Consumer Goods

Cashew Milk Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : February 2024

Format :Pdf Ppt Xls

Report ID:KR432

Author : Priyanka V.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 40.1 Million

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Forecasted Value (2030)

USD 64.5 Million

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CAGR (2023 - 2030)

6.2%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Type

Plain, Flavored.

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By Form

Powder, Liquid.

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By Distribution Channel

Supermarkets/Hypermarkets, Online.


Market Perspective

The global Cashew Milk Market was valued at USD 40.1 Million in 2022 and is projected to reach USD 64.5 Million by 2030, growing at a CAGR of 6.2% from 2023 to 2030.

The market for cashew milk has seen substantial growth in the past few years due to rising consumer interest in plant-based milk substitutes. Cashew milk, which is made by blending cashews with water, is favored for its smooth texture and nutty taste. Additionally, it is a preferred option among individuals who are lactose intolerant or have dairy allergies, as it does not contain lactose or dairy proteins naturally.

Moreover, the burgeoning demand for cashew milk is being propelled by the rising trend of vegan and vegetarian diets. As an increasing number of individuals embrace these lifestyles, they are in search of plant-based substitutes for conventional dairy items. Cashew milk emerges as a highly nutritious and flavorful choice, given its abundance of beneficial fats, vitamins, and minerals.

Furthermore, the growth of the cashew milk market is being propelled by the increasing recognition of the ecological consequences associated with dairy farming. Cashew milk production proves to be more sustainable, demanding less water and land as compared to conventional dairy products. Given these circumstances, the cashew milk industry is anticipated to witness ongoing expansion in the foreseeable future.

Analyst’s Review on Cashew Milk Market

The demand for cashew milk has been driven by its numerous health benefits and its popularity among consumers with lactose intolerance. Additionally, the growing trend of plant-based diets and increasing awareness about the environmental impact of traditional dairy farming have also contributed to the rise in cashew milk consumption. As a result, many major dairy companies have started introducing cashew milk products to cater to this growing demand. The market is expected to continue its upward trajectory in the coming years, with more consumers shifting toward healthier and sustainable alternatives. However, challenges such as the higher cost of production and limited availability of cashew nuts in certain regions may hinder market growth. Nonetheless, innovative product offerings and strategic marketing efforts can help overcome these obstacles and further fuel the cashew milk market's expansion.

Market Definition

Cashew milk is a plant-based alternative to dairy milk that is made from blending cashews with water. It has gained popularity in recent years as a dairy-free option for those with lactose intolerance, milk allergies, or those following a vegan lifestyle. Additionally, due to its nutty flavor, cashew milk is considered a versatile choice for use in both sweet and savory recipes. In addition to its dietary benefits, cashew milk is also known for its nutritional value. Furthermore, it is rich in healthy fats, protein, and vitamins, which makes it a nutritious choice for individuals seeking a balanced diet.

Moreover, it is a great alternative for those who are lactose intolerant or have dairy allergies, as it is naturally free of lactose and does not contain any dairy proteins, making it a suitable option for individuals with dietary restrictions. Additionally, cashew milk is lower in calories and fat compared to cow's milk, and is thus a popular choice for those watching their weight or following a low-fat diet.

Market Dynamics

Increasing awareness about the health benefits of plant-based diets and the rising number of lactose-intolerant individuals have led to a surge in the demand for plant-based alternatives such as cashew milk. Additionally, consumers are becoming more conscious of their dietary choices and are actively seeking healthier and sustainable options. As a result, the cashew milk market is expected to witness significant growth in the coming years as more people embrace the plant-based lifestyle.

Furthermore, the rise in lactose intolerance and dairy allergies has also contributed to the growing demand for plant-based dairy alternatives such as cashew milk, which is positively influencing the industry outlook. Moreover, many individuals are unable to consume dairy products due to digestive issues or allergies, and plant-based alternatives provide a suitable and accessible solution for them. Furthermore, surging health  consciousness trend in society has also played a significant role in driving the demand for these alternatives. As a result, the market for plant-based dairy alternatives has seen tremendous growth in recent years, with a wide range of flavoured & plain cashew milk products available to cater to different tastes and dietary needs.

However, the production and processing of cashews into milk is a complex and costly process, leading to higher production costs. This, in turn, results in a higher retail price, making cashew milk less affordable for a larger consumer base. Additionally, the competitive nature of the plant-based milk market means that consumers have a wide range of alternative options, often at lower prices, leading them to opt for more affordable alternatives, hindering the growth of the cashew milk market.

