According to TechSci Research report, “Global Cashew Milk Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the global Cashew Milk market stood at USD67.23 million in 2022 and is anticipated to grow with a CAGR of 5.4% in the forecast period, 2024-2028. The market for cashew milk has witnessed robust growth in recent years, driven by increasing consumer demand for dairy alternatives. Cashew milk’s appeal lies in its creamy texture, nutty flavor, and nutritional profile.
Health-conscious consumers seeking lactose-free, vegan, and plant-based options have embraced it enthusiastically. The rising prevalence of lactose intolerance and dairy allergies has further fueled its popularity. Cashew milk is not only consumed as a beverage but also utilized in cooking, baking, and as a coffee creamer, expanding its market reach.
As a result, numerous brands have introduced cashew milk products, leading to a competitive landscape that continues to thrive and innovate.
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The growing popularity of cashew milk aligns with the global push towards more sustainable food choices. Compared to traditional dairy production, plant-based alternatives like cashew milk tend to have a lower environmental impact. Cashew trees are relatively resilient and require less water compared to some other nut-bearing trees.
Furthermore, the production of cashew milk generates fewer greenhouse gas emissions than dairy milk. It reduces the pressure on land and water resources, contributing to the conservation of vital ecosystems. With concerns about climate change and resource scarcity gaining prominence, consumers are increasingly turning to cashew milk as an eco-conscious choice.
The plant-based milk market has witnessed explosive growth in recent years, driven by health-conscious consumers, dietary restrictions, and environmental concerns. Cashew milk, with its unique flavor profile and nutritional advantages, has carved a niche for itself within this competitive landscape.
One of cashew milk’s distinguishing features is its creamy texture, which makes it an excellent choice for coffee and latte enthusiasts. It’s rich and nutty flavor also lends itself well to a variety of culinary applications, from baking to savory dishes. This versatility has allowed cashew milk to stand out in a market filled with almond, soy, oat, and coconut milk options.
In addition to its flavor and texture, cashew milk has gained favor among those with dietary restrictions. It is naturally lactose-free and is a suitable choice for vegans and individuals with dairy allergies or intolerances. Its nutritional profile, when fortified, can also match or even surpass that of dairy milk, making it a well-rounded choice for those looking to transition to plant-based options.
As a result, cashew milk’s ascent to global popularity represents a compelling intersection of taste, nutrition, sustainability, and convenience. With a rich history rooted in cashew-rich regions, a straightforward production process, impressive nutritional benefits, and a lower environmental impact, it has earned its place in the ever-expanding landscape of plant-based milk alternatives. As the world continues to embrace healthier, more sustainable dietary choices, cashew milk is poised to remain a prominent player in the global beverage market for years to come.
The global cashew milk market is segmented into type, packaging, sales channel, regional distribution, and company.
Based on type, the market is segmented into reading flavored, non-flavored.
Based on packaging, the market is further segmented into cartons, pouches, and bottles.
Pouches have emerged as a thriving segment in the cashew milk market. These convenient, on-the-go packaging options are gaining significant traction due to their portability, ease of use, and environmental benefits. Cashew milk pouches cater to the busy, health-conscious consumer demographic seeking a quick and healthy dairy alternative. They are particularly popular among individuals looking for convenient options for breakfast, snacks, or post-workout replenishment. The pouch format also reduces the need for refrigeration until opened, contributing to sustainability efforts. This growing segment underscores the industry’s responsiveness to evolving consumer preferences and the increasing demand for hassle-free, sustainable, and health-conscious choices in the cashew milk market.
Based on sales channel the market is divided into supermarkets/hypermarkets, online, convenience stores, specialty stores, and others (direct sales, etc.).
Regional Insights of Cashew Milk Market
North America stands as the dominant region in the global cashew milk market. This prominence is primarily driven by the region’s growing appetite for dairy alternatives, health-conscious consumer preferences, and strong demand for plant-based products. Cashew milk has gained substantial traction across the United States and Canada, with a plethora of brands offering various formulations and flavors.
The robust infrastructure for dairy alternatives, coupled with innovative marketing strategies and diverse product portfolios, positions North America as a leader in cashew milk consumption. The trend towards plant-based diets and dairy-free options is expected to further solidify North America’s dominance in this market.
Recent Developments in Cashew Milk Market
- In April 2021, Forager introduced a new product line of vegan ice creams produced with cashew milk. The goal of this new product line was to provide organic and tasty plant-based ice cream.
- In March 2021, Forager announced plans to introduce Cheeseworks, a new range of dairy-free cheeses created with probiotic cashew milk yoghurt. The products were designed with the goal of delivering gluten-free, organic, and vegan cheeses.
Major companies operating in Global Cashew Milk Market are:
- Blue Diamond Growers
- So Delicious Dairy Free
- Aplro
- Cashew Dream
- Forager Project
- Nutty life, LLC.
- Provamel
- Danone SA
- Plenish Cleanse Ltd.
- White Waves Food Company
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“Cashew milk, a dairy-free alternative, is derived from ground cashew nuts blended with water. This creamy and nutty beverage has gained popularity due to its versatility and nutritional benefits. Cashew milk is lactose-free, making it an excellent choice for individuals with lactose intolerance or dairy allergies. It boasts a rich, smooth texture that enhances coffee, tea, and cereals, making it a popular dairy milk substitute in various recipes. Furthermore, it’s a source of essential nutrients like healthy fats, vitamins, and minerals, including magnesium and copper. As a vegan and plant-based option, cashew milk aligns with diverse dietary preferences while delivering a delicious and nutritious beverage experience.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Cashew Milk Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Flavored, Non-Flavored), By Packaging (Cartons, Pouches, Bottles), By Sales Channel (Supermarkets/Hypermarkets, Online, Convenience Stores, Specialty Stores, and Others (Direct Sales, etc.)), By Region, Competition”, has evaluated the future growth potential of global cashew milk market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global cashew milk market.
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