Cashew Milk Market: Global Industry Analysis and Forecast (2023-2029)

Cashew Milk Market was valued at US$ 46.83 Mn in 2022. Cashew Milk Market size is expected to grow at a CAGR of 5.5% through the forecast period.
Cashew Milk Market Overview:
A non-dairy milk alternative called cashew milk is made by combining water and cashews in a processing plant. The end product of a cashew mill is processed through a number of stages, including drying, soaking, washing, sieving, extraction, filtration, cooling, and storage. Additionally, cashews have been utilized in the production of a number of goods, including nut meal, alcohol, cashew shell oil, and cashew bagasse. With the development of technology, cashew milk has also shown to be a product with strong economic potential. In addition to being consistent with cream and rich in vitamins, minerals, healthy fats, carbs, and protein, high-quality cashew milk is also lactose-free, making plant-based milk products a practical substitute for milk from animals.To know about the Research Methodology :- Request Free Sample Report

Lipids in cashew milk are beneficial for preserving the health of the heart since they are mostly unsaturated and indistinguishable monosaturated fats, making up about 77 % of the fat content. Cashew milk also aids in blood coagulation, has anti-cancer properties, lowers cholesterol levels, and strengthens the body's defenses against antioxidants, among other health advantages. It is also simple to digest, in addition to being high in omega-6 fatty acids, which are crucial for the body's cell health and development.

Various businesses are attempting to offer the health advantages of cashew milk. For instance, So Delicious Co. sells unsweetened cashew milk, a dairy substitute that is non-GMO, soy-free, gluten-free, vegan, environmentally friendly, and low in calories. Many market players do, however, use a variety of additives that help give cashew milk its thickness and flavor, such as Xantham Gum and Guar Gum for thickening and vanilla and cinnamon for flavor, respectively. It is produced from cashews and separated water.

COVID-19 Impact:

The majority of small and large firms have been severely hampered by the effects of COVID-19. Numerous businesses were compelled to close due to the lockdown and the requirement for physical privacy. One of the sectors that suffered a fall in revenue and market size was the cashew milk market. However, it is expected that the cashew milk market increase its sales in the forecast year.

The majority of firms are able to quickly resume their profit once the pandemic has passed. Additionally, producers are exploring steps to market their cashew nut milk online. Additionally, people are becoming more aware of health issues and the advantages of cashew milk. Consequently, it is expected that consumer demand for healthier, organic, and lactose-free goods will drive market growth.
Cashew Milk Market Dynamics:
Market Drivers:

The market is primarily being driven by rising consumer knowledge of the benefits of cashew milk, which include improvements in heart health, iron deficiency anemia, blood sugar control, eye health, and skin health. Cashew milk also decreases cholesterol levels, aids in blood coagulation, has anti-cancer properties, boosts antioxidant defenses, and delivers minerals and proteins. The product is also popular since it is simple to digest and high in omega-6 fatty acids. The main consumers of dairy alternatives, including cashew milk, are people who are lactose intolerant.

Many businesses offer cashew milk with various qualities and features. For instance, the non-GMO, soy-free, gluten-free, vegan, environmentally friendly, and low-calorie unsweetened cashew milk beverages are offered by the So Delicious Co. Owing to growing concerns about animal rights, consumers are more likely to adopt a vegan diet, which is expected to be a major factor influencing the market.

Market Restraints:

The market for cashew-based milk experiences growth barriers due to a few variables. The development of the cashew nut milk market is expected to be constrained by the high cost of processing methods such as cold press technology, freeze-drying, and spray drying for the manufacturing of liquid and powdered nut milk. The growth of cashew nut milk is further hampered by the high cost of packaging.

Compared to dairy products, cashew milkhas less calories, but it also contains less protein and, if it is not fortified, furthermore itdoes not include certain elements like calcium. All these factors are hampering the growth of the cashew milk market.

Market Opportunities:

The majority of the major cashew milk producers are investing in R&D initiatives to increase the shelf life of their organic, plant-based milk types. Given that traditional types of milk tend to spoil more quickly, this innovation is a key element in the growth of the cashew milk business. Owing to its antioxidant characteristics, cashew milk also offers a number of positive health effects, including a reduction in heart disease risk, cholesterol levels, and symptoms of digestion, immunity, and liver health.