Segmentation Analysis

The global cashew milk market is segmented based on type, form, distribution channel, and geography.

Based on type, the cashew milk market is bifurcated into plain & flavored. The plain cashew milk segment registered a highest marke share due to growing demand for non-dairy alternatives, particularly among health-conscious consumers. Additionally, owing to its low calorie and fat content, plain cashew milk provides a nutritious option for those seeking a dairy-free lifestyle. Furthermore, its creamy texture and mild nutty flavor make it a versatile ingredient for use in various recipes, from smoothies to baked goods. As more people adopt plant-based diets, the Plain Cashew milk market is expected to continue its upward trajectory, presenting opportunities for both established brands and new entrants in the industry.

Based on form, the market is bifurcated into powder & liquid. The liquid segment accounted for largest market share in 2022. This growth can be attributed to various factors such as the increasing number of individuals adopting vegan or lactose-free diets, as well as the growing awareness about the health benefits of consuming plant-based products. Additionally, the cashew milk market is also being driven by the availability of innovative flavors and packaging options, which are attracting a broader consumer base. As a result, the future prospects for the cashew milk market appear promising, with a prominent increase in market share and revenue projected for the coming years.

Based on distribution channel, the market is bifurcated into supermarkets/hypermarkets and online. The supermarkets and hypermarkets segment acquired largest market share in 2022. This could be attributed to the larger variety of products and brands available in hyper supermarkets, giving consumers more options to choose from. Additionally, the convenience of being able to purchase other grocery items along with cashew milk in one location may also contribute to the higher product sales through hyper/supermarkets. Overall, the segment analysis indicates that cashew milk has a strong presence in both supermarket and hyper supermarket settings, but the latter seems to be the preferred choice for consumers.

Geographical Analysis

Based on region, the global cashew milk market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America dominated the market with major market share in 2022 due to the favorable climate and soil conditions for the production of cashew & cashew milk in North America, particularly in countries like Mexico and the United States. These regions provide optimal conditions for cashew trees to thrive and produce high-quality nuts. Additionally, North America has made significant advancements in agricultural practices and technology, allowing for efficient and productive cashew cultivation. Furthermore, the region's strong infrastructure and access to global markets have facilitated the growth and export of cashew products, solidifying its dominance in the industry.

The Asia Pacific is expected to be the fastest-growing region in the cashew milk market due to several factors such as a significant increase in disposable income among the middle-class population in countries like China and India, which is leading to a higher demand for cashew products. Additionally, growing awareness about the health benefits of cashews, such as their high nutritional value and ability to lower cholesterol, has contributed to their popularity in the region. Moreover, the versatility of cashews in various cuisines, including traditional Asian dishes, has further fueled the market growth in the Asia Pacific. 

Competitive Landscape

The global cashew milk market study will provide valuable insights with an emphasis on the fragmented nature of the sector. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major players in the market are:

  • Blue Diamond Growers, Inc.
  • Danone S.A.
  • Edward & Sons Trading Co., Inc.
  • Nutty life, LLC.
  • ProVeg e.V.
  • SunOpta, Inc.
  • Earth's Own Food Company, Inc.
  • Plenish Cleanse Ltd. (Britvic PLC)
  • The Gentle Nut
  • Pacific Foods

Key Developments:

  • April 2021(Product launch): Forager announced a new product line of vegan ice creams made with cashew milk. This new product line aimed to deliver organic and delicious plant-based ice cream.
  • March 2021 (Product Launch): Forager announced plans to launch Cheeseworks – a new line of dairy-free cheeses made with probiotic cashew milk yogurt. The products were created with an objective to deliver gluten-free, organic, and certified vegan cheeses.

The global Cashew Milk Market is segmented as:

By Type

  • Plain
  • Flavored

By Form

  • Powder
  • Liquid

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Online

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
The global cashew milk is projected to reach USD 64.5 million by 2030, growing at a CAGR of 6.2% from 2023 to 2030.
The global cashew milk market was valued at USD 40.1 million in 2022.
The major driving factor for the market growth are growing veganism, increasing demand for healthy & fortified products.
Top manufacturers of cashew milk market are Blue Diamond Growers, Inc., Danone S.A., Edward & Sons Trading Co., Inc., Nutty life, LLC., ProVeg e.V., SunOpta, Inc., Earth's Own Food Company, Inc., Plenish Cleanse Ltd. (Britvic PLC), The Gentle Nut, and Pacific Foods, among others.
Asia-Pacific is the fastest growing region in the forecasted period (2023-2030).
By type, plain segment will hold the maximum share in the cashew milk market in forecast period.
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