Global Cashew Milk Market - 2022-2029

Global Cashew Milk Market - 2022-2029

Market Overview

The global cashew milk market valued USD XX million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029)

Cashew milk is a creamy and delicious plant-based milk. It is made up of two ingredients, cashew and water. It is sweet and tasty and doesn't need any sweetener. It is used in the preparation of sweet and savory dishes. It is the healthiest alternative to dairy milk. Cashew milk is lower in calories than dairy milk, coconut milk, and oat milk. It can be fortified to include a variety of important vitamins, such as calcium, iron, vitamin A, vitamin D and vitamin E. Fortified cashew contains more calcium than cow milk. It helps prevent osteoporosis and various other conditions linked to calcium deficiency. All cashew milk is naturally lactose-free and can replace cow's milk for those who have trouble digesting dairy. Health benefits of consuming cashew milk increase demand among consumers, which drives the market's growth.

Market Dynamics:

Increasing health benefit awareness of cashew milk among consumers

Cashew milk is popular around the globe due to its health benefits. Cashew milk provides a low-calorie option while delivering creamier consistency than other nut milk; hence it is used in various recipes. Cashew milk offers an excellent alternative to dairy for lactose intolerance and dairy allergies. It is a lower-calorie alternative that delivers a richer consistency than standard soy, rice, and almond-based offerings. Cashew milk contains healthy fats, protein, and various vitamins and minerals. Cashew milk is a plant-based drink rich in polyunsaturated and monounsaturated fatty acids. Consuming these fats may decrease the risk of a heart attack. Cashew milk also contains magnesium and potassium, which may boost heart health, prevent heart disease, and benefit from diabetes and blood pressure. Homemade cashew milk has a high amount of fat compared to store-bought cashew milk. Cashews are rich in the antioxidants lutein and zeaxanthin. These compounds may prevent cellular damage to the eyes caused by unstable molecules called free radicals. Cashew milk is rich in vitamin K, vital for blood clotting. Consuming foods rich in vitamin K, such as cashew milk, can help maintain sufficient protein levels.

Cashew milk is lactose-free and therefore has fewer carbs than dairy. Using it in place of cow’s milk may help with blood sugar control in those with diabetes. Copper plays a large role in creating skin protein and is important for skin health. Cashew contains a high amount of anacardic acid, which prevent the development of certain cancer cell. Cashew milk is loaded with antioxidants and zinc. It is helpful for an immunity boost. Cashew milk is high in iron, so it produces an adequate level of protein hemoglobin that helps red blood cells carry oxygen, which reduces the risk of Iron deficiency anemia. These health benefits divert the consumer preference towards cashew milk which drives the market growth.

Moreover, the rising demand for plant-based foods is helping to drive market growth. Also, the growing trend for vegan, gluten-free, and dairy-free food helps to grow the cashew milk market. The use of cashew milk is limited to direct consumption and is also used to prepare other milk-based products such as frozen desserts, yogurt, creamers, milk powders, and others. The awareness among the consumers for healthy products has increased day by day and has presented a new pathway for plant-based milk products to gain a significant presence in the market.

Market Segmentation:

Flavored cashew milk segment held largest market revenue share in the year 2021

The flavored cashew milk segment dominates the market. Increasing popularity from the young generation for flavored cashew milk due to its health benefits and growing trend of non-dairy products helps to grow cashew milk market. There are various types of cashew milk products available like vanilla, chocolate, strawberry etc. These flavors are added to cashew milk during the grinding process. Flavored cashew milk is more popular in the children's category.

The supermarket and hypermarket segment held the largest market revenue. Distribution channel of supermarket has been gaining traction owing to its benefits, such as providing the customers an advantage of scanning the product before purchase and the presence of a store associate who helps them choose the right product, which influences the buying decision.

Geographical Penetration:

North America is expected to dominate the global Cashew Milk market in the year 2021

High cashew milk demand in countries such as U.S. and Canada are fueling the market growth due to the adoption of lactose-free products. This is attributed to changes in eating habits and increased awareness about the benefits. The growing vegan population increases the demand for plant-based milk, which increase the adoption of cashew milk. Moreover, a hike in the number of sellers and manufacturers has led to an increase in the availability of cashew milk in North America. Some of the major key players like White Waves Services Inc, Forger Project, and Provamel are continuously working to fulfill consumers' demand and focus on new product launches in the North American region.

The Asia Pacific region increases demand for cashew milk market due to the high demand from consumers due to the preference for vegan products. The growth is attributed to an increase in awareness, changes in taste and preference, and concerns over health. Consumers are increasingly spending on these products due to increasing disposable income and health benefits associated with the products. Increasing focus on the intake of cashew milk due to growing demand for non-dairy products and high lactose intolerance is a key factor driving the market in the region. Companies such as So delicious dairy free and Elmhurst are expanding their base in APAC.

Competitive Landscape:

The cashew milk market is fragmented. Some of the major key players in the cashew milk market are WhiteWave Foods, Blue Diamond Growers, Forager Project, LLC, Alpro, and Nutty life, LLC. Some of the major key players follow merger and acquisition strategies for increasing sales and product development. For instance, in May 2022, Forager Project makes kid-friendly dairy-free snacking better with launch of new organic kids cashew milk yogurt line. This cashew milk is specifically for kids; each yogurt pouch is packed with probiotics, calcium, and essential vitamins D, A and B12 to make for a 100% vegan, healthy, easily consumable any-time snack. They are available in three types Berry Berry, Strawberry, and Mango. In May 2021, Forager Project launched a new line of organic, dairy-free ice cream. This Ice cream is free of lactose, dairy, soy and gluten and is certified organic and vegan. Made from organic cashew milk and other simple ingredients, every spoonful of Forager Project's ice cream is delicate in flavor and texture, offering consumers a dairy-like ice cream experience without compromising taste and environmental impact. In February 2020, Forager Project added new dairy alternatives to its lineup. The products include high-protein nondairy yogurts, dairy-free butter with Peruvian salt, oatmilk, and a new flavor of cashewmilk yogurt. In September 2019, Z Natural Foods Company introduced its new product cashew milk powder. This initiative stood as a break from conventional milk to enable consumers to use mild cashew-flavored milk. The powder is convenient to use and mess-free.

COVID-19 Impact: Negative impact on the global cashew milk market

The COVID-19 pandemic is negatively affected the cashew milk market due to the nationwide lockdown restrictions, posing challenges for the manufacturer. The COVID-19 pandemic has initially caused the manufacturing units to shut down in many countries. The shortage of manpower due to fear of the contagious coronavirus has caused many companies to lose production. The COVID-19 pandemic disrupted all the strategies and forecasts for industry growth. According to experts, the main players need to review their strategies to support the following COVID-19 scenario and maintain healthy relationships with their business partners. As a result of this pandemic, the world's average disposable income decreased. The main manufacturers of the market are expected to attempt to discover new areas.

Why Purchase the Report?
• Understand the current market scenario and viability of global cashew milk market over the forecast period
• Visualize the composition of the global cashew milk market in terms of product type, packaging, category and distribution channel to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global cashew milk market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global cashew milk market report would provide an access to approximately 69 market data tables, 62 figures and 180 pages

Target Audience:
• Cashew Milk Manufacturers
• Beverages Manufacturers
• Import and Export Companies
• Industry Investors
• Education & Research Institutes
• Research Professionals