Signing cooperation agreement between Vietnam Cashew Association and Cambodia Cashew Association within the framework of the 12th Vietnam International Cashew Conference
DH-FOOD & NUTS FARM GL - the 12th Vietnam International Cashew Confer
(February 27, 2023) Vietnam International Cashew Conference: The golden rendezvous of the international cashew industry 350 delegates from more than 40 countries and territories around the world in the fields of raw cashew production, trading, raw cashew import and export attended the 12th Vietnam International Cashew Conference in Ho Chi Minh City.
In 2022, entering the "new normal" period after the COVID-19 pandemic, Vietnam's cashew industry continues to face numerous difficulties and challenges due to the general influence of the market, international consumption, etc. Cashew population was only 3.07 billion USD, ending the 10-year period of export growth of the cashew industry, from 2011-2021.
DH & NF have meet at the 12th Vietnam International Cashew Conference 2023 in Ho Chi Minh City
According to Mr. Pham Van Cong, entering 2023, although, the global agricultural product market is forecasted to have a great demand for food and foodstuffs, the expansion of export markets goes hand in hand with the focus on the domestic market. Water will be the basis for Vietnam's agricultural industry to aim for agro-forestry-fishery exports of 54 billion USD in 2023 (an increase of 780 million USD compared to 2022). However, according to the Vinacas Information Council, by the last month of 2022 and 2023, production activities as well as the supply chain of the global cashew industry and in Vietnam continue to face many difficulties.
The growth of the cashew industry will be significantly affected as the global demand for cashew kernels continues to be gloomy; The world raw material market will face many challenges. Therefore, in 2023 Vinacas maintains the policy of "reducing quantity, increasing quality" with the target of exporting cashew kernels at 3.1 billion USD, a slight increase of 30 million USD compared to 2022.
Mr. Michael Waring, President of the International Dry Nut Council (INC) shared that cashew nuts are increasingly accounting for a high proportion in the structure of nuts consumption of world consumers. The supply of cashews is increasing, only after almonds and walnuts. World cashew production in 2022 has reached 5 million tons, in 2023, cashew nut production is expected to reach more than 5 million tons. The impact of the COVID-19 epidemic has severely disrupted the supply chain and consumption of cashew kernels. However, Asia is still a region that consumes a lot of raw cashews for processing and export. In 2023, the International Monetary Fund (IMF) forecasts that up to a third of the global economy will shrink, including the three largest economies in the world.
According to Mr. Michael Waring, processors need to have a stable consumer base, so they need to work together to promote market expansion. Countries need to focus on young consumers because the world has 2.4 billion people of Gen-Z, playing an important role in consumption and purchasing decisions for the family. For example, in China, 16.5% of households in China are Gen-Z generation but account for 50% of shopping volume. Other regions such as India and Africa are also potential destinations to expand the campaign to encourage the use of natural energy sources from nuts and dried fruits in the near future.
