Raw Cashew Nut (RCN) Price
What drives the RCN market
Raw cashew nut (RCN) prices swing with harvest, origin and quality — often roughly USD 1,000–1,600 per tonne, though the market moves seasonally and by season.
Raw cashew nut (RCN) prices are set by the global commodity market and move with harvest size, origin, nut quality (outturn) and demand from processors. As a broad, indicative reference, RCN often trades in the region of USD 1,000–1,600 per tonne, but prices swing significantly by season and origin — West African RCN, for example, prices differently from Asian. Because RCN is a commodity, always check a live market source before trading; figures here are context, not a quote.
What moves the RCN price
- Harvest size in West Africa, East Africa and Asia
- Kernel outturn (KOR) — higher-quality nuts cost more
- Processor demand from Vietnam and India
- Season — prices ease at harvest, firm later
RCN is a traded commodity; the ranges here are indicative context only. Use a live market source and confirm with suppliers before buying. A cashew calculator helps translate RCN price into kernel cost.
RCN is quoted on two different bases, and confusing them is the most common costing mistake a new processor makes. Farm gate is what the grower receives at source — lower, and it assumes you are doing the collection. CNF (cost and freight) is the landed cost at your port, which adds roughly 10–20% for freight and export handling. As of October 2025 global CNF sat at $1,600–1,700 per ton while West African farm gate ran $0.50–0.80 per kg ($500–800 per ton). The market was valued at $8.14 billion in 2025 and is projected at $11.67 billion by 2033, a 4.6% CAGR. Production spans more than 33 countries, with Africa holding about 60% of output, so regional spreads are wide and persistent.
Historical RCN prices, 2020–2025
Farm gate has generally run 30–50% below CNF across the period, and the gap widens with freight. CNF averaged $1,000–1,200 per ton in 2020 under COVID-19, bottomed at $900–1,100 in 2021 on African oversupply, recovered to $1,000–1,200 in 2022 and settled at $1,065 through 2023 and 2024. On that 2020 base, Indian farm gate ran $600–800 per ton and Côte d’Ivoire $400–600 per ton — note the latter is below the $500 the year-by-year table records for Côte d’Ivoire, an inconsistency within the published source, reproduced rather than reconciled. By October 2025 CNF had reached $1,600–1,700 per ton — roughly 60% above the 2024 level. In India, domestic farm gate rose from about USD 720/tonne (≈ ₹60/kg) in 2020 to USD 840–960/tonne (≈ ₹70–80/kg) in 2025, with CNF imports averaging $1,500/tonne. (Earlier published versions of these figures quoted ₹600/kg and ₹700–800/kg, which are out by a factor of ten against the USD equivalents given alongside them; the USD figures are the ones to use.) African farm gate averaged $0.50–0.70/kg through 2023–2024 with CNF into Vietnam at $1,200–1,500/ton.
| Year | Global farm gate avg. (USD/ton) | Global CNF avg. (USD/ton) | Regional examples (USD/ton) |
|---|---|---|---|
| 2020 | 600–800 | 1,000–1,200 | India FG 720 · Côte d’Ivoire FG 500 · Asia CNF 1,100 |
| 2021 | 500–700 | 900–1,100 | Africa FG 550 · Vietnam CNF 1,000 |
| 2022 | 600–900 | 1,000–1,200 | Tanzania FG 650 · India CNF 1,150 |
| 2023 | 500–800 | 1,065 | Benin FG 600 · Mozambique CNF 1,200 |
| 2024 | 590–960 | 1,065 | Ghana FG 700 · Indonesia CNF 1,500 |
| 2025 | 800–1,000 | 1,600–1,700 | Burkina Faso FG 850 · Global CNF 1,650 |
FG = farm gate, CNF = cost and freight (landed). The 2023 and 2024 CNF figures are single-point annual averages in the source rather than ranges.
Who grows it, and what that does to price
Production reached about 4.3 million MT in 2025, up roughly 17% on 2020, with Africa at around 60% of the total. Africa’s 2.58 million MT drives about 70% of RCN exports, but only about 10% is processed locally — that under-capacity is a large part of why CNF prices carry the premium they do. Asia (1.3 million MT) is a net importer of raw nuts, and Latin America (200,000 MT) is growing organically. Emerging origins include Burundi (150,000 MT), Senegal (50,000 MT), Kenya (40,000 MT), Nicaragua (30,000 MT) and South Africa (20,000 MT); Cambodia is projected at 800,000 MT by 2026, which would materially loosen Asian supply.
