The global cashew nut processing equipment market to grow at a CAGR of 5.31% during the period 2018-2022.
The report covers the present scenario and the growth prospects of the global cashew nut processing equipment market for 2018-2022. To calculate the market size, the global cashew nut processing equipment market is segmented on the basis of products, into roasting equipment, peeling equipment, drying equipment, shelling equipment, sorting and grading equipment, and others. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is rise in foreign investments for cashew nut processing. The cashew nut processing industry is one of the major industries in emerging economies such as India, Brazil, Cte d’Ivoire, Vietnam, Nigeria, Thailand, and others. There is an abundant availability of raw cashew nuts in countries such as Cte d’Ivoire, Nigeria, and Benin. In November 2016, the Government of Cte d’Ivoire exempted the locally processed nuts from export duties. The aim of this move was to improve the cashew nut processing industry in the country.
Owing to the enormous opportunities for the cashew industry in these countries, many foreign investors have been partnering with local entrepreneurs to set up plantations and processing factories in various countries. For instance, in August 2017, many Vietnamese companies announced their plans to invest in new cashew nut processing companies to revive idle processors in Tanzania. Companies are aiming to boost cashew nut production in areas such as Tanga, Lindi, and Mtwara in Tanzania.
According to the report, one of the major drivers for this market is Health benefits provided by cashew nuts. There has been an increase in the consumption of cashew nuts all over the world in processed as well as raw forms, owing to various health and nutritional benefits that they offer. Cashew nuts contain proteins, dietary fibers, and carbohydrates. Cashews are rich in dietary minerals, including manganese, copper, phosphorous, and magnesium. They also contain a significant amount of vitamins, iron, zinc, Increasing government support for cashew nut processing Health benefits provided by cashew nuts selenium, and potassium. Owing to these benefits, cashew nuts are consumed by many people in the form of snacks as well as used as an ingredient while cooking many dishes.
Further, the report states that one of the major factors hindering the growth of this market is High energy consumption. Increasing energy cost is one of