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The Global Dried Cashew Nut Snack Market size is estimated to reach $872.3 million by 2027. Furthermore, it is poised to grow at a CAGR of 5.2% over the forecast period of 2022-2027. Cashew nuts are kidney-shaped seeds that adhere to the bottom of the cashew apple, the nut itself is protected by an extremely strong shell. However, the edible part of the nut is only obtained after shelling. Cashews as a snack have been extensively adopted by a range of consumers. Firstly, cashews are a rich source of polyphenols and carotenoids- a form of antioxidants. Additionally, cashew has the richest source of phytic acid or phytates, which in turn are better than other plant proteins such as almonds, walnuts, and others. Hence, studies have revealed a healthy consumption of such snacks can prevent oxidative cell damage. The growing case of consuming plant protein has been of recent help to the cashew market.
Healthy snacking choices coupled with better product offerings supplemented by hectic lifestyles have been a key driver for the Global Dried Cashew Nut Snack Industry for the projected period of 2022-2027.
Global Dried Cashew Nut Snack Market Segment Analysis- By Type
The cashew market based on type can be further segmented into Original and Flavored. The original segment held a dominant market share in the year 2021. The predominant demand has been felt by the low-middle income countries. Additionally, the non-salted version of cashew snacks remains low in sodium-thereby helping in the overall hypertension management. Around 230 million people within India have hypertension, of which a significant number of people are unaware or untreated for the same. However, the flavored cashew segment is estimated to be the fastest-growing, with a CAGR of 6.1% over the forecast period of 2022-2027. It is owing to the rising interest being seen from the western countries to improve the snacking habits. Surveys have revealed that people have started to opt for food items that are sustainable in nature. Furthermore, snack story and personalization have allowed the market to space. Manufacturers are now fulfilling consumer demands by the association of the same with health benefits and how it can affect their lifestyle. As per a study published, around 56% of the global consumers say that stories around a brand, influence their purchasing decision. Hence, a close-knitted association would allow the market space.
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Global Dried Cashew Nut Snack Market Segment Analysis- By Distribution Channel
The cashew market based on distribution channels can be further segmented into Online and Offline. The online segment held a dominant market share in the year 2021. It is owing to the lockdowns being prevalent in most of the world. Additionally, various hypermarkets and supermarkets have opened their online portal- which allows consumers to get their respective items in the comfort of their homes. Moreover, the online segment is estimated to be the fastest-growing, with a CAGR of 6.5% over the forecast period of 2022-2027. A cost differential can be felt via various users when they take the chance to explore the online segment. Moreover, price-sensitive countries such as India and other developing nations have often demonstrated their cost sensitivity and inclination towards a percentage discount. For example, Forest Found Oven- a brand available on a third-party website offers a product at a deep 33% discount. Moreover, products are closely positioned with each other which allows for easy comparison and purchase decisions.
Global Dried Cashew Nut Snacks Market Segment Analysis- By Geography
The cashew market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. Asia-Pacific held a dominant market share of 35% in the year 2021. A predominant reason is the high demand seen in India and China. Older associations with consuming cashews as tradition and rising per capita consumption have allowed the market to hold a substantial share. Moreover, post-pandemic- cashews have found a new vested interest. People have associated cashew consumption with healthy and nutritious offerings. Additionally, experts have commented that even during the pandemic- the demand never receded- however-production has taken a hit. As per VLC records->around 2.5 lakh laborers were associated with cashew production, which has dipped to touch 70,000. Moreover, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. Demand has been increasing owing to a massive demand due to weddings-events- and various other forms. Additionally, the food processing capabilities of China and India would allow for better developments. As per the Association of International Nuts and Dried Fruit Council, the import bearing capacity of China for cashews has increased by 27,000 metric tons between 2009-19, representing an average increment of 9%.
Global Dried Cashew Nut Snack Market Drivers
Healthy snacking as a rising concern and a trend has been a key driver for the market
Healthy snacking has been a gripping trend, which has been extremely potent in western countries like the US and European Union countries. Snacks were earlier associated with high sugar content food with lots of salt and other additives- which had the potential to spoil one’s health. For example, a Cheetos puff of two ounces had 300 calories with 20 grams of total fat and 600 mg of sodium. Similarly, packaged frozen snacks such as Biscuit Bacon have around 300 calories with 2.5 grams of trans-fat and 940 mg of sodium. On average, a supermarket in a developed country has around 65-70% of food items that have ill effects on one’s health. Moreover, Americans on average eat about 3400 mg of sodium, against the dietary guideline of 2300 mg per day. Higher sodium intake has been linked with various forms of cardiovascular diseases such as high blood pressure or hypertension. As per WHO, around 700 million adults have hypertension and are living without medications. Health officials have often contributed that replacing such snacks with nut mixes can fulfill various purposes. Most of the nut mixes have monounsaturated fats, with plenty of proteins and necessary micronutrients.
