Cashew Milk Market

Global Cashew Milk Market Size (2024 to 2032)

The Global Cashew Milk Market size is estimated at USD 100.33 million in 2024 to achieve USD 148.23 million by 2032 to grow at a CAGR of 5.0% during the forecast period 2024 to 2032. 

Current Scenario of the Global Cashew Milk Market   

Cashew milk is a creamy liquid made by mixing cashews with water. It is a lactose-free alternative to milk. Cashew milk marketers sell the product with many excipients, namely thickening agents such as xanthan gum and guar gum, flavoring agents such as vanilla and cinnamon, and other excipients. Cashew milk is highly beneficial for the lactose-intolerance population as it is equally rich in nutritional value as dairy milk products. The global cashew milk market has witnessed moderate growth in the past years. It is expected to grow significantly in the coming years due to the accelerating lactose intolerance population across various regions. According to National Center for Biotechnology Information (NCBI) data, nearly 60% of the world's population is prone to lactose intolerance. The prevalence of the intolerance is augmenting the demand for non-dairy products, positively impacting the expansion of cashew milk. The increasing awareness among the people regarding the health benefits of cashew milk, as it improves heart and skin health and helps control iron deficiency anemia and blood sugar, is raising the adoption among the population and contributing to global market revenue.  

MARKET DRIVERS 

The demand for plant-based foods and the increasing number of people with lactose intolerance worldwide are contributing to the growth of the cashew milk market. Cashew milk is widely adopted as a calcium-rich vegetable drink, and its low fat and sugar properties are gaining traction among consumers, which drives the global market revenue. The rising vegan population worldwide which is accelerating the demand for the plant-based non-diary products contributing in the market expansion.  

Cashew, milk market companies, are gaining importance in the restaurant industry as cashew milk is gradually replacing conventional dairy milk for many consumers. Companies are capitalizing on this trend and developing gluten-free cashew milk. For Instance, Sanitarium, a health and wellness company, excels in producing cashew milk, gluten, and cholesterol. An alarming death rate from high cholesterol in patients has fueled the demand for low-fat dairy such as cashew milk. People with vitamin B2 and B12 deficiencies increasingly choose cashew milk. Another trend surrounding the cashew milk market is the demand for frozen desserts. Stakeholders in the value chain are expanding their portfolio of non-dairy products, such as frozen desserts made from cashew milk, almond milk, and coconut milk, fueling the market revenue growth. In addition to major players, even startups are taking advantage of the trend for plant and non-dairy food products. For Instance, the manufacturer of plant-based food products, Benni Alimentos, has announced the launch of cashew-soluble milk powder to meet consumer requirements for plant-based milk substitutes. The increased demand for plant-based products due to the rising lactose intolerance population is enhancing growth opportunities. Companies are increasing R&D activities to increase the shelf life of plant-based products where the benefits reflect the market expansion. This research has helped companies gain a competitive advantage, as conventional herbal products degrade quickly, causing food waste problems. Therefore, new companies in the cashew milk market are developing herbal products with a longer shelf life by introducing milk powder, which will augment the growth rate in the coming years. The product's availability in various flavors is gaining attention among consumers, propelling the expansion of the global market size.   

MARKET RESTRAINTS 

Cashew milk is expensive to consumers compared to conventional dairy milk, which majorly restrains the global market expansion. Other factors like taste and extraction of the cashew milk are expected to limit the global market growth as the raw materials for the cashew milk involve high costs. The presence of stringent regulations for approving new products is a challenge to manufacturers in expanding the market. There is a chance of various injuries during cashew production as the cashews are shelled by hand, resulting in finger and hand injuries, and deshelling releases fluid that burns the skin. The manufacturers are forcing labor to maintain the cashew industry costs due to high competition. This is expected to impact market share growth. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cashew Milk Market Analysis By Packaging

The bottles segment dominated the global cashew milk market revenue with a significant share. Manufacturers are focusing on sustainable packaging to attract eco-conscious consumers, and the premium packaging of cashew milk enhances the customer base, which drives the segment growth. Additionally, the bottles offer convenience for use at home as they are easy to pour and maintain freshness, which fuels the adoption of bottles. 

The cartons segment is estimated to have the fastest growth during the forecast period due to its benefits, such as its lightweight and resealable options. According to the packaging materials and sealing techniques, cartons maintain the freshness of cashew milk for a longer duration while meeting the quality expectations, which accelerates the adoption of cartons, leading to the growth of segment revenue.   

Global Cashew Milk Market Analysis By Product Type

The flavored cashew milk segment dominates the global market revenue due to growing consumer demand for various tastes and indulgences. The market players focus on introducing flavors like vanilla, chocolate, and fruit, gaining consumer attention by seeking unique taste experiences that fuel the segment's growth and lead to global market expansion. The increased strategies of the market players in advertising the products are majorly attracting consumers such as children and adults with specific requirements.  

