Cashews are a very popular edible nut. It is a kidney-shaped nut that is rich in Vitamin K, protein, fat, and contains oil. They are roasted and the shell is taken out before consumption. Cashew oil is basically extracted from the cashew, which is generally used for the production of plastic. Cashews commonly grow near the marine areas and are harvested at the end of summer. They are used as snacks, ingredients in the restaurants and are frequently used in desserts & ice creams by the food & beverage industry. The use of cashews in the catering or food service industry, especially as a drink supporter in the bars & pubs, is also helping to expand its market. There are various health benefits of cashews for instance it reduces the risk of cardiovascular diseases, helps to decrease the blood cholesterol level, helps to promote healthy brain function and prevents cancer & gallstones.
Referring to the study, “Global Cashews Market, 2021-2027” some of the key companies that are presently operating in the global cashews market include Three Squirrels Inc., Frito-Lay, Inc., Three Squirrels Inc., Sahale Snacks, Inc., Olam International Limited, Bestore Co., Ltd., Yanker Shop Food Co., Ltd., Shanghai Laiyifen Co., Ltd and among others. Cashew market is investing in research & development (R&D) activities to boost the functional-profile of cashew. Leading companies are focusing on building a well-organized supply chain to ensure extensive availability of cashews in the market.
Based on type, cashews market can be segregated as flavored cashews and natural cashews. The flavored cashews segment dominates the global market owing to increase in disposable income of consumers and change in taste preference of people. In addition, based on application, market can be segregated as snacks and cooking. Snacks segment is predicted to witness higher growth rate as cashews are versatile and provides many flavors to choose from resulting in providing the customers with freedom of choice during the forecast period.
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Rise in demand for healthy snacks, awareness among people toward healthy eating habits, followed by increase in health benefits due to cashew consumption, rise in demand from hotels & restaurants, households, bars and supplement manufacturers, increase in use of cashew nuts for dietary & medical purposes, change in lifestyle and growth in demand for cashew nut milk for lactose intolerant people are some major factors, which are responsible for growth of the cashews market. Apart from this, rise in demand for a low-priced alternative may impact the market. Moreover, availability of various flavors including smoky cashew, salted cashew, butter cashew and pepper cashew is a leading opportunity for global market.
Based on regional analysis, the Asia-Pacific is a prevalent region in ‘Global Cashews Market’ due to growth in consumption inclining toward the use of cashew-nuts in daily-diets & healthy ready-to-eat snacks over the forecast period. The North-America and Europe regions are expected to exhibit higher growth rate due to increase in health consciousness among the people over the forecast period. It is anticipated that future of the global cashews market will be bright as a result of rapid shift in the consumption pattern during the forecast period.
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Ankur Gupta, Head Marketing & Communications