Global demand for cashew is growing. In 2016, cashew nut demand increased by 6.1 percent. In 2021 it is expected that cashews take over 29 percent of the global nut market.
Whether the production volume growth can meet the increasing demand is uncertain. Compared to the 6.1 percent increment in demand, production volume increased only by 3 percent. Prices are expected to remain high, and the numbers are only to grow with resilient demand for cashew.
Vietnam, Nigeria, India, Ivory Coast, Philippines, and Tanzania are the top Cashew producers in the world. Nigeria covers about 20% of world in-shell cashew production second to Vietnam's 24%.
Why the sudden increase in demand?
Cashews do not only serve as nutritious snack and culinary item as they contain proteins and essential minerals, vitamins and are a good source monounsaturated fat and low amounts of polyunsaturated fats.
Cashew nuts can also be used for various health problems such as Prevention of heart diseases promotion of healthy muscles & nerves, formation of Red Blood Cells and bone & oral health.
The by-product obtained while processing cashew nut is the shell liquid which is a versatile material in terms of industrial usage. It is one of the sources of naturally available phenols. It is a raw material that is used in the preparation of drugs, insecticides, paints, plastics, resins, and anti-termite treatments for timber. Due to its medicinal properties and the presence of anacardic acids, cashew nut shell liquid has an antibiotic effect and is used in the treatment of sore tooth, leprosy, ringworm, warts, scurvy, and elephantiasis.
India, once a significant exporter of shelled cashews, has stopped exporting cashew kernels to meet the high demand in the domestic market.
Poor crop season in 2016–2017 resulted in a price spike: the price rose from $3.55–3.70 range to $5.00 to 5.10, which is a 35% rise. Raw cashews were priced even higher: the price reached USD 2400 per tonne. Although the current cashew season is forecasted to yield better amount, the demand, not only in Asia but also in North America and Europe remains resilient, and thus cashew price will likely remain high.
During the last decades, African nations have suffered from a lack of infrastructure. Raw cashews were exported at a low price; thus farmers were unable to make sufficient income from cashew compared to big processing countries like India and Vietnam. However, West Africa’s movement toward implementing cashew processors is to make significant changes in the global Cashew trade.
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