| Country | Production (MT) | % global share | Avg. farm gate (USD/kg) |
|---|---|---|---|
| Côte d’Ivoire | 1,150,000 | 27% | 0.50–0.70 |
| India | 725,000 | 17% | 0.72–0.96 |
| Tanzania | 425,000 | 10% | 0.65 |
| Vietnam | 320,000 | 7% | 0.60–0.80 |
| Benin | 220,000 | 5% | 0.59 |
| Indonesia | 175,000 | 4% | 0.70 |
| Mozambique | 165,000 | 4% | 0.68 |
| Burkina Faso | 155,000 | 4% | 0.85 |
| Philippines | 145,000 | 3% | 0.75 |
| Brazil | 135,000 | 3% | 0.80 |
| Ghana | 125,000 | 3% | 0.70 |
| Guinea-Bissau | 125,000 | 3% | 0.50–0.60 |
| Nigeria | 95,000 | 2% | 0.65 |
| Guinea | 90,000 | 2% | 0.55 |
| Mali | 85,000 | 2% | 0.60 |
These 2025 tonnages match the series on <a href="/cashew-production-by-country/">cashew production by country</a>, which carries the full 2020–2025 history.
Projected RCN prices for 2026
The forecast is $1,700–1,900 per ton CNF globally with farm gate at $900–1,100 per ton, against a 5.9% market CAGR — a 5–10% increase overall. Africa’s projected 2.7 million MT output could ease Côte d’Ivoire farm gate to $0.60–0.80/kg, but CNF into Vietnam could still reach $1,800–2,000/ton if processing and export bans persist. Indian farm gate may rise to $0.80–1.00/kg with CNF imports near $1,900/ton. Cambodia’s projected volume is the main downside risk to Asian farm gate, potentially pulling it to $0.70/kg.
| Region / country | 2025 farm gate (USD/ton) | 2026 farm gate proj. | 2025 CNF (USD/ton) | 2026 CNF proj. |
|---|---|---|---|---|
| Global | 800–1,000 | 900–1,100 | 1,600–1,700 | 1,700–1,900 |
| Côte d’Ivoire | 500–700 | 600–800 | 1,200–1,500 | 1,300–1,600 |
| India | 720–960 | 800–1,000 | 1,500–1,600 | 1,700–1,800 |
| Tanzania | 650 | 700 | 1,700–1,815 | 1,800–1,950 |
| Vietnam (imports) | 600–800 | 700–900 | 1,500–1,600 | 1,700–1,800 |
| Brazil | 800 | 850 | 1,200–1,400 | 1,300–1,500 |
Projections, not commitments — they assume no new export bans beyond those already in force.
Why prices moved when they did
The 2020–2021 dip came from COVID-19 lockdowns cutting processing capacity in Vietnam and India by around 50%, compounded by African oversupply. 2022 recovered on snack demand. In 2023, African yields fell 10–20% on drought, lifting Côte d’Ivoire farm gate about 7%. The flat $1,065 CNF of 2024 masked sharp regional spikes — Tanzanian CNF hit $1,815/ton through its auction system. The 2025 surge to $1,600–1,700 came from three things at once: shortages (a 50% rainfall deficit in Zanzibar), a 10% US import tariff, and Benin’s export ban from April 2025. Those events pushed the farm-gate-to-CNF gap out to 40–50%.
| Year | Farm gate change | CNF change | Main reason |
|---|---|---|---|
| 2020 | Down 10% | Down 15% | COVID-19 demand drop |
| 2021 | Down 20% | Down 10% | Oversupply in Africa |
| 2022 | Up 15% | Up 10% | Post-pandemic recovery |
| 2023 | Up 7% | Stable | Droughts in India and Africa |
| 2024 | Stable | Up 5% | Regional auctions (Tanzania) |
| 2025 | Up 30% | Up 60% | Shortages, tariffs, export bans |
Year-on-year direction, not absolute levels — read alongside the price table above.
What actually sets the price
Supply and demand dominate: 4.3 million MT of 2025 production met 10–20% yield losses from drought in Burkina Faso and flooding in Mozambique. Farm gate responds to local policy — Côte d’Ivoire’s 7% floor-price increase, for instance — while CNF absorbs freight at a 10–15% uplift. Trade policy hits CNF hardest: Benin’s 2025 export ban added 10–20%. Quality carries a 5–15% premium, measured as outturn (48–52 lbs per 80 kg bag) and moisture under 10%. On the demand side, plant-based protein trends and the 10% US tariff both push upward. Labour is about 60% of the farm-gate cost stack in Africa, and CFA-versus-USD movement moves it again.
| Factor | Farm gate impact | CNF impact | Example |
|---|---|---|---|
| Supply and demand | High (falls in a glut) | High (rises in a shortage) | 2025 shortages: +30% FG, +60% CNF |
| Climate | Medium (rises in drought) | Medium (rises) | Côte d’Ivoire 50% yield drop: +7% FG |
| Trade policy | Low to medium | High (rises) | Benin export ban: +10–20% CNF |
| Quality / outturn | Medium (premium grades) | Medium (rises) | High-grade: +5–15% on both bases |
| Freight and logistics | None | High (10–15%) | Africa to Vietnam: +$200/ton CNF |
Freight is the one factor that moves CNF without touching farm gate at all — which is precisely why the two bases diverge.