Market Challenges:

Factors pose a challenge to the companies that produce cashew milk. The consumers might not enjoy the cashew milk's flavor. In the long run, it might provide a challenge to the major manufacturers and businesses. By raising awareness of the advantages of cashew milk and its innovations.
Cashew Milk Market Segment Analysis:
Based on Type, The Plain segment is expected to grow at the highest CAGR during the forecast period.Growing health awareness has fueled the demand for plant-based milk with a fluid, creamy texture. Another element influencing the market is the availability of nutrients with health advantages like magnesium and vitamin K. Flavored cashew milk, on the other hand, is expected to be significantly more common in the market, growing at thefastest CAGR during the forecast period. As a result of diverse product lines, flavored cashew milk in tastes including vanilla, coffee, coconut, cinnamon, and others are now more widely available.

Increased use of flavored cashew milk is a result of shifting customer preferences. Cashew milk comes in a variety of tastes, including strawberry, Silk Vanilla, and salted caramel. Market items are flavored. As an illustration, White Wave Foods Company introduced silk vanilla cashew milk as part of a Non-GMO effort without preservatives.Based on Distribution Channel, The Supermarkets/Hypermarketsegment is expected to grow with the highest CAGR during the forecast period. Due to advantages like allowing customers to scan products before buying them and having store associates on hand to assist customers in choosing the best product, which influences the purchasing decision, this distribution channel has been gaining popularity. The main outlets for the distribution of cashew milk for different businesses are supermarkets like reliance fresh, Big Bazar, easy day, and others.

The distribution channel that operates online is expected to grow at the fastest CAGR during the forecast period. Companies are partnering with online merchants and launching their own e-portals in an effort to reach a large consumer base, including Alibaba, Amazon, Walmart, Big Basket, Nature's Basket, Luckyvitamin.com, and Delights Food (India). Forager Project Company, for instance, has partnerships with a number of different online portals, including prime now, fresh direct, mylk guys, Instacart, peapod, thrive market, and milk and eggs, in addition to its own portal.
Cashew Milk Market Regional Insights:
The North America region dominated the market with XX % share in 2022. TheNorth Americaregion is expected to witness significant growth at a CAGR of XX% through the forecast period.

This is related to altered eating patterns and greater knowledge of the advantages. The number of vegans in North America is growing, which has increased the demand for plant-based milk and increased the use of cashew milk. Additionally, a rise in retailers and producers has increased the accessibility of cashew milk in North America. Businesses like White Waves Services Inc., Forgar Project, Provamel, and So Delicious help to meet customer demand for cashew milk.

During the Forecast period, Asia Pacifichas the fastest market growth. The growth is ascribed to rising awareness, alterations in taste and desire, and health-related worries. Due to rising disposable income and the items' health advantages, consumers are spending more on these goods. One of the main factors influencing the market in the area is an increased focus on the consumption of cashew milk as a result of rising non-dairy product demand and high lactose intolerance. Businesses like so delicious and Elmhurst are growing their customer base in APAC.

The objective of the report is to present a comprehensive analysis of the Global Cashew Milk Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Cashew Milk Marketdynamic, and structure by analyzing the market segments and projecting the Cashew MilkMarket size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Cashew MilkMarket make the report investor’s guide.
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Cashew Milk Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 46.83Mn.


Forecast Period 2023 to 2029 CAGR:
5.5%
Market Size in 2029:
US$ 68.12 Mn.


 Segments Covered:
by Type
Plain
Flavored


by Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online



Cashew Milk Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Holland, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, New Zealand, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Cashew Milk Market Key Players are:
1. Earth’s Own Food Company Inc.
2. Califia Farms
3. Danone S.A.
4. Elmhurst Milked Direct LLC
5. Pacific Foods
6. Forager Project
7. RITA Food & Drink Co. Ltd.
8. Hain Celestial Group
9. Plenish Cleanse Ltd.
10.Rude Health
11.WhiteWave Services, Inc.
12.Blue Diamond Growers
13.Provamel
14.Dream Blends
15.So Delicious Dairy Free
16.Forager Project
17.VITASOY
18.Cashew Dream
19.Alpro

Frequently Asked Questions:

1] What segments are covered in the Global Cashew Milk Market report?
Ans. The segments covered in the Cashew Milk Market report are based on Type and Distribution Channel.

2] Which region is expected to hold the highest share in the Global Cashew MilkMarket?
Ans. TheNorth America region is expected to hold the highest share in the Cashew Milk Market.

3] What is the market size of the Global Cashew Milk Market by 2029?
Ans. The market size of the Cashew Milk Market by 2029 is expected to reach US$ 68.12 Mn.

4] What is the forecast period for the Global Cashew Milk Market?
Ans. The forecast period for the Cashew Milk Market is 2023-2029.

5] What was the market size of the Global Cashew Milk Market in 2022?
Ans. The market size of the Cashew Milk Market in 2022 was valued at US$ 46.83 Mn.