The global cashew milk market is anticipated to reach $154.9 million by 2032, growing from $61.9 million in 2022 at a CAGR of 10.1% from 2023 to 2032.
Cashew milk refers to a plant-based milk alternative made from cashew nuts. It is created by blending soaked cashews with water and then straining the mixture to remove any solid particles. The resulting liquid is smooth and creamy, resembling traditional dairy milk in texture. Cashew milk is often used as a substitute for cow's milk by those who follow a vegan or lactose-free diet, or by individuals who have allergies or sensitivities to dairy products. It can be used in various recipes, such as smoothies, baked recipes, and coffee.
The key driver in the cashew milk market is the growing demand for plant-based milk alternatives. As a large number of people around the globe are seeking dairy-free alternatives due to dietary restrictions, lactose intolerance, or personal preferences, the recognition of plant-based milk substitutes has Increased significantly. Cashew milk, in particular, has gained attraction as a nutritious and creamy choice to typical dairy milk.
The Increasing awareness regarding health advantages related to cashew milk is any other driver of the cashew milk market growth. Cashew milk is regularly perceived as a healthier choice compared to dairy milk due to its lower calorie and fat content. It is additionally rich in vitamins, minerals, and antioxidants, similarly contributing to its enchantment amongst health-conscious people. Moreover, the versatility of cashew milk in culinary applications is driving its demand. Cashew milk can be used as a replacement in a variety of recipes, which Includes smoothies, baked goods, coffee, and savory dishes. Its creamy texture and moderate taste makes it a popular preference for adding richness and taste to a wide range of culinary creations.
The allergen issues related to cashew milk are one of the significant factors expected to restrain the cashew milk market growth. While cashew milk is a viable alternative for people with lactose intolerance or dairy allergies, it may not be appropriate for those with cashew nut allergies. Cashew nuts are one of the frequent tree nut allergens, and people with such hypersensitive reactions need to avoid consuming cashews and products derived from them. This limitation in terms of allergen issues may significantly prevent the potential consumer base for cashew milk. It poses challenges in expanding the market and reaching a broader audience, as buyers with cashew nut allergic reactions may need to choose different plant-based milk alternatives that do not pose the same allergen risks.
Cashew milk market companies are gaining importance in the restaurant industry as cashew milk is gradually replacing conventional dairy milk for many consumers. Companies are capitalizing on this trend and developing gluten-free cashew milk. An alarming death rate from high cholesterol in patients has boosted the demand for low-fat dairy such as cashew milk. People with vitamin B2 and B12 deficiencies Increasingly choose cashew milk. Another trend that supports the cashew milk market growth is the demand for frozen desserts. Stakeholders in the value chain are expanding their portfolio of non-dairy products, such as frozen desserts made from cashew milk, almond milk, and coconut milk. In addition to major players, even startups are taking advantage of the trend for plant and non-dairy food products. For example, the manufacturer of plant-based food products, Benni Alimentos, announced the launch of cashew-soluble milk powder to meet consumer requirements for plant-based milk substitutes. Companies are Increasing R&D to Increase the shelf life of plant-based products. This research has helped companies gain a competitive advantage over others, as conventional herbal products degrade in a short time, causing food waste problems. These factors are projected to create several growth opportunities for the market players in the future.
The COVID-19 pandemic has had significant impact on the market for cashew milk. The pandemic has led to an Increase in consumer interest in health & wellness, leading to a rise in demand for plant-based products. As people sought to boost their immune systems and make healthier choices, they turned to alternatives like cashew milk, which is considered as a nutritious and sustainable option. The pandemic caused disruptions in global supply chains, affecting the availability of raw materials and impacting production and distribution processes. This led to temporary shortages or difficulties in procuring cashews, potentially affecting cashew milk production and availability. The pandemic brought about changes in consumer behavior, Including a shift towards online shopping and home delivery. This change impacted the distribution and sales channels for cashew milk, with a greater emphasis on e-commerce platforms and grocery delivery services. The closure or limited operations of restaurants, cafes, and other food service establishments during lockdowns and social distancing measures significantly impacted the foodservice sector. Therefore, there was a decrease in the use of cashew milk as an ingredient in various food & beverage offerings in these establishments.
The key players profiled in this report Include WhiteWave Foods Company LLC, Blue Diamond Growers, Edward & Sons Trading Co., Earth's Own Food Company Inc., Nutty life, LLC., Cashew Dream, Danone SA, Alpro, Proveg International, and TheGentleNut. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Cashew milk refers to a plant-based milk alternative made from cashew nuts. It is created by blending soaked cashews with water and then straining the mixture to remove any solid particles. The resulting liquid is smooth and creamy, resembling traditional dairy milk in texture. Cashew milk is often used as a substitute for cow's milk by those who follow a vegan or lactose-free diet, or by individuals who have allergies or sensitivities to dairy products. It can be used in various recipes, such as smoothies, baked recipes, and coffee.
The key driver in the cashew milk market is the growing demand for plant-based milk alternatives. As a large number of people around the globe are seeking dairy-free alternatives due to dietary restrictions, lactose intolerance, or personal preferences, the recognition of plant-based milk substitutes has Increased significantly. Cashew milk, in particular, has gained attraction as a nutritious and creamy choice to typical dairy milk.
