Cashew prices expected to remain high and strong during the festive season

09-Jul-2024 07:52 PM

Mangalore. There are indications of a sharp decline in the production of raw cashew in major producing areas of India, while production in Vietnam and African countries is also expected to decline by about 25 percent,

due to which the price of processed cashew may rise well during the upcoming festive season. A sharp rise in the price of raw and processed cashew is also being seen in the international market. In India, the price of processed cashew has increased to $ 4 per pound and the price of raw cashew has increased to $ 1900-2000 per tonne,

whereas in April-May its price was $ 1200-1300 per tonne. Its import cost is also quite high. In India, the festive demand for cashew usually starts from the end of July.

Consumption of cashew in the country is increasing at the rate of 7 percent per year and India remains its largest market.

The International Nut and Dried Fruit Council (INC) is running a promotional program with an annual expenditure of 2 lakh euros to popularise nuts and dry fruits in India. 

The cashew market in India is estimated to reach $2.40 billion in 2024 and $2.90 billion by 2029. India is the second largest producer of cashew in the world.

A good amount of cashew is also exported from here. According to a leading analyst, the trend of rising and strong cashew prices is expected to remain for the next few months and there is a possibility of some softening of prices only when the new season begins in March 2025. The Council has estimated a 7 percent decline in the global production of raw cashew during the current season.