Republic of Korea’s Cashew Nut Market Report 2024

Cashew Nut Market Size in Republic of Korea

The South Korean cashew nut market skyrocketed to $X in 2022, growing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). In general, consumption posted prominent growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Cashew Nut Exports

Exports from Republic of Korea

In 2019, the amount of cashew nuts exported from South Korea was estimated at X kg, approximately reflecting the previous year’s figure. In general, exports continue to indicate a precipitous decline. The smallest decline of X% was in 2018. Over the period under review, the exports hit record highs at X kg in 2017; however, from 2018 to 2019, the exports stood at a somewhat lower figure.

In value terms, cashew nut exports amounted to $X in 2019. Over the period under review, exports showed a dramatic shrinkage. The smallest decline of X% was in 2018. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2019, the exports failed to regain momentum.

Exports by Country

Guatemala (X kg) was the main destination for cashew nut exports from South Korea, accounting for a X% share of total exports. Moreover, cashew nut exports to Guatemala exceeded the volume sent to the second major destination, Singapore (X kg), fivefold.

From 2017 to 2019, the average annual growth rate of volume to Guatemala was relatively modest.

From 2017 to 2019, the average annual growth rate of value to Guatemala was relatively modest.

Export Prices by Country

The average cashew nut export price stood at $X per ton in 2019, flattening at the previous year. Over the period under review, the export price continues to indicate a dramatic shrinkage. The pace of growth appeared the most rapid in 2018 a decrease of X%. The export price peaked at $X per ton in 2017; however, from 2018 to 2019, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Guatemala stood at $X per ton.

From 2017 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cashew Nut Imports

Imports into Republic of Korea

Cashew nut imports into South Korea surged to X kg in 2022, picking up by X% against the previous year’s figure. Over the period under review, imports, however, continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cashew nut imports skyrocketed to $X in 2022. In general, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X kg) constituted the largest supplier of cashew nut to South Korea, with a X% share of total imports. Moreover, cashew nut imports from the United States exceeded the figures recorded by the second-largest supplier, Vietnam (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and China (X% per year).

In value terms, the United States ($X) constituted the largest supplier of cashew nuts to South Korea, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and China (X% per year).

Import Prices by Country

The average cashew nut import price stood at $X per ton in 2022, falling by X% against the previous year. Over the period under review, the import price, however, continues to indicate strong growth. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

This report provides an in-depth analysis of the cashew nut market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Data coverage:

• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Trade (exports and imports) in Republic of Korea
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:

• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.