Market Definition
Cashew milk is a non-dairy milk alternative produced by processing cashew & water, contains the necessary vitamins, minerals, healthy fats, & other plant-based compounds, and has a lower calorie content than dairy, coconut, & oat milk. It is the unsaturated fatty acids that are responsible for healthy fats in cashew milk that boost heart health while offering other benefits.
With the emerging trend of veganism worldwide, people have been consciously avoiding animal-derived milk & other products for various ethical, health, & environmental reasons. As a result, plant-based milk varieties like cashew milk, almond milk, oat milk, hemp milk, & soy milk, among others, are gaining traction and offer several health benefits. More and more people are incorporating cashew milk into their diet owing to health benefits like improved cardiovascular health, vision, better bone & teeth health, etc.
Market Insights
The Global Cashew Milk Market is projected to grow at a CAGR of 5.2% during the forecast period, i.e., 2022-27. Most of the market growth is likely to be driven primarily by the rising popularity of plant-based food & beverages worldwide, especially after the advent of Covid-19, which raised severe health concerns among consumers. Moreover, increased consumer awareness of various health benefits of cashew milk and easy & extensive availability of quality products in different flavors are other prominent aspects projected to augment the market growth through 2027.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 5.2% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Rest of South America | |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific | |
| Middle East & Africa: GCC, South Africa, Rest of Middle East and Africa | |
| Key Companies Profiled |
Alpro, Blue Diamond Growers, Cashew Dream, Danone SA, Earth’s Own Food Company, Elmhurst Milked Direct, Forager Project, Pacific Foods of Oregon LLC, Plenish Cleanse Ltd., Provamel, Nutty Life LLC, So Delicious Dairy Free, SunOpta, Inc., and White Wave Services Inc. |
| Unit Denominations | USD Million/Billion |
The Covid-19 pandemic has resulted in a massive shift of consumers from animal-derived food products like milk, meat, eggs, etc., to plant-based compounds. In addition, the increasing number of lactose-intolerant people & their growing preference for gluten-free food & beverages are further driving the cashew milk market globally.
As more & more people are adopting plant-based compounds, the leading food manufacturers are massively investing in expanding their production capacities for cashew milk in the global market. The emergence of newer brands that promote eco-friendly, sustainable, & vegan options in packaging, storing, & transporting final products is also augmenting the growth of the global market.
Nutrients in cashew milk help enhance immunity & protect against external viruses, decrease the chances of blood clotting, promote anti-cancer properties within cells, increase antioxidants, lower cholesterol levels, and provide rich iron content.
Moreover, the hectic lifestyle of consumers has resulted in their growing inclination toward convenient food options that have adequate nutrients & can be prepared quickly. As a result, organic & plant-based dairy alternatives used commonly in bakeries, coffee shops, & high-end restaurants are witnessing a rising demand worldwide, thereby driving the cashew milk market.
