# India Cashew Market (2023-2029) --- ## Report Summary Explore the India Cashew Market report covering trends, competitive landscape and growth opportunities; valued at INR 172.5 billion, with demand analysis. --- ## India Cashew Market Table of Contents Table of Contents - 1. India Cashew Market Overview - 1.1. India Cashew Market Highlights - 1.2. India Cashew Market Definition - 1.3. India Cashew Market Taxonomy - 2. India Cashew Market Ecosystem - 3. India Cashew Market Size (Revenue in INR Bn), 2018-2023 - 4. India Cashew Market Segmentation, 2023 - 4.1. India Cashew Market Segmentation (in Revenue %) by Material Type, 2023 - 4.2. India Cashew Market Segmentation (in Revenue %), by Distribution Channel, 2023 - 4.3. India Cashew Market Segmentation (in Revenue %), by End-User Application, 2023 - 5. India Cashew Market Analysis - 5.1. India Cashew Market Growth Drivers - 5.2. India Cashew Market Challenges - 5.3. India Cashew Market Recent Developments - 5.4. India Cashew Market Government Initiatives - 6. India Cashew Market Competitive Landscape - 6.1. India Cashew Market Competitive Overview - 6.2. India Cashew Market Company Profiles - 7. India Cashew Future Market Size (Revenue in INR Bn), 2023-2029 - 8. India Cashew Market Macroeconomic Indicators - 9. India Cashew Market Research Methodology - 9.1. India Cashew Market Sizing Approach - 9.2. India Cashew Market Consolidated Research Approach - 10. India Cashew Market Table of Contents - 11. India Cashew Market Frequently Asked Questions (FAQs) --- ## India Cashew Market Overview India Cashew Market Highlights India Cashew market was valued at INR 112.5 Bn in 2018. This Text Box 2, Textboxfigure reached INR 172.5 Bn in 2023. With economic development & rising disposable income in India, there is an increased capacity for spending on food items like cashews nuts. India is one of the largest producers & exporters of cashew nuts globally. The key destinations of exports for India have been countries like UAE, Japan, Netherland, Saudi Arabia, US, UK, Canada, France, Israel and Italy. India Cashew Market was valued at INR 172.5 billion in 2023 and is expected to reach INR 217.5 billion in 2029 growing at a CAGR of 3.4%. In India, cashew is primarily grown in states like Maharashtra, Kerala, Karnataka, Tamil Nadu, Andhra Pradesh West Bengal & parts of North-Eastern region. *India Cashew market was valued at INR 112.5 Bn in 2018. This reached INR 172.5 Bn in 2023.* --- ## India Cashew Market Definition ### Market Definition **Definition of India Cashew Market** India Cashew market has been calculated with the revenue generated on manufacturer’s price in USD Billion. The market is segmented into various products like plain/salted cashews & flavored cashews distributed through various channels like supermarkets/hypermarkets, convenience stores, specialty stores, online retail stores with other channels and applications like snacking, cooking, bakery, confectionery & others. Major companies mentioned in the report are Alphonsa Cashew Industries, Wonderland Foods, Greendot Foods Pvt Ltd, Nutty Yogi and Royal Dry Fruit Pvt. Ltd. This market excludes imports & exports. --- ## Taxonomy | ID | Parent ID | Label | | --- | --- | --- | | 1 | | Cashew Market | | 2 | 1 | Processing Levels | | 3 | 1 | Value-added Products | | 4 | 1 | Cultivation Practices | | 5 | 1 | Market Channels | | 6 | 1 | Consumer Preferences | | 7 | 2 | Raw Cashew Nut Importers | | 8 | 2 | Processing Units | | 9 | 2 | Exporters/Marketers | | 10 | 3 | Plain Cashew Nuts | | 11 | 3 | Roasted & Salted | | 12 | 3 | Flavoured Cashews | | 13 | 4 | Organic v/s Conventional | | 14 | 5 | Retail Channels | | 15 | 5 | Online Sales | | 16 | 5 | Insitutional Sales | | 17 | 6 | Healthy Snacking | | 18 | 6 | Gifting | --- ## India Cashew Market Ecosystem ### Market Ecosystem **Ecosystem of India Cashew Market** India is one of the largest producers, exporters & processors of cashew nuts across the world. It consists of multiple production & processing units along with suppliers & retailers as the cashew nuts reach the end-consumers. Factors like increasing disposable income and consumer seeking healthier alternatives to snacking are currently driving the market. --- ## India Cashew Market Size (By Revenue, in INR Bn), 2018-2023 India Cashew market was valued at INR 112.5 Bn in 2018. This figure reached INR 172.5 Bn in 2023. However, the market experienced a slump in 2020 as the market size was reduced to INR 67.5 billion in 2020, from INR billion in 2019, due to COVID-19 pandemic. A distinctive trend that emerged during the pandemic was the reduction of sale of premium cashew since people curbed their spendings during this time. Lockdowns & movement restrictions hampered the movement of raw cashews from farmers to processors, which led to shortage in cashew consumption. In India, cashew is primarily grown in states like Maharashtra, Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, West Bengal & parts of North-Eastern region. *India Cashew market was valued at INR 112.5 Bn in 2018. This figure reached INR 172.5 Bn in 2023.