HER GOLDEN AFRICAN CASHEW ENTERPRISE

From Raw Nuts to Butter, Milk & More

Africa is sitting on one of the world’s great cashew opportunities.

The continent produces roughly 57% of the world’s cashews, yet a large share of its crop has historically left Africa as raw cashew nuts and been processed elsewhere. That means the biggest opportunity is not necessarily growing more trees. It is capturing more value from the nuts Africa already produces.

The global cashew-nut market was estimated at approximately $9.07 billion in 2025, with forecasts reaching about $11.91 billion by 2030. The market now extends well beyond the traditional roasted nut into cashew butter, paste, milk, snacks, bakery products, beverages and confectionery.

AFRICA’S CASHEW BELT

Cashews thrive across tropical Africa, with the strongest commercial production concentrated in West and East Africa.

Côte d’Ivoire and Tanzania are particularly significant. In 2024, Côte d’Ivoire exported about 804,230 tonnes of raw cashews worth $1.20 billion, while Tanzania exported 433,100 tonnes worth $565 million.

Nigeria exported another 327,720 tonnes worth $278 million, while Ghana exported approximately 53,670 tonnes worth $263 million. Mozambique, Burkina Faso, Senegal and Benin were also significant African exporters.

The numbers reveal something important: Africa is already a major supplier to the global cashew industry.

THE DEMAND IS GLOBAL

The largest import markets are not confined to one region.

India remains a huge cashew market, while the United States and Europe are important destinations for finished kernels and consumer products.

The United States imported more than $1 billion of cashews in 2024. Côte d’Ivoire supplied about $48 million, Benin $13 million, Ghana nearly $5 million and Nigeria $4.6 million.

Europe is equally important. The EU imported about $1.12 billion of cashews in 2024, including significant supplies from Côte d’Ivoire, Benin, Nigeria, Burkina Faso, Tanzania, Ghana, Mozambique and Guinea-Bissau.

THE VALUE IS NOT ONLY IN THE WHOLE NUT

A cashew processing business can create several products from the same crop.

The shell is particularly interesting because it can represent roughly 70–75% of the raw nut’s weight. It is not simply waste: it contains cashew nut shell liquid, or CNSL, which has industrial applications in resins, coatings, varnishes and other materials.

The caution is important: CNSL is caustic and can burn skin, so extracting it is not an appropriate casual cottage-industry activity. A small woman-owned processor can initially sell shells to an established industrial processor rather than attempting extraction herself.

CASHEW BUTTER CHANGES THE EQUATION

Broken kernels that might not command the price of premium whole kernels can become an ingredient.

Roasted cashews can be milled into cashew butter, which can be sold as a spread or supplied to bakeries, hotels, confectioners and food manufacturers.

The global cashew-butter category is developing alongside the broader nut-butter market, while the wider cashew market increasingly includes paste and butter as commercial product categories.

This is where a small processor can compete differently from a large commodity exporter.

She does not have to sell tonnes of raw nuts.

She can sell jars.

CASHEW MILK IS ANOTHER VALUE-ADDED PRODUCT

Cashew milk is a smaller market than conventional cashew kernels, but it connects the crop to the rapidly expanding plant-based beverage category.

One market study estimated the global cashew-milk market at $61.9 million in 2022, with a projection of $154.9 million by 2032.

For an African processor, cashew milk could eventually become a regional product for supermarkets, cafés, hotels and health-oriented consumers.

It is better treated as a second-stage product, however. Fresh plant-based beverages require more attention to formulation, food safety, shelf life, packaging and distribution than roasted nuts or nut butter.

AFRICA IS ALREADY MOVING TOWARD PROCESSING

Côte d’Ivoire shows what happens when processing capacity expands.

Its domestic cashew-processing capacity increased from approximately 68,500 tonnes in 2015 to around 350,000 tonnes in 2024, creating more than 18,000 jobs, with approximately 66% of those jobs held by women.

Tanzania illustrates the other side of the opportunity. Government investment information has reported that roughly 90% of Tanzanian cashews have historically been exported in raw form, while research has identified limited local processing as a major value-capture gap.

The opportunity, therefore, is not theoretical. African countries are already building the processing industry; there is room for more African-owned processors within it.

A LOW-IMPACT WOMAN-OWNED MODEL

A woman investor does not need to begin with a large raw-nut shelling factory.

A more manageable starting point is a kernel-to-consumer processing company.

She can source quality kernels from an established African processor, then roast, flavour, grind and package them under her own brand.

Her initial product line could be deliberately narrow:

premium roasted cashews + cashew butter + one cashew-based beverage or cream.

Broken kernels can be directed into butter rather than being sold at the lower price associated with damaged whole kernels. Shells remain with the primary processor until the business is large enough to participate in shell by-product markets.

This model removes the most technically difficult part of raw-cashew processing from the first stage while still allowing the entrepreneur to own the brand, formulation, packaging, distribution and customer relationship.

A SMALL START-UP SNAPSHOT

An illustrative woman-owned micro-processing operation could begin with approximately $15,000.

At an established monthly volume of around 300 kg of kernels, a mixed product range could generate approximately $5,000–$6,000 in monthly sales if the business achieves appropriate retail and wholesale pricing.

After ingredients, packaging, labour, utilities, transport and other operating expenses, an illustrative operating contribution of around $1,200 per month would produce approximately $14,400 annually.

That represents a simple annual return of roughly 96% on a $15,000 starting investment, with an indicative payback period of about 12–13 months.

These are planning numbers rather than a promised return. Actual margins will depend on the price of kernels, product formulation, packaging, local purchasing power, sales volume and the proportion sold directly to consumers.

THE OPPORTUNITY IN THE MOMENT

The African cashew opportunity is moving from commodity to value chain. Côte d’Ivoire, Tanzania, Nigeria, Ghana, Mozambique, Benin, Burkina Faso, Guinea-Bissau and other producing countries already connect Africa to major global cashew markets. For an African woman or woman from the diaspora, the opening is to build one carefully defined layer of that value chain: source African cashews, process them into attractive finished products, build a trusted brand and sell into the growing demand for premium snacks and plant-based foods. She does not need to begin with an industrial factory. She can begin with a small processing room, a reliable African supplier and three excellent products—and grow as the market proves itself.

Africa grows the cashew. Her opportunity is to keep more of its value at home.

Research notes for publication: The global market figures and product categories above are supported by current industry research from Grand View Research and the African Cashew Alliance. (Grand View Research) The 2024 African export figures and major destination markets come from World Bank WITS/UN Comtrade. (World Integrated Trade Solution) The African processing/value-capture context is documented by UNCTAD, ComCashew and the World Bank, including Côte d’Ivoire’s expansion of processing and its high share of women workers. (UNCTAD) The cashew-milk estimate comes from Allied Market Research. (Allied Market Research) The by-product discussion is supported by FAO research, including CNSL, cashew apple and shell utilisation. (FAO AGRIS)