Cashew Milk Market By Product Type (Flavored, Plain), By Distribution Channel (Online, Supermarket, Retail Stores): Global Opportunity Analysis and Industry Forecast, 2023-2032

Cashew Milk Market By Product Type (Flavored, Plain), By Distribution Channel (Online, Supermarket, Retail Stores): Global Opportunity Analysis and Industry Forecast, 2023-2032

The global cashew milk market is anticipated to reach $154.9 million by 2032, growing from $61.9 million in 2022 at a CAGR of 10.1% from 2023 to 2032.

Cashew milk refers to a plant-based milk alternative made from cashew nuts. It is created by blending soaked cashews with water and then straining the mixture to remove any solid particles. The resulting liquid is smooth and creamy, resembling traditional dairy milk in texture. Cashew milk is often used as a substitute for cow's milk by those who follow a vegan or lactose-free diet, or by individuals who have allergies or sensitivities to dairy products. It can be used in various recipes, such as smoothies, baked recipes, and coffee.

The key driver in the cashew milk market is the growing demand for plant-based milk alternatives. As a large number of people around the globe are seeking dairy-free alternatives due to dietary restrictions, lactose intolerance, or personal preferences, the recognition of plant-based milk substitutes has increased significantly. Cashew milk, in particular, has gained attraction as a nutritious and creamy choice to typical dairy milk.

The increasing awareness regarding health advantages related to cashew milk is any other driver of the cashew milk market growth. Cashew milk is regularly perceived as a healthier choice compared to dairy milk due to its lower calorie and fat content. It is additionally rich in vitamins, minerals, and antioxidants, similarly contributing to its enchantment amongst health-conscious people. Moreover, the versatility of cashew milk in culinary applications is driving its demand. Cashew milk can be used as a replacement in a variety of recipes, which includes smoothies, baked goods, coffee, and savory dishes. Its creamy texture and moderate taste makes it a popular preference for adding richness and taste to a wide range of culinary creations.

The allergen issues related to cashew milk are one of the significant factors expected to restrain the cashew milk market growth. While cashew milk is a viable alternative for people with lactose intolerance or dairy allergies, it may not be appropriate for those with cashew nut allergies. Cashew nuts are one of the frequent tree nut allergens, and people with such hypersensitive reactions need to avoid consuming cashews and products derived from them. This limitation in terms of allergen issues may significantly prevent the potential consumer base for cashew milk. It poses challenges in expanding the market and reaching a broader audience, as buyers with cashew nut allergic reactions may need to choose different plant-based milk alternatives that do not pose the same allergen risks.

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. An alarming death rate from high cholesterol in patients has boosted the demand for low-fat dairy such as cashew milk. People with vitamin B2 and B12 deficiencies increasingly choose cashew milk. Another trend that supports the cashew milk market growth 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. In addition to major players, even startups are taking advantage of the trend for plant and non-dairy food products. For example, the manufacturer of plant-based food products, Benni Alimentos, announced the launch of cashew-soluble milk powder to meet consumer requirements for plant-based milk substitutes. Companies are increasing R&D to increase the shelf life of plant-based products. This research has helped companies gain a competitive advantage over others, as conventional herbal products degrade in a short time, causing food waste problems. These factors are projected to create several growth opportunities for the market players in the future.

The COVID-19 pandemic has had significant impact on the market for cashew milk. The pandemic has led to an increase in consumer interest in health & wellness, leading to a rise in demand for plant-based products. As people sought to boost their immune systems and make healthier choices, they turned to alternatives like cashew milk, which is considered as a nutritious and sustainable option. The pandemic caused disruptions in global supply chains, affecting the availability of raw materials and impacting production and distribution processes. This led to temporary shortages or difficulties in procuring cashews, potentially affecting cashew milk production and availability. The pandemic brought about changes in consumer behavior, including a shift towards online shopping and home delivery. This change impacted the distribution and sales channels for cashew milk, with a greater emphasis on e-commerce platforms and grocery delivery services. The closure or limited operations of restaurants, cafes, and other food service establishments during lockdowns and social distancing measures significantly impacted the foodservice sector. Therefore, there was a decrease in the use of cashew milk as an ingredient in various food & beverage offerings in these establishments.

The key players profiled in this report include WhiteWave Foods Company LLC, Blue Diamond Growers, Edward & Sons Trading Co., Earth's Own Food Company Inc., Nutty life, LLC., Cashew Dream, Danone SA, Alpro, Proveg International, and TheGentleNut. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cashew milk market analysis from 2022 to 2032 to identify the prevailing cashew milk market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cashew milk market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cashew milk market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Product Type

Plain
Flavored

By Distribution Channel

Online
Supermarket
Retail Stores

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
UAE
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Alpro
Blue Diamond Growers
Cashew Dream
Danone SA
earth's own food company inc.
Edward & Sons Trading Co.
Nutty life, LLC.
proveg international
TheGentleNut
WhiteWave Foods Company, LLC

Please Note: It will take 7-10 business days to complete the report upon order confirmation.