Africa - Cashew Nuts - Market Analysis, Forecast, Size, Trends and Insights

Africa's Cashew Nut Market Expected to Grow at a CAGR of +4.9% Over Next Decade.

Market Forecast Driven by rising demand for cashew nut in Africa, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +4.9% for the period from 2024 to 2035, which is projected to bring the market volume to 1.4M tons by the end of 2035. In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2024 to 2035, which is projected to bring the market value to $1.6B (in nominal wholesale prices) by the end of 2035. 

Consumption Africa's Consumption of Cashew Nuts In 2024, approx. 812K tons of cashew nuts were consumed in Africa; with an increase of 15% compared with the previous year's figure. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak volume of 1.3M tons. From 2021 to 2024, the growth of the consumption failed to regain momentum. 

The value of the cashew nut market in Africa surged to $890M in 2024, growing by 19% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $1.5B in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure. 

Consumption 

By Country The countries with the highest volumes of consumption in 2024 were Nigeria (190K tons), Cote d'Ivoire (160K tons) and Mozambique (90K tons), together comprising 54% of total consumption. From 2013 to 2024, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +14.7%), while consumption for the other leaders experienced more modest paces of growth. In value terms, the largest cashew nut markets in Africa were Nigeria ($199M), Cote d'Ivoire ($164M) and Mozambique ($95M), together accounting for 51% of the total market. Cote d'Ivoire, with a CAGR of +15.5%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other leaders experienced more modest paces of growth. 

Production Africa's 

Production of Cashew Nuts In 2024, production of cashew nuts decreased by -1.8% to 3M tons for the first time since 2021, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +2.9% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 18% against the previous year. Over the period under review, production attained the peak volume at 3.1M tons in 2023, and then fell slightly in the following year. The general positive trend in terms output was largely conditioned by a notable increase of the harvested area and a relatively flat trend pattern in yield figures. 

Production 

By Country Cote d'Ivoire (1M tons) constituted the country with the largest volume of cashew nut production, accounting for 34% of total volume. Moreover, cashew nut production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Nigeria (426K tons), twofold. The third position in this ranking was taken by Ghana (277K tons), with a 9.1% share. 

Imports Africa's Imports of Cashew Nuts Cashew nut imports rose sharply to 4.6K tons in 2024, growing by 12% on 2023 figures. In general, imports, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2020 with an increase of 418%. The volume of import peaked at 6.3K tons in 2013; however, from 2014 to 2024, imports failed to regain momentum. 

Imports By Country Algeria was the main importing country with an import of about 2.3K tons, which recorded 50% of total imports. Togo (1,243 tons) ranks second in terms of the total imports with a 27% share, followed by Mali (6.9%). Burkina Faso (181 tons), Senegal (127 tons), Kenya (105 tons) and South Africa (86 tons) followed a long way behind the leaders. 

Exports Africa's 

Exports of Cashew Nuts In 2024, shipments abroad of cashew nuts decreased by -6.8% to 2.2M tons for the first time since 2020, thus ending a three-year rising trend. Total exports indicated a noticeable expansion from 2013 to 2024: its volume increased at an average annual rate of +4.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +50.2% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 27%. The volume of export peaked at 2.4M tons in 2023, and then dropped in the following year. 

Export Prices By Country 

In 2024, the export price in Africa amounted to $1,010 per ton, rising by 11% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 60% against the previous year. As a result, the export price attained the peak level of $1,752 per ton. From 2017 to 2024, the export prices remained at a somewhat lower figure.