Cashew nuts market in Latin America and the Caribbean

Earlier Report Observations

The cashew nut market in Latin America and the Caribbean saw production and market volume rise from 154.6 thousand tons and 153.0 thousand tons in 2018 to a peak of 233.3 thousand tons and 244.5 thousand tons in 2022, driven by global trade dynamics where Vietnam surpassed India as the leading exporter. This shift, along with global demand influenced by productivity gains and logistics, boosted supply and consumption. The market then contracted in 2023 to 193.4 thousand tons of production and 190.9 thousand tons of volume, as Brazilian exports of cashew kernels fell to historically low levels, reflecting international trade challenges.

Domestic consumption was strengthened throughout the period by growing consumer focus on nutrition, health, and well-being, which spurred new cashew-based products like milk and cheese analogues. The rise of vegan, vegetarian, and flexitarian diets supported internal demand, and by 2024, domestic consumption absorbed 77.7% of processed output. In that year, Brazilian companies and cooperatives united with support from ApexBrasil and government agencies to overcome export barriers for processed nuts, aiming to expand international presence while the Ready-to-Drink segment, especially in Northeast Brazil, gained traction.

Trade flows shifted, with imports rising to 13.5 thousand tons in 2024 from lower levels earlier, while exports fell to 5.5 thousand tons. The industry's reliance on global demand and local purchasing power, affected by inflation, highlighted market volatility, but internal health trends continued to support market volume, ensuring cashew nuts remained a key agricultural product in the region.

Production cashew nuts in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of cashew nuts, 2017-2020

World map of production of cashew nuts, 2017-2020

In Latin America and the Caribbean, cashew nut production remained virtually unchanged in 2020 compared to 2019, totaling 151.7 thousand tons. Over the period from 2017 to 2020, production increased by 2.3%, which translates to an annualized growth rate of 0.8%. The highest production level was recorded in 2018 at 154.6 thousand tons, marking a 4.3% increase. In contrast, 2019 saw the largest decline of 1.9%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Cashew nut production in Latin America and the Caribbean declined for the third consecutive year in terms of value. In 2020, output was valued at 1 067 million US dollars, reflecting a significant drop of 16.2% compared to 2019. From 2017 to 2020, production decreased by 27%, with a compound annual growth rate of -10.0%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports cashew nuts from Latin America and the Caribbean

Exports in kind, t

After a two-year uptick, cashew nut exports from Latin America and the Caribbean declined. In 2020, the region exported 13 057 tons, which is 10.7% lower than in 2019. Between 2017 and 2020, exports increased by 11.2%, equating to an annualized growth rate of 3.6%. The peak export volume was recorded in 2019 at 14 618 tons, representing a 13.8% increase.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, t

From 2017 to 2020, the United States, Canada, and the Netherlands remained the top buyers of cashew nuts from Latin America and the Caribbean. The United States accounted for 36.7% of exports in kind, Canada for 9.8%, and the Netherlands for 9.6%. Together, these three countries represented 56.0% of total exports in kind.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

Following a two-year increase, cashew nut exports from Latin America and the Caribbean declined in value. In 2020, exports amounted to 91.8 million US dollars, showing an intense drop of 25.2% compared to the previous year. Between 2017 and 2020, exports decreased by 20.7%, with an annualized decline rate of 7.4%. The highest value was recorded in 2019 at 122.7 million US dollars, which was a 4.0% increase.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

Throughout 2017 to 2020, the United States, the Netherlands, and Canada formed the core of cashew nut exports in value terms from Latin America and the Caribbean. The United States accounted for 40.5% of exports in value, the Netherlands for 10.3%, and Canada for 10.0%. Collectively, these three markets represented 60.7% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports cashew nuts to Latin America and the Caribbean

Imports in kind, t

Cashew nut imports into Latin America and the Caribbean declined for the third consecutive year in volume. In 2020, the region imported 4 021 tons, which is 54.8% lower than in 2019. Over the period from 2017 to 2020, imports decreased by 84.5%, with a compound annual growth rate of -46.2%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, t

From 2017 to 2020, Côte d'Ivoire, Vietnam, and India remained the main sources of cashew nut imports in kind for Latin America and the Caribbean. Côte d'Ivoire accounted for 64.8% of imports in kind, Vietnam for 8.3%, and India for 4.2%. Together, these three countries represented 77.3% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

Cashew nut imports into Latin America and the Caribbean declined for the third consecutive year in value. In 2020, import volume amounted to 29.8 million US dollars, which is 16.9% less compared to 2019. Between 2017 and 2020, imports decreased by 60.8%, with an annualized decline rate of 26.8%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

Throughout 2017 to 2020, Côte d'Ivoire, Vietnam, and India formed the core group of markets for cashew nut imports in value terms into Latin America and the Caribbean. Côte d'Ivoire accounted for 27.4% of imports in value, Vietnam for 14.9%, and India for 11.4%. Together, these three countries represented 53.7% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in value, 2017-2020