The plain cashew milk segment will have moderate growth as the demand for dairy-free products is enhancing, leading to the adoption of only plain cashew milk. Plain cashew milk is mainly preferred due to its nutritional benefits, such as low calories, minimal cholesterol, and various vitamins, minerals, and antioxidants, which augment segment growth.  

Global Cashew Milk Market Analysis By Distribution Channel

The supermarkets/hypermarkets segment held the largest share as it contributes the major portion of the distribution network. Hypermarkets and supermarkets offer a wide range of brands, flavors, and packaging options for consumers, which benefits them. This distribution channel provides optimum pricing due to the competition among the market players, which drives the segment growth.  

The e-commerce segment is expected to grow fastest during the forecast period due to the provision of more choices. The ease of availability to consumers, the availability of specialty and imported varieties, and the home delivery options are expected to promote market growth in the coming years.  

REGIONAL ANALYSIS

The North American cashew milk market held a prominent share of the global cashew milk market revenue. Rising demand and production in nations like the United States and Canada promote Cashew Milk market growth due to the adoption of lactose-free products. This is attributed to a change in eating habits and a surge in awareness of the health benefits of cashew milk. The growth of the vegan population in North America resulted in a rise in demand for herbal milk, accelerating the adoption of cashew milk across the region. Additionally, the number of vendors and manufacturers in the U.S. and Canada has improved the demand for lactose-free products like plant-based alternatives to dairy products.   

Asia-Pacific is estimated to rapidly evolve the Cashew Milk market, with a compound annual growth rate of about 6% over the forecast period. This is due to the rise in awareness, changes in taste and preferences, and consumers' health concerns. Consumers, due to higher disposable income and the health benefits associated with the products, are spending more on purchasing these products. The heightened focus on cashew milk consumption because of the growing demand for dairy alternatives and high lactose intolerance is a crucial factor in the regional market growth. 

KEY PLAYERS IN THE GLOBAL CASHEW MILK MARKET

Key market players in the Global Cashew Milk Market are Blue Diamond Growers, Forager Project, WhiteWave Services, Inc., VITASOY, Cashew Dream, SO DELICIOUS DAIRY FREE, Provamel, Dream Blends, and Alpro. 

RECENT HAPPENINGS IN THE MARKET

• In July 2022, Danone launched its Dairy and Plant blend formula to cater to parents seeking vegetarian and flexitarian alternatives for their babies. This plant-based vegan formula helps ensure the complete fulfillment of an infant's essential nutritional needs.  
• In January 2022, Forager Project launched a new line of organic plant-based cheeses called cheeseworks. By using Forager Project's probiotic cashew milk yogurt as the base, the company said the product could perform like regular cheese when it comes to melting and stretching.  
• In April 2021, Dream from The Hain Celestial Group was acquired by SunOpta. Almost 50% of the brand's product portfolio is currently produced by SunOpta; with the acquisition, SunOpta aims to accelerate the market revenue of its plant-based foods and beverages segment.   
• The organic and vegan company Forager Project, based in San Francisco, introduced coconut milk and coconut cashew yogurt, a range of creamy and delicious high-fat, herbal milk and yogurt made from cashews and coconuts. Based on the success of its popular cashew milk and cashew yogurt, the fastest-growing dairy-free yogurt in the United States. 
• Danone expanded its product line by acquiring American soy milk producer White Wave Foods for a modest sum of $ 12 billion. 
• Z Natural Foods is proud to announce its new cashew milk powder, a healthy and natural alternative to traditional dairy products. Cashew produces sweet, tasty, dairy-free milk that suits lactose-free, vegan, and vegetarian lifestyles. 

DETAILED SEGMENTATION OF GLOBAL GLOBAL CASHEW MILK MARKET INCLUDED IN THIS REPORT    

This research report on the Global Cashew Milk Market has been segmented and sub-segmented based By packaging, product type, distribution channel, & region.         

By Packaging

• Cartons 
• Pouches 
• Jars 
• Bottles 
• Cans 
• Others 

By Product Type

• Plain Cashew Milk 
• Flavoured Cashew Milk 

By Distribution Channel

• Convenient Stores 
• Hypermarkets/Supermarket 
• E-Commerce 

By Region

• North America (U.S. and Canada) 
• Europe (U.K., France, Germany and Rest of Europe) 
• Asia Pacific (Japan, China, India and Rest of APAC) 
• Latin America (Brazil, Mexico, and Rest of Latin America) 
• Middle East & Africa (GCC and Rest of MEA)