* --- ## India Cashew Market Segmentation, 2023 ### India Cashew Market Segmentation by Material Type (By Value, in %), 2023 By product type, the India cashew market is segmented into Plain/Salted Cashews & Flavoured Cashews. Plain/Salted Cashews dominate the segment with 67% of share followed by Flavored Cashews at 36%. Plain/Salted cashews dominate the market due to traditional taste preferences, health benefits & affordability of cashews in India. Plain/Salted Cashews are perceived as a versatile snack that can be enjoyed or included into various dishes and recipes. Flavoured Cashews usually cater to unique taste experiences or those looking for variety in their snacking options. The popularity of flavored cashews originates from the flavor options, including sweet, savory, spicy, or exotic blends, catering to different taste preferences. ### India Cashew Market Segmentation by Distribution Channel (By value, in %), 2023 Based on distribution channel, cashew market in India is segmented into Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail Stores & other channels. Among these, supermarkets/hypermarkets dominate the distribution segment at 55% followed by convenience stores at 13%, specialty stores at 8%, online retail at 15% and other channels like traditional mom-and-pop stores etc. contribute 9% of this segment. Supermarkets and hypermarkets are large retail outlets which offer a wide variety of products under one roof. These outlets offer packaged cashew products in different varieties and brands. Hence, their dominance in this segment. Convenience stores include small retail outlets that are usually located in residential areas or along roadsides. They offer smaller packs or single servings of cashew nuts for immediate consumption. Despite their smaller share compared to supermarkets/hypermarkets, convenience stores still hold a significant portion. With the rise of e-commerce, online retail stores are becoming increasingly popular for purchasing various goods, including food items like cashews. Online retail offers convenience, a wide selection of products, and the ability to compare prices easily. ### India Cashew Market Segmentation (in Revenue %), by End-User Application, 2023 Based on end-user application, the market is segmented into snacking, cooking, bakery, confectionery & other end users. Out of which, the snacking segment dominates with 54% of contribution, cooking at 23% of contribution, bakery at 14%, confectionery at 4% and other end users contributed 5% of overall revenue. Cashew nuts are a popular choice for snacking with their crunchy texture and rich flavor. In India, cashews are usually consumed as a standalone snack, either roasted or flavored. The trend of healthy snacking increased the demand for cashews, as they’re regarded as a nutritious option. Cashew nuts are widely used in Indian cuisine for various dishes, especially in gravies, curries, and stir-fries. They add a creamy texture & sweetness to the dishes which enhances their flavor profiles. Sometimes, cashew nuts are used in confectionery items like chocolates, candies, and bars. Cashews provide a crunchy element and a hint of nutty flavor to confectionery products. --- ## India Cashew Industry Analysis ### India Cashew Market Growth Drivers **Rising Disposable Income of Indian Population** With economic development & rising disposable income in India, there is an increased capacity for spending on food items like cashews nuts. The per capita disposable income in the country grew 8% in FY’24 and 13.3% in the previous year. The household spending in India is further showing a lot of promise as 2024 is seeing a year-on-year growth in expenditure, at 6.7% which is a slight increase from 6.5% in 2023. As more consumers are able to afford these items, there is going to be increased spending on luxury items. In this scenario, the cashew market is likely to see an expansion. **Large Exports of Cashew** India is one of the largest producers & exporters of cashew