Vietnam's cashew nut exports hit record high in 2024

Vietnam's cashew nut exports in 2024 hit $4.37 billion, up 20.2% year-on-year, surpassing the previous record of $3.63 billion set in 2021, according to the General Department of Customs.

The country's average export price was approximately $6,003 per ton, up 6.1% from 2023, it added.

Cashew nut exports in 2022 dropped by 10.3% in volume and 15.1% in value against 2021, totaling 519,782 tons and $3.08 billion. In 2023, exports rebounded, rising 18% year-over-year to $3.6 billion.

In 2024, exports reached an unprecedented 730,000 tons or $4.37 billion, up 13.3% and 20.2% respectively compared to the prior year.

During the first 11 months of 2024, Vietnam's cashew nut exports to key regions, including Asia, the Americas, and Europe, showed significant growth, with the Americas leading with a 25.7% rise in volume and a 30.4% increase in value year-over-year. Conversely, exports to Oceania and Africa experienced declines.

Exports to traditional and high-potential markets like the U.S. and China also grew substantially. Exports to the U.S. reached 179,480 tons or $1.07 billion, up 24.4% and 31.6% year-on-year, respectively. Meanwhile, exports to China hit 117,420 tons or $687.84 million, up 18.9% and 14.4%.

The Vietnamese cashew sector also performed well in the EU, with exports to major markets such as the Netherlands, Germany, and Spain showing strong growth.

Tran Huu Hau, deputy general secretary of the Vietnam Cashew Association, highlighted that despite challenges in production and markets, cashew exports ranked among Vietnam’s top seven agricultural exports in 2024.

Vietnam has maintained its position as the world's largest cashew exporter for 18 consecutive years, accounting for over 80% of global export volume.

Diversification of cashew products

Germany remains the largest European consumer of cashews, with demand peaking in winter due to seasonal preferences. Cashews are increasingly used in the food and beverage industry for products like snacks, biscuits, cereals, ice cream toppings, and cashew butter.

The growing trend of healthy snacking and plant-based diets has further boosted demand for cashew-based products, including organic spreads and snack bars.

The food processing industry, driven by urbanization and changing consumer lifestyles, is a significant growth driver for cashew consumption.

Vietnamese cashews are now sold in over 90 countries and territories, with steady export growth in recent years. More than 20 provinces and cities in Vietnam cultivate cashews, covering a total area of over 300,000 hectares.

Binh Phuoc province leads production with over 150,000 hectares, benefiting from fertile soil and favorable growing conditions that support high yields and quality.

The global cashew market is forecasted to grow at an average annual rate of 4.6% from 2022 to 2027. The rising popularity of vegan and plant-based diets is driving increased demand for nuts, including cashews. This presents a promising opportunity for Vietnam's cashew industry to accelerate its growth in the coming years.