Description
Vietnam’s Cashew Nut Market
Cashew nut is one of the important nut species in the global market. Since 2017, Vietnam has become the world’s top cashew nut processing center and largest exporter of cashew nuts, accounting for more than 50% of the global processed cashew nut raw materials. According to CRI’s analysis, Vietnam is characterized by the tropical monsoon climate, thus having natural advantages in cashew cultivation.
The total area planted with cashew nuts in Vietnam in 2020 was 302,500 ha, an increase of 5,300 ha from 2018-2019 crop year. In 2020, Vietnam’s total cashew nut production was 339,800 tons, an increase of 53,500 tons YOY, with an average yield of 1,123 kg per hectare, an increase of 180 kg YOY.
Vietnam exported a total of 521,419 tons of cashew nuts in 2020, up 13.48% YOY. Among them, exports to the United States rose 9.7% to 148,125 metric tons; 62,302 metric tons to China, down 7.3% from 2019; and exports to Europe and other countries rose 20.9% to 310,992 metric tons.
According to CRI’s analysis, with the entry into force of various FTAs such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP), and the gradual control of the COVID-19 epidemic, Vietnam’s cashew nut exports will continue to rise. The market size will reach USD4 billion.
According to CRI’s analysis, there are still some shortcomings in Vietnam’s cashew nut industry. For example, the cultivation of cashew nuts in Vietnam is still dominated by small-scale farmers, and has not yet formed large-scale production. And Vietnam is relatively backward in the cultivation technology, which to a certain extent limits the development of the cashew nut industry.
According to CRI’s analysis, in the global cashew nut value chain, Vietnam exports cashew nuts at about USD10 per kilogram or less, while cashew nut products are sold at up to USD20-30 per kilogram in the end market. Vietnam needs to increase the added value of cashew products and take advantage of modern processing technologies.
CRI expects that Vietnam’s cashew production and exports will continue to rise in 2022-2030, and for investors, there are many investment opportunities in Vietnam’s cashew industry, from cultivation to processing and trading.
Topics covered:
- Overview of Vietnam’s Cashew Industry
- Economic and Policy Environment of Vietnam’s Cashew Nut Industry
- What is the Impact of COVID-19 on Vietnam’s Cashew Nut Industry?
- Vietnam Cashew Nut Market Size, 2016-2021
- Forecast on Vietnam Cashew Nut Market, 2022-2030
- Analysis of Major Cashew Nut Companies in Vietnam
- Key Drivers and Market Opportunities in Vietnam’s Cashew Nut Industry
- What are the key drivers, challenges, and opportunities for the cashew nut industry in Vietnam during 2022-2030?
- What is the expected revenue of Vietnam cashew nuts market during 2022-2030?
- What are the strategies adopted by the key players in the market to increase their market share in the industry?
- Which segment of Vietnam’s cashew nuts market is expected to dominate the market in 2030?
- What are the major adverse factors facing the cashew nuts industry in Vietnam?
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