Overview of Vietnam’s Cashew Export Market in 2024: Achievements and Challenges

The year 2024 marked significant milestones for Vietnam’s cashew industry amidst a fluctuating global market. As the world’s leading cashew exporter, Vietnam not only maintained its top position but also faced considerable challenges.

1. Key Achievements in 2024

• Export Revenue: According to the Vietnam Cashew Association (VINACAS), total export revenue reached $3.2 billion, representing a 15% growth compared to 2023. This reflects a strong recovery following global supply chain disruptions in previous years.

• Major Markets:

• United States: The largest market, accounting for approximately 25% of total export value, driven by high demand for organic and flavored cashew products.

• Europe: Representing 20% of export value, with Germany and the Netherlands leading consumption due to the healthy eating trend.

• Middle East: This region saw an 18% increase in imports, mainly for processed and flavored cashew products.

2. Major Challenges for the Cashew Industry

• Raw Material Supply: Vietnam relies on approximately 60-70% of raw materials imported from Africa, particularly Côte d’Ivoire. This dependency causes significant price volatility, affecting production costs.

• International Competition: African countries, especially Côte d’Ivoire, are not only major raw material suppliers but are also enhancing their domestic processing capabilities, intensifying competition for processed cashew exports from Vietnam.

• Import Standards: The U.S. and European markets continue to impose stringent requirements on quality, traceability, and sustainability certifications such as BRC, HACCP, and Fairtrade.

3. Trends and Opportunities

• Emerging Markets: Japan and South Korea are rising as potential consumers due to their growing preference for nutritious food.

• Value-Added Products: Flavored cashews, crispy roasted cashews, and organic cashews continue to dominate in premium markets.

• Sustainable Development: Increasing consumer preference for eco-friendly products presents significant opportunities for companies investing in green production.

4. Outlook for 2025

According to VINACAS, the cashew industry aims to increase export revenue to $3.8 billion in 2025. Key strategies include:

• Increasing the domestic supply of raw materials to reduce import dependency.

• Investing in modern processing technology to improve quality and optimize costs.

• Strengthening the national brand, reinforcing the quality of Vietnamese cashews in international markets.

Sources

• Vietnam Cashew Association (VINACAS).

• 2024 Global Cashew Market Report from the International Nut and Dried Fruit Council (INC).

• Data from Vietnam Customs Statistics.

Conclusion

The year 2024 was a successful yet challenging year for Vietnam’s cashew industry. Through proactive innovation and a strong focus on quality, the industry not only solidified its position but also prepared to achieve greater heights in 2025.

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