Market research

In-shell cashew nuts market in Madagascar

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

The market for in-shell cashew nuts in Madagascar stood at 4 197 t in 2018, a year when the sector benefited from sustained promotion of high-quality Malagasy cashews through projects like Menguy's, which emphasized manual harvesting and natural growth. Market volume then contracted to 3 439 t in 2019 as a high proportion of production was directed to export.

A significant expansion followed in 2020, with domestic market volume surging to 5 757 t as export volumes eased. The market stabilized near 5 706 t in 2021, a period described as one of ongoing development for the cashew sector, which held considerable potential despite constraints in production capacity.

Steady growth resumed from 2022, with the market reaching 6 370 t and then 6 752 t in 2023. Industry observations during this recovery phase noted annual exports of raw nuts at approximately 10 000 t, underscoring the sector's activity even as domestic production remained limited.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
  2. 4.1.2. In value
    1. 4.1.2.1. Production, 2018-2023
    2. 4.1.2.2. Imports, 2018-2024
    3. 4.1.2.3. Exports, 2018-2024
    4. 4.1.2.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Madagascar
  1. 5.1.1. Annual dynamics of production in Madagascar in kind, 2018-2023, t
  2. 5.1.2. Annual dynamics of production in Madagascar in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Exports
1. 6.1. Exports (Direct Data)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, t
    1. 6.1.2.1. Annual dynamics of product's exports from Madagascar in kind, 2018-2024, t
    2. 6.1.2.2. Dynamics of product's exports in kind from Madagascar by countries, 2018-2024, t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.1.3. Exports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Madagascar in value, 2018-2024, K $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Madagascar by countries, 2018-2024, K $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's exports, $ US/kg
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Madagascar, 2018-2024, $ US/kg
    2. 6.1.4.2. Dynamics of average price of product's exports from Madagascar by countries, 2018-2024, $ US/kg
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, t
    1. 6.2.2.1. Annual dynamics of product's exports from Madagascar in kind, 2018-2024, t
    2. 6.2.2.2. Dynamics of product's exports in kind from Madagascar by countries, 2018-2024, t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.2.3. Exports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Madagascar in value, 2018-2024, K $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Madagascar by countries, 2018-2024, K $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's exports, $ US/kg
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Madagascar, 2018-2024, $ US/kg
    2. 6.2.4.2. Dynamics of average price of product's exports from Madagascar by countries, 2018-2024, $ US/kg
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, t
    1. 7.1.2.1. Annual dynamics of product's imports to Madagascar in kind, 2018-2024, t
    2. 7.1.2.2. Dynamics of product's imports in kind to Madagascar by countries, 2018-2024, t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.1.3. Imports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Madagascar in value, 2018-2024, K $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Madagascar by countries, 2018-2024, K $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's imports, $ US/kg
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Madagascar, 2018-2024, $ US/kg
    2. 7.1.4.2. Dynamics of average price of product's imports to Madagascar by countries, 2018-2024, $ US/kg
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, t
    1. 7.2.2.1. Annual dynamics of product's imports to Madagascar in kind, 2018-2024, t
    2. 7.2.2.2. Dynamics of product's imports in kind to Madagascar by countries, 2018-2024, t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.2.3. Imports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Madagascar in value, 2018-2024, K $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Madagascar by countries, 2018-2024, K $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's imports, $ US/kg
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Madagascar, 2018-2024, $ US/kg
    2. 7.2.4.2. Dynamics of average price of product's imports to Madagascar by countries, 2018-2024, $ US/kg
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, t
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, t
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production in-shell cashew nuts in Madagascar

In kind, 2017-2020, t

From 2017 to 2020, Madagascar ranked as the 23rd largest producer of in-shell cashew nuts globally.

Top producers of in-shell cashew nuts, 2017-2020

Source: SHEV.io

World map of production of in-shell cashew nuts, 2017-2020

Source: SHEV.io

Madagascar's production of in-shell cashew nuts grew for the third year in a row. In 2020, the country produced 7 396 tonnes, showing minimal change from 2019. Over the 2017-2020 period, production rose by 2.5%, with an average annual growth rate of 0.8%.

Annual dynamics of production in Madagascar in kind, 2017-2020, t

Parameter		2018	2019	2020	CAGR
1	Change from last year	1.3%	0.7%	0.5%	0.8%

Source: SHEV.io

In value, 2017-2020, K $ US

The value of in-shell cashew nuts production in Madagascar fell for the third consecutive year. In 2020, output was valued at 2 379 thousand US dollars, an 18.8% drop from the previous year. Between 2017 and 2020, production value declined by 31.9%, translating to an annualized decrease of 12.0%.

Annual dynamics of production in Madagascar in value, 2017-2020, K $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(12.3%)	(4.4%)	(18.8%)	(12.0%)

Source: SHEV.io

Exports in-shell cashew nuts from Madagascar

Exports in kind, t

In 2020, Madagascar exported 1 639 tonnes of in-shell cashew nuts, a 58.2% decrease compared to 2019. From 2017 to 2020, exports fell by 62.9%, with an annualized decline of 28.2%. The largest increase occurred in 2019, at 26.1%.

Annual dynamics of product's exports from Madagascar in kind, 2017-2020, t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(29.6%)	26.1%	(58.2%)	(28.2%)

Source: SHEV.io

Between 2017 and 2020, India and Vietnam were the primary destinations for exports in kind, together accounting for 94.3% of total flows, while other markets made up the remainder.

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

Source: SHEV.io

World map of product's exports from Madagascar in kind, 2017-2020

Source: SHEV.io

Exports in value, K $ US

The data shows irregular fluctuations, pointing to a volatile market. The highest value was recorded in 2017, and the lowest in 2020, with a 4.1-fold difference between these years. In 2020, in-shell cashew nuts exports from Madagascar totaled 527 thousand US dollars, a sharp 66.2% decline from 2019. The largest increase was in 2019, at 19.6%.

Annual dynamics of product's exports from Madagascar in value, 2017-2020, K $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(39.0%)	19.6%	(66.2%)	(37.3%)

Source: SHEV.io

From 2017 to 2020, Vietnam and India consistently represented 92.1% of total export value, highlighting a highly concentrated market with a long tail of smaller players.

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

Source: SHEV.io

World map of product's exports from Madagascar in value, 2017-2020

Source: SHEV.io

Imports in-shell cashew nuts to Madagascar

Imports in kind, t

Annual dynamics of product's imports to Madagascar in kind, 2017-2020, t

Parameter		2018	2019	2020	CAGR
1	Change from last year	n/a	n/a	n/a	-

Source: SHEV.io

Between 2017 and 2020, the import partner base for in-shell cashew nuts was extremely narrow, with India alone accounting for 100.0% of total flows.

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

Source: SHEV.io

World map of product's imports to Madagascar in kind, 2017-2020

Source: SHEV.io

Imports in value, K $ US

Annual dynamics of product's imports to Madagascar in value, 2017-2020, K $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	n/a	n/a	n/a	-

Source: SHEV.io

Throughout 2017-2020, India was the dominant and nearly exclusive source for imports in value terms of in-shell cashew nuts to Madagascar, holding a 100.0% share.

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

Source: SHEV.io

World map of product's imports to Madagascar in value, 2017-2020

Source: SHEV.io