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.
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.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|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.
Based on Form:
Here, cashew milk powders hold a significant market share globally, and the same trend is projected in the coming years. Cashew milk powders have a much higher shelf life and are easy to carry, transport, & store than liquids. They help provide glutton-free diets & non-GMO, and the Vitamin E in these powders leads to high production of fat-soluble antioxidants, which suits well for consumers following a vegan diet. Cashew milk powders are used often in bakeries, cafes, & wholesale food chains as dry ingredients for biscuits, hot chocolate mix, pancakes, muffins, or loaves that can be pre-stored in mixed form for around a month.
In addition, the ease of utilizing these powders has attracted consumers with hectic work schedules while ensuring the presence of all necessary nutrients in every meal. As a result, the leading companies are massively spending on R&D to manufacture soluble cashew milk powders to suffice the burgeoning consumer requirements while reducing the issues of food wastage. Hence, these aspects are likely to boost the sales of cashew milk powders and, in turn, propel the growth of the global market in the years to come.
Based on Product Type:
Among both, flavored cashew milk is projected to register a notable growth pace in the Global Cashew Milk Market during 2022-27. It owes primarily to the changing consumer taste & preferences, coupled with the increasing availability of cashew milk in different flavors like vanilla, coffee, coconut, cinnamon, etc. Moreover, the introduction of new varieties of cashew milk like salted caramel, silk vanilla, & strawberry, among others, by leading manufacturers is another prominent aspect expected to infuse the sales of flavored cashew milk in the global market in the forecast years.
Based on Distribution Channel:
Among both, online distribution channels are expected to witness a significant growth rate during 2022-27. It attributes to the increasing penetration of the internet & smartphones and the rapidly expanding e-commerce sector, coupled with the wide variety of plant-based products, including cashew milk, available at reduced prices compared to supermarkets/hypermarkets in order to attract more & more customers. Hence, the cost-effectiveness & instant accessibility, and benefits like doorstep deliveries & easy returns associated with e-commerce platforms, are set to boost the Global Cashew Milk Market in the years ahead.
Geographically, the Global Cashew Milk Market expands across:
Among these regions, North America is expected to dominate the market during the forecast period due to a massive consumer shift in eating habits, the increasing availability of different cashew milk flavors, and the mounting consumer awareness about their various health benefits. Besides, the growing concerns over animal welfare, the rising number of people with lactose intolerance across the US & Canada, and their soaring inclination towards plant-based products are other prominent aspects driving the regional market.
Moreover, the growing prevalence of vegan food among fast-food chains, high-end restaurants, & coffee shops has also created an easy availability of cashew milk across North America, thereby driving the market. In addition, the extensive presence of cashew milk manufacturers & vendors across the US, coupled with their active efforts toward expanding their production capacity in order to meet the growing consumer requirements, are other crucial aspects expected to augment the growth of the North America Cashew Milk Market during 2022-27.
On the other hand, Asia-Pacific is a rapidly growing region for the Cashew Milk Market, mainly on account of the changing taste & preferences of consumers, their improving disposable income, surging awareness about the health benefits of cashew milk, and the rising demand for dairy alternatives.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Cashew Milk Market is projected to grow at a CAGR of around 5.2% during 2022-27.
A. The emerging trend of veganism due to the growing concerns over animal cruelty & mounting inclination of people toward consuming plant-based food & beverages is the prime aspect driving the Global Cashew Milk Market.
A. Flavored cashew milk is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Cashew Milk Market over the forecast years.
A. Globally, North America would continue its dominance in the Cashew Milk Market with the largest share through 2027.