Norway: Cashew Nut Market 2023

Cashew Nut Market Size in Norway

In 2021, after two years of growth, there was significant decline in the Norwegian cashew nut market, when its value decreased by -29.7% to $X. Over the period under review, consumption, however, continues to indicate resilient growth. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank rapidly in the following year.

Cashew Nut Exports

Exports from Norway

In 2021, shipments abroad of cashew nuts decreased by -19.9% to X kg, falling for the sixth consecutive year after two years of growth. In general, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2014 when exports increased by 690% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, cashew nut exports dropped to $X in 2021. Over the period under review, exports showed a abrupt slump. The pace of growth appeared the most rapid in 2014 with an increase of 371%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Sweden (X kg) was the main destination for cashew nut exports from Norway, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Sweden amounted to -13.6%.

In value terms, Sweden ($X) also remains the key foreign market for cashew nut exports from Norway.

From 2012 to 2021, the average annual growth rate of value to Sweden amounted to -10.6%.

Export Prices by Country

The average cashew nut export price stood at $X per ton in 2021, growing by 15% against the previous year. In general, the export price saw a moderate expansion. The growth pace was the most rapid in 2017 when the average export price increased by 15%. The export price peaked in 2021 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Sweden.

From 2012 to 2021, the rate of growth in terms of prices for Denmark amounted to +15.2% per year.

Cashew Nut Imports

Imports into Norway

After two years of growth, overseas purchases of cashew nuts decreased by -39.6% to X tons in 2021. In general, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 9,384% against the previous year. Imports peaked at X tons in 2020, and then reduced markedly in the following year.

In value terms, cashew nut imports dropped sharply to $X in 2021. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2017 when imports increased by 6,643%. Over the period under review, imports reached the maximum at $X in 2020, and then reduced sharply in the following year.

Imports by Country

Cote d'Ivoire (X tons), Sweden (X tons) and Denmark (X tons) were the main suppliers of cashew nut imports to Norway, together accounting for 52% of total imports.

From 2012 to 2021, the biggest increases were in Sweden (with a CAGR of +107.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of cashew nut to Norway, comprising 39% of total imports. The second position in the ranking was taken by Denmark ($X), with a 17% share of total imports. It was followed by Sweden, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Cote d'Ivoire was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+65.8% per year) and Sweden (+116.7% per year).

Import Prices by Country

The average cashew nut import price stood at $X per ton in 2021, jumping by 24% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the average import price increased by 56%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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