Hectic lifestyles coupled with meal customization offerings have been a ready driver
The working population has been made to sit out at home, owing to the pandemic. The following have resulted in an exponential growth in cases of obesity, diabetes, and hypertension. In systematic research, it was ascertained that the blood pressure during the pandemic years increased by an average of 1.1-2.5 mmHg. As per various reports, urbanization has been growing and taking grip over the world. The following is stemmed from the reason that people have been intending to prelude jobs outside. As for today, around 55% of the world population was living in urban areas, which is projected to reach 68% in 2050. Unemployment rates have been immensely narrowing down, which in turn increases the working population. Snacking has been a key feature of stress, and in a survey, it was found that a strong correlation exists between stress and snacking. However, employees and employers have become extensively aware of such diets on people’s health, hence, vending machines are now loaded with veggies, nut mixes of almonds and cashews, and various other forms of support. LDL and HDL ratios when compared with the group in taking 10% of their daily calories via cashews provided better health results than the control group.
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Global Dried Cashew Nut Snack Market Challenges
A substantial growth noticed in other forms of plant proteins and other forms of new product launches has impeded the market growth
Plant-based proteins have been in immense demand-however, product innovations have been shifting their course every now and then, and there appears no clear winner. For example, almonds are an extremely rich form of mono-unsaturated fatty acids- which are an excellent nutrient composition for protecting and extending a healthy heart life. Furthermore, stiff price competition exists between the plant-based offerings. For example, a 1000 gram of roasted and salted almond often ranges between INR 950-INR1100. However, a salted cashew snack would often cost anywhere between INR 1000-INR1200. Hence, it can be ascertained that stiff competition exists between the nut snacks market. Additionally, as per various secondary sources, it was ascertained that around 41% of all new nut snacks or other introductions were based on almonds. Thereby, high competition between snacks would deplete the demand or would make the marketers struggle.
Global Dried Cashew Nut Snack Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Dried Cashew Nut Snack Market. Top 10- Global Dried Cashew Nut Snack Market key companies are-
Sun Tree Snack Foods
Jin Bai Sui
Yiin Co Ltd
Ayoub’s Dried Fruit Nut
Shan Wei Ge
In September 2021, Suntree Snack Food LLC issued a voluntary recall of roasted salted cashews halves & pieces and also trail mixes owing to the presence of glass pieces. The products were under the brand name/ product name of-> Happy Belly, Prince & Spring, Harris Teeter, and HEB Brand. The products which were recalled are -> Roasted Lightly Salted Cashew Halves and Pieces, Roasted Salted Cashew Halves, and Pieces, Roasted Salted Cashew Halves & Pieces, 100 Calorie Packs Lightly Salted Roasted Cashews Halves & Pieces, and various others.
In October 2020, Forest Found- a newly found nut company introduced Oven-Roasted and Salted Cashew Nuts, with W320 Grade Quality. Additionally, the product offers extremely low sodium quantities thereby aiding heart health. Some of the specialties of the products are being organic, gluten-free, and all-natural. Additionally, the product is made via vacuum drying technology. The said technology helps in retaining the micronutrients and vitamin properties and is a healthier alternative option than conventional roasting.
In December 2019, Olam International Limited acquired Hughson Nut. This helped the company to expand its Nut products capacity and meet the growing demand from customers in and outside the U.S.
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Geographically, Asia-Pacific’s dried cashew nut snacks market held a dominant market share in the year 2021. It is owing to the latest trends of healthy snacking coupled with trying out vegan options replacing the other prevalent. Additionally, a nutritional profile allows for better adoption. Moreover, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. India has been a leading consumer of cashews. With better product positioning and strategic alignments, the market would grow at a robust pace.
Healthy choices coupled with better product offerings supplemented by hectic lifestyles have been a key driver for the market. However, heavy dependence on certain regions hampers the overall market supplemented by tight competition from other vegan alternatives like almonds have impeded the overall market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Dried Cashew Nut Snacks Market Report.
A. Almond Ingredient Market
B. Drinkable Snacks Market
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