GROWTH IN THE CASHEW BUSINESS SECTOR IN AFRICA.
As each day goes by, the cashew business is growing, and looks set to continue in growth as long as the earth continues to complete its rotation. The cashew industry globally is not only growing but seeking towards expansion and diversifying. In Europe, consumers are willing to spend more for quality foods as they are seeking new cashew products due to its increased health awareness and nutritional facts. The world is awakening to what cashew really has to offer. There are reports that the US Cashew consumption increased in 2017 when compared with 2016, Growth is seen in cashew milk, cashew butter, health awareness among consumer is creating space for lot of newer products in the markets. In Indian state of Gujarat, 30,000 tons of RCN are currently being processed and their goal is to achieve 200,000 tons of RCN processed in the next 3 years making Gujarat a good market for broken cashews.
In Africa, according to Mr. Mahesh Patel, “3% increase in local processing of RCN in Africa will boost the household income of Africa by at least $100 million.” In 2017, Nigeria RCN exports exceeded 220,000 tons as against 160, 000 exported in 2016. In 2018, Nigeria’s RCN crop size is projected to increase by 10% to 242,000 according to NCAN. There’s also an expectation that RCN production in the country should have increased to 500,000MT by 2025. The government, through the ministry of Agriculture also hopes to develop a cashew processing capacity of 70% of the total production.
There’s an ongoing project on how de-oiled cashew shell cake could be utilized for electricity generation as we are aware that 70% of RCN by weight is from cashew shell. This just explains the potential embedded in this cashew and how it is expanding and diversifying.
There’s no better time to invest in the cashew business than now, judging by the constant increase in demand over supply across the world. In 2017, Vietnamese traders faced lots of problems while importing RCN due to subsequent deterioration of the quality of imported RCN when the demand increased. Therefore, the opportunity isn’t just in investing in cashew biz, but investing in the right type of cashew.
For more information on how to invest in the cashew business, visit the investment plan on the home page.