food alternatives.
Trade Tensions Reshape Dynamics
Recent trade policies have introduced volatility. In 2025, the United States implemented substantial customs duties, reaching 46%, on cashew imports from Vietnam, a move stemming from broader trade disputes. This decision significantly impacted Ivory Coast, which relied heavily on Vietnam for cashew processing and export. According to Reuters, Vietnamese purchases of Ivorian cashews plummeted from 700-800 thousand tons to just 200 thousand, leading to market stagnation and increased local stockpiles.
The Push for Local Processing
In response to these shifts, several African nations are actively investing in local cashew processing infrastructure. Nigeria, Tanzania, and Ghana are spearheading this movement by developing shelling and processing facilities. These initiatives, often supported by international organizations and development programs, aim to capture the “added value” domestically and bolster local economies.
Cashew’s Expanding Culinary and Industrial Reach
The versatility of cashews extends far beyond traditional snacking. They are increasingly integrated into a wide array of products, including plant-based milk, cheese, butter, healthy confectioneries, and even cosmetics and skincare. The market for these cashew-derived products is estimated at approximately $3.23 billion in 2024 and is forecasted to reach $5.01 billion by 2035, according to SPRICAL Insights.
The cashew industry serves as a powerful illustration of how a simple agricultural commodity can become a linchpin in a sophisticated global economy. From the fertile fields of Africa to the processing plants of Asia and the retail shelves worldwide, these nuts facilitate billions in commerce. For developing nations, unlocking this potential hinges on strategic investment in local manufacturing and innovative distribution models.
The cashew sector’s growth mirrors broader trends in the global nut market. For instance, almond consumption in the United States has seen consistent year-over-year increases, driven by health-conscious consumers and their use in plant-based alternatives, as reported by the Almond Board of California (Source: Almond Board of California Market Statistics).