Vietnam Cashew Market Size Set to Hit USD 6.73 Billion by 2030 Driven by Robust Export Demand and Policy Support

 The Vietnam Cashew Market Sizeis projected to grow from USD 5.08 billion in 2025 to USD 6.73 billion by 2030, registering a CAGR of 5.8% during the forecast period (2025–2030), according to Mordor Intelligence. The growth is driven by rising global demand, favorable climate conditions, and increased processing capabilities that have positioned Vietnam as the world’s largest exporter of processed cashew nuts.

Vietnam continues to strengthen its position as the leading global producer and exporter of processed cashew nuts. The country accounted for over 40% of global cashew output and recorded a 5% increase in production in 2022, reaching 294.9 thousand metric tons. This steady growth is attributed to advancements in farming techniques, improved infrastructure, and growing demand from processing facilities.

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Major cashew-growing provinces such as Binh Phuoc, Dong Nai, and Ba Ria–Vung Tau remain central to Vietnam’s production, with Binh Phuoc often referred to as the nation’s "cashew capital." The country’s processors rely not only on domestic harvests but also on large imports of raw cashew nuts from African nations like Nigeria and Ivory Coast to meet capacity requirements.

According to ITC Trade Map Data, Vietnam's export value of shelled cashews in 2022 reached approximately USD 2.5 billion. Despite fluctuations due to international market dynamics and competition from India and Africa, Vietnamese cashews remain a staple in markets across North America, Europe, and Asia.

Key Trends Shaping the Vietnam Cashew Market

1. Vietnam as the Largest Exporter of Shelled Cashews Globally

Vietnam’s transformation from a raw cashew producer to a dominant exporter is the result of several key strengths:

  • Favorable tropical climate in key growing regions like Binh Phuoc and Dong Nai
  • Modernized processing infrastructure with a focus on quality control and traceability
  • Efficient logistics for quick access to major global markets such as China, India, and the United States

Vietnam has expanded exports to over 90 countries, becoming the top supplier of cashews to the US, China, the Netherlands, and Australia. The country benefits significantly from its network of trade agreements. The EU-Vietnam Free Trade Agreement (EVFTA), UK-Vietnam FTA, and CPTPP have all contributed to reducing tariffs and boosting export volumes. In the first ten months of 2022 alone, Vietnam exported 98.97 thousand metric tons of cashews to European markets, up 9.8% from the previous year.

2. Government Initiatives Supporting Industry Growth

The Vietnamese government continues to invest in cashew sector development with a focus on long-term sustainability and competitiveness:

  • Implementation of a national cashew development plan through 2030 to improve product quality and productivity
  • Technical and financial support to cashew farmers via training and technology transfer
  • Research into high-yield cashew varieties by the Agricultural Science Institute for Southern Coastal Central of Vietnam (ASISOV), with several variants officially recognized by the Ministry of Agriculture and Rural Development

High-density planting techniques and seed improvement programs have also been deployed to increase yield per hectare. In 2023, the Vietnam Cashew Association (Vinacas) signed a memorandum with Cambodia's cashew council, allowing direct farmer-to-processor sales and bypassing brokers, which enhances supply chain transparency.

Market Segmentation

By Product Type:

  • Shelled Cashew Nuts (Processed)
  • Raw Cashew Nuts (With Shell)
  • Cashew-Based Products (Cashew Milk, Cashew Butter)

The processed segment dominates, with shelled cashew nuts accounting for the majority of exports. The launch of value-added products like cashew milk has gained momentum, as seen in Vinapro’s September 2022 launch of "Richer Milk," made from 100% premium Vietnamese cashews.

By Distribution Channel:

  • Direct Export (B2B)
  • Domestic Retail
  • Online Platforms

Direct exports remain the primary channel, but the rise of online retail and domestic consumption of cashew-based products is creating new opportunities for processors and retailers.

By Region:

  • Binh Phuoc
  • Dong Nai
  • Ba Ria–Vung Tau
  • Other Cashew-Growing Provinces

Binh Phuoc remains the largest contributor to both raw production and processing, with newer provinces gradually scaling up operations through government and private sector support.

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Key Players in the Vietnam Cashew Industry

Vietnam’s cashew market is led by a mix of large processors, exporters, and emerging brands focusing on innovation and value addition. Leading players include:

  • Vinacas (Vietnam Cashew Association): The central industry body coordinating export policy, trade agreements, and farmer support.
  • Vinapro: Recently launched Vietnam’s first cashew milk line and plays a major role in promoting cashew-based value-added products.
  • Local processors in Binh Phuoc and Dong Nai: Many operate advanced production lines and maintain strong relationships with international buyers.

Vietnam's cashew industry also includes active collaborations with associations from Cambodia and African countries to secure raw cashew supplies and promote regional trade.

Conclusion

The Vietnam Cashew Market continues to expand, supported by rising global demand, favorable agro-climatic conditions, and strong government support. With increasing focus on value-added products, sustainable farming practices, and global trade partnerships, Vietnam is well-positioned to maintain its leadership in the global cashew industry. The market’s growth outlook remains positive, bolstered by strategic investments and strong export performance in both traditional and emerging markets.

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