nuts globally. The key destinations of exports for India have been countries like UAE, Japan, Netherland, Saudi Arabia, US, UK, Canada, France, Israel and Italy. In FY’22, the number of cashew exports in India accounted for INR 31,530 million, which included cashew kernels & cashew nut shells liquid. India’s primary exports in this market included countries like Belgium, South, Korea, United States, China and Spain. Exports oriented means increased investments in production, processing & infrastructure which drive market expansion at a domestic level. **Healthier Cashew Snacks** Since many years, Indians have been consuming cashews. In Asian cuisines, cashews have been used as one of the main ingredients in snacks & cooking. Cashews are increasingly used in muesli, energy bars, cookies, chocolates and ice-creams. Cashews contain many nutritional elements such as copper which improves the bone health in humans. Additionally, cashews are high in monounsaturated and polyunsaturated fats are a good source of protein. This makes cashews a convenient substitute for heavy cream, as it is increasingly used in a variety of sweet or savory dishes as a healthy vegan alternative to heavy whipping cream in the country. In 2021, around 322.2 thousand metric tons of cashew nuts were consumed in India. This marked a 50% increase from the previous year i.e. 2020 when the cashew consumption reached 166.31 metric tons. Therefore, due to the increasing consumption of various cashew-based snacks and ready-to-eat foods in the country, the cashew consumption is expected to grow further. **Increasing Productions of Cashew** In India, cashew cultivation is spread along the coastal regions of the peninsula. The cultivation of cashews in India covers a total of 0.7 million hectares of land, and the country produces over 0.8 million tons (MT) on an annual basis. Between 2019-20 and 2021-22, India's cashew nut production grew from 0.70 million tonnes (MT) to 0.77 million tonnes (MT) in the respective years. Amongst all the states, Maharashtra leads in annual cashew nut production during 2021-22 at 0.20 million tonnes (MT), growing from 0.19 million tonnes cashew nut produced in 2020-21. In addition to the vast scale of cashew production, India is also known for leading the cashew processing industry and exporting cashew kernels globally. The cashew processing industry was concentrated in Goa, and Vettapalam (Andhra Pradesh), Kollam (Kerala), Mangalore (Karnataka), but currently, it is spread across many states of India. India's cashew industry symbolises resilience, innovation, and global competitiveness. With increasing production capabilities and a growing processing sector, India continues to make significant strides in meeting domestic demand and maintaining a prominent position in the international market. ### India Cashew Market Challenges **Climate Vulnerability** Climate vulnerability in India’s cashew market is a significant challenge in India’s cashew market because of the country’s dependence on rainfed agriculture & the impact of climate change. Cashew cultivation is sensitive to the climate, especially rainfall patterns and temperature variations. Erratic weather patterns, including droughts and excessive rainfall, significantly affect cashew yields, which is likely to result in supply shortages and price fluctuations. To address the problem of climate vulnerability, there is a crucial need for climate-resilient agriculture and forest product value chains wherein the focus is on diversifying NTFPs with climate-resilient underutilized products and their related technologies. **Labour Issues** The challenge of labour in India’s cashew market are multifaceted & significant. For instance, the cashew industry in Kerala is labor-intensive which employs a large number of workers, with over 94% of them being women. However, the industry faces various challenges which impact the labor force and the overall industry sustainability. These include uncertain employment conditions, poor working conditions & low pay to name a few. Moreover, cashew nut processing is labor-intensive which requires skilled workers for tasks such as shelling, grading, and packaging. Availability of skilled labor, especially during peak processing seasons becomes a challenge. Cashew industry faces challenges related to the inadequate supply of raw cashew nuts, the costs of which have increased due to high competition from countries like Vietnam. This shortage of raw materials has led to a decline in domestic production. ### India Cashew