How to hedge RCN price
The two bases hedge differently. For farm gate, fixed-price agreements with African co-ops lock $0.60–0.80/kg for three to six months and cut exposure by roughly 20%. For CNF, futures or options on exchanges such as MCX cover 50–100 ton lots around $1,500–1,700/ton. Diversifying across bases works well — for example 60% farm gate from India at $0.72/kg against 40% CNF from Tanzania at $1,700/ton. Forward contracts specifying FOB or CIF delivery hedge roughly 10% price hikes. Holding one to two months of inventory is a natural buffer, though storage adds about 5% and carries spoilage risk. A new factory can start with simple supplier fixes for a few hundred dollars of setup and scale into futures at $1,000–2,000 a year.
| Strategy | Farm gate suitability | CNF suitability | Trade-off |
|---|---|---|---|
| Fixed contracts | High (local co-ops) | Medium (importers) | Simple; less flexible if prices fall |
| Futures and options | Low | High (exchanges) | Locks rates; fees of 2–5% |
| Diversification | High | High | Reduces risk; adds logistics cost |
| Inventory | Medium | Low | Natural buffer; spoilage risk |
Most processors run a blend rather than a single strategy — fixed contracts on the base load, spot for the balance.
International sales contracts for RCN
A contract has to state which basis it is written on before anything else. Beyond that: quantity (say 100 tons), quality (outturn 48–52 lbs per 80 kg bag, moisture under 10%, nut count 180–220 per kg), price ($1,600/ton CNF or $0.70/kg farm gate), payment (letter of credit, or 30% advance), and delivery (FOB at farm gate, or CNF at port, typically 30 days). SGS or an equivalent third party inspects, and penalties usually run about 2% per percentage point of defect. African Cashew Alliance templates add sustainability clauses such as a $50/ton fairtrade premium on farm gate. ICC arbitration is the norm for CNF disputes.
| Clause | Farm gate example | CNF example | Purpose |
|---|---|---|---|
| Price basis | $0.70/kg ex-farm | $1,600/ton landed | Clarifies who carries delivery cost |
| Quality | Outturn 50 lbs per 80 kg | Moisture under 10% | Protects processor yield |
| Payment | TT, 50% advance | Letter of credit, full | Secures the transaction |
| Delivery | Ex-farm within 7 days | CNF Abidjan, 30 days | Fixes the logistics timeline |
| Inspection | Local verifier | SGS third party | Verifies compliance |
Outturn and moisture are the two clauses that decide whether the nuts you paid for actually yield the kernels you costed.
Advice for new entrants
Favour farm gate where you can — it runs 30–40% below CNF, with co-ops in Ghana around $0.70/kg and Mozambique around $0.68/kg. Check outturn above 48 lbs before committing, use three-to-six-month contracts, and split sourcing, for example 50% African farm gate against 50% Asian CNF at $1,500/ton. Budget around 60% of operating cost for RCN itself, start small at roughly 50 tons a month, which the source frames as a route to around 25% ROI — read that as an ambition to test against your own costing, not a projection, and buy just-in-time rather than tying up capital in stock. The African Cashew Alliance is worth joining for the sourcing network alone.
| Pitfall | Impact | How to avoid it |
|---|---|---|
| Poor quality nuts | Up to 20% waste | Pre-shipment samples and inspection (~$100/load) |
| Price volatility | Margin loss around 15% | Fixed contracts written per basis |
| Supply shortages | Up to a month of downtime | Diversify origins |
| Logistics delays | CNF cost +10% | Prefer FOB / farm gate where practical |
| Regulatory change | Sudden export bans | Direct co-op relationships, multiple origins |
Every one of these is cheaper to prevent than to absorb — inspection at $100 a load against 20% waste is not a close call.
Every price on this page is a dated market observation, most of them October 2025, reproduced from published market reporting. RCN is a traded commodity: check a live source before contracting. Note also that the broad USD 1,000–1,600 per tonne band quoted in the summary above is a multi-year average — the 2025 spike to $1,600–1,700 CNF sits at and above the top of it, and the 2026 projection sits above it entirely. TTQ does not trade RCN and quotes no RCN price; these figures exist to help you size a plant and its working capital.
Frequently asked questions
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