National average declines to Rs 30,353/quintal as extreme volatility across states signals fragmented market dynamics

Wholesale cashewnut prices in India exhibited sharp divergence in April 2026, with the national average declining to Rs 30,353.33 per quintal from Rs 35,257.20 in March 2026, while remaining broadly stable compared to Rs 30,398.10 in April 2025. The data reveals a highly fragmented market, driven by extreme price movements in key producing and consuming states.

Maharashtra Drives Market Upside

Maharashtra emerged as a clear outlier, with prices surging to Rs 1,13,000 per quintal—by far the highest in the country. This represents an 11.1 per cent increase over March (Rs 1,01,720.72) and an 18.9 per cent rise year-on-year from Rs 95,000, pointing to strong demand or tight premium-grade supply in the state.

Kerala Sees Dramatic Correction

In contrast, Kerala witnessed a dramatic 53.1 per cent month-on-month decline, with prices falling from Rs 29,800.85 in March to Rs 13,962.30 in April. Despite this steep correction, prices remained marginally higher by 4.3 per cent compared to Rs 13,385.83 in April 2025, suggesting that the March spike may have been temporary.

Steady Gains in Southern and Western Markets

Karnataka and Goa recorded modest but consistent gains. Karnataka prices rose 0.4 per cent month-on-month to Rs 15,077.93, marking a strong 17.0 per cent increase year-on-year. Goa saw a 1.5 per cent monthly rise to Rs 16,997.53, alongside a 4.8 per cent annual increase.

Odisha also posted a marginal 0.6 per cent increase to Rs 13,082.19, indicating relative stability in eastern markets.

Extreme Price Dispersion Signals Market Fragmentation

The April data reveals an unusually wide price range—from Rs 10,000 in Andhra Pradesh to Rs 1,13,000 in Maharashtra—underscoring stark disparities driven by quality variations, processing levels, and localized supply-demand conditions.

The sharp drop in the national average is largely attributable to the steep correction in Kerala, which offset gains in other states, including the significant rise in Maharashtra.

Outlook: Volatility Likely to Persist

The contrasting trends across states suggest that the cashewnut market is currently undergoing a phase of recalibration. While premium segments continue to command high prices, as seen in Maharashtra, other markets are experiencing corrections following earlier spikes.

Going forward, price trends will likely depend on harvest arrivals, export demand, and domestic consumption patterns. The April data signals that volatility will remain a defining feature of the cashewnut market in the near term.