Market Recent Developments **November 2023** The Agriculture & Processed Foods Industry planned a significant initiative to drive India’s cashew market. National Cashew Day by flagging off cashew nut shipments to strategic destinations, which fortified India’s position as a significant exporter. These countries are Qatar, Malaysia, US and Bangladesh, to name a few. **October 2022** Goa Forest Development Corporation proposed to organize a cashew festival in April-May 2023 to increase cashew cultivation activities in the state to make Goa self-sufficient in cash crop production in the upcoming 5 to 10 years. **March 2022** The Union Minister of Agriculture & Farmers Welfare inaugurated the 'silver jubilee building' of the Indian Council of Agricultural Research (ICAR)-Directorate of Cashew Research, Puttur, Karnataka. This inauguration is regarded as a new dimension in the Council's vision of empowering and benefiting the agricultural community to help in advancing the research on the Cashew crop. ### India Cashew Market Government Initiatives **Provisions introduced by Ministry of Commerce & Industry, 2019** In 2019, the government noticed that, due to supply situation of raw cashew nut in the international market, certain section of the cashew industry is facing issues in their operations. Since the government didn’t have a specific proposal to introduce a comprehensive scheme for cashew industries at that time, they took several steps to address this issue: Import policy for cashew kernel, broken and cashew kernel, whole has been revised from “free” to “prohibited” with a condition that import is free if CIF value is above Rs.680/- per kg import of cashew kernel is broken and import is free if CIF value is above Rs.720/- per kg import cashew kernel as a whole. Basic Custom Duty on import of raw cashew nut got reduced from 5% to 2.5%. Goods and Service Tax (GST) got reduced to 5% from 12% for Cashew nuts. Under Mid Term Review of Foreign Trade Policy (FTP), Merchandise Export from India Scheme (MEIS) for cashew was increased to 5% (from 3%) for cashew kernel and 7% (from 5%) for salted/roasted cashew, respectively. The Standard Inputs Output Norms (SION) got revised to 1 kg kernel from 5.04 kg of raw cashew nuts. The earlier norms of 1 kg from 4 kg of raw cashew nut were replaced, for export of Cashew Kernel, from imported raw cashew nut under Advance Authorization Scheme. Duty free import of raw cashew nuts was permitted under Duty Free Tariff Preference (DFTP) Scheme from Least Developed Countries (LDCs). Approved Medium Term Framework (2017-2020) Scheme for Process Mechanization and Automation of Cashew Processing Units with financial outlay of Rs.60.00 crore was introduced. A sum of Rs.5.00 crore got released to Cashew Export Promotion Council till March,2019 as grant-in-aid under MTF (2017-20). Extended financial assistance towards Cashew Export Promotion Council of India (CEPCI) for organizing Buyer Seller Meet (BSM) and participating in international fair under Market Access Initiative (MAI) scheme to tap new markets and ensure branding. **The Cashew Export Promotion Council of India (CEPCI)** The Government of India founded CEPCI in 1955 with the objective of promoting cashew kernels and cashew nutshell liquid in India. The council gives trade information and statistics to its members and operates under the government's five-year plan scheme to provide financial assistance to the member exporters. --- ## India Cashew Market Company Profile | Year | Company | Description | | --- | --- | --- | | 1958 | Alphonsa Cashew Industries | Alphonsa Cashew Industries stands out as one of India’s major players in procuring, processing, and exporting cashew nuts, backed by a strong family legacy since 1958. The company sources raw cashews directly from six farm-gate locations across Africa and operates 13 advanced processing units in India, enabling it to deliver high-quality cashew products worldwide. | | 2012 | Wonderland Foods | Since its establishment in 2012, Wonderland Foods has grown into a prominent dry fruits and nuts brand in India. The company offers a diverse range of premium-quality products and has expanded its footprint across all Indian states. Its reach extends through kirana stores as well as its branded retail format, Wonderland Grandeur. | | 2009 | Greendot Health Foods Pvt. Ltd. (Cornitos) | Greendot Health Foods Pvt. Ltd., well known for its Cornitos brand, focuses on producing healthy snack foods within India. The company emphasizes strong food safety standards and invests consistently in employee training and awareness programs. Cornitos’ snack portfolio caters to evolving consumer preferences for nutritious and innovative options. | | 2000 | Royal Dry Fruit Pvt Ltd. | Founded in 2000 in Mumbai by Mr. Sameer Lalani, Royal Dry Fruits Pvt. Ltd. is a privately owned business dedicated to becoming a leader in India’s dry fruit sector. The company offers a broad portfolio including nuts, berries, dried fruits, grains, seeds, and nut butters, with a commitment to delivering superior taste and nutritional value in every product. | | 2016 | Nutty Yogi | Nutty Yogi is a health-focused brand offering a wide assortment of natural, organic, and specialty food products. Its product line includes gluten-free baking mixes, herbal teas, acai powder, millet-based meal mixes, and more. The brand caters to varied dietary lifestyles such as gluten-free, vegan, and keto, addressing the growing demand for functional and clean-label foods. | --- ## India Cashew Future Market Size ### India Cashew Future Market Size (By Revenue, in INR Bn), 2023-2029 India Cashew Market was valued at INR 172.5 billion in 2023 and is expected to reach INR 217.5 billion in 2029 growing at a CAGR of 3.4%. India is one of the largest consumers of cashew nuts globally. Demand for cashew is steadily increasing due to factors like rising disposable incomes, changing dietary habits, and increasing awareness of the health benefits of nuts. India is one of the leading producers of raw cashew nuts. The future outlook of the cashew market is expected to vary because of factors like weather conditions, agricultural practices, and government policies related to farming and trade. India also contains a large processing capacity for cashew nuts. The future growth of the market is expected to rely on investments in modernizing processing facilities, improving efficiency, and adopting sustainable practices. Sustainable production practices, including water management, soil conservation, and biodiversity preservation, are increasingly becoming important in the cashew industry. Meeting consumer demand for sustainably sourced products is expected to influence the future direction of the market. --- ## India Cashew Market Macroeconomic Indicators ### India Size of Population, (In Million), 2017-2023 India's population was 1417 million in 2022 and reached 1437 million in 2023. By the end of 2025, India's population is predicted to reach 1500 million. ### Population Based on Age Group in India, (in %), 2010-2025 In the year 2020, The population between the 25-49 age group is the largest age group (36.40%) in India followed by 0-14 (26.40%), 50+ (19.40%), and 15-24 (18%). ### India's GDP, (In USD Bn), 2017-2023 In 2023, India's GDP was valued at USD 3732 billion, up from USD 2710 billion in 2018. The country’s GDP is expected to reach 5000 billion by the end of 2025. ### India Inflation Rate, (In %), 2017-2023 In 2022, India’s Inflation rate stands at 6.73% an increase of approximately 3.5% from the 2017 inflation rate of 3.33%. During the COVID-19 pandemic in 2020, the inflation rate in India surged unexpectedly to 6.62% from 3.72% in 2019. ### Import Volume of Cashews in India (in Metric Tons), 2017-2022 As cashew production in India is unable to meet local demand, imported cashews are available for the entire year. India imports raw cashew nuts in bulk. In the last decade, cashew imports in India have recorded consistent growth. In 2022, India imported just above 1 million tons of cashew nuts, which is an increase of 57% from the previous year. ### Population of India by Income Class, (in %), 2023 As of 2023, India comprises of majority of the middle-class population which is 57% of the total population of India. After the middle class comes the lower-class category which comprises 33% of the total population of India. The remaining 10% of the population belongs to a high-income class. --- ## Frequently Asked Questions Find quick answers to common questions about India’s Cashew Market **Q: How big is the cashew market in India?** A: India Cashew Market was valued at INR 172.5 Bn in 2023. **Q: What is the future of India Cashew market?** A: India Cashew market is expected to reach INR 217.5 Bn in 2029. **Q: Who are the key players of India Cashew Market?** A: Nutty Yogi, Alphonsa Cashew Industries, Wonderland Foods are key players in India Cashew Market. **Q: What factors drive India Cashew Market?** A: Increasing production & exports of cashews along with health awareness in people are driving the market.