The Increasing awareness regarding health advantages related to cashew milk is any other driver of the cashew milk market growth. Cashew milk is regularly perceived as a healthier choice compared to dairy milk due to its lower calorie and fat content. It is additionally rich in vitamins, minerals, and antioxidants, similarly contributing to its enchantment amongst health-conscious people. Moreover, the versatility of cashew milk in culinary applications is driving its demand. Cashew milk can be used as a replacement in a variety of recipes, which Includes smoothies, baked goods, coffee, and savory dishes. Its creamy texture and moderate taste makes it a popular preference for adding richness and taste to a wide range of culinary creations.
The allergen issues related to cashew milk are one of the significant factors expected to restrain the cashew milk market growth. While cashew milk is a viable alternative for people with lactose intolerance or dairy allergies, it may not be appropriate for those with cashew nut allergies. Cashew nuts are one of the frequent tree nut allergens, and people with such hypersensitive reactions need to avoid consuming cashews and products derived from them. This limitation in terms of allergen issues may significantly prevent the potential consumer base for cashew milk. It poses challenges in expanding the market and reaching a broader audience, as buyers with cashew nut allergic reactions may need to choose different plant-based milk alternatives that do not pose the same allergen risks.
Cashew milk market companies are gaining importance in the restaurant industry as cashew milk is gradually replacing conventional dairy milk for many consumers. Companies are capitalizing on this trend and developing gluten-free cashew milk. An alarming death rate from high cholesterol in patients has boosted the demand for low-fat dairy such as cashew milk. People with vitamin B2 and B12 deficiencies Increasingly choose cashew milk. Another trend that supports the cashew milk market growth is the demand for frozen desserts. Stakeholders in the value chain are expanding their portfolio of non-dairy products, such as frozen desserts made from cashew milk, almond milk, and coconut milk. In addition to major players, even startups are taking advantage of the trend for plant and non-dairy food products. For example, the manufacturer of plant-based food products, Benni Alimentos, announced the launch of cashew-soluble milk powder to meet consumer requirements for plant-based milk substitutes. Companies are Increasing R&D to Increase the shelf life of plant-based products. This research has helped companies gain a competitive advantage over others, as conventional herbal products degrade in a short time, causing food waste problems. These factors are projected to create several growth opportunities for the market players in the future.
The COVID-19 pandemic has had significant impact on the market for cashew milk. The pandemic has led to an Increase in consumer interest in health & wellness, leading to a rise in demand for plant-based products. As people sought to boost their immune systems and make healthier choices, they turned to alternatives like cashew milk, which is considered as a nutritious and sustainable option. The pandemic caused disruptions in global supply chains, affecting the availability of raw materials and impacting production and distribution processes. This led to temporary shortages or difficulties in procuring cashews, potentially affecting cashew milk production and availability. The pandemic brought about changes in consumer behavior, Including a shift towards online shopping and home delivery. This change impacted the distribution and sales channels for cashew milk, with a greater emphasis on e-commerce platforms and grocery delivery services. The closure or limited operations of restaurants, cafes, and other food service establishments during lockdowns and social distancing measures significantly impacted the foodservice sector. Therefore, there was a decrease in the use of cashew milk as an ingredient in various food & beverage offerings in these establishments.
The key players profiled in this report Include WhiteWave Foods Company LLC, Blue Diamond Growers, Edward & Sons Trading Co., Earth's Own Food Company Inc., Nutty life, LLC., Cashew Dream, Danone SA, Alpro, Proveg International, and TheGentleNut. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cashew milk market analysis from 2022 to 2032 to identify the prevailing cashew milk market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cashew milk market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global cashew milk market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Plain
- Flavored
By Distribution Channel
- Online
- Supermarket
- Retail Stores
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Alpro
- Blue Diamond Growers
- Cashew Dream
- Danone SA
- earth's own food company Inc.
- Edward & Sons Trading Co.
- Nutty life, LLC.
- proveg international
- TheGentleNut
- WhiteWave Foods Company, LLC
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CASHEW MILK MARKET, BY PRODUCT TYPE
CHAPTER 5: CASHEW MILK MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: CASHEW MILK MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Cashew Milk Market,' The cashew milk market was valued at $61.9 million in 2022, and is estimated to reach $154.9 million by 2032, growing at a CAGR of 10.1% from 2023 to 2032.Cashew milk refers to a non-dairy milk alternative made from cashew nuts. It is created by blending or grinding soaked cashews with water and straining the mixture to remove any solid particles. The resulting liquid has a creamy texture and a slightly sweet and nutty flavor. Cashew milk is commonly used as a substitute for cow's milk by individuals who are lactose intolerant, have dairy allergies, or follow a vegan or plant-based diet. It can be used in cooking and baking, or added to beverages like coffee, tea, or smoothies. Cashew milk is known for its nutritional profile, as it contains healthy fats, protein, vitamins, and minerals. It is a good source of monounsaturated fats, which are beneficial for heart health. In addition, cashew milk is often enriched with nutrients like calcium and vitamin D to provide similar nutritional benefits to cow's milk.
Cashew milk is nondairy milk since it is made from cashews. There is no lactose in this product. It is a creamy liquid that is prepared by combining cashews and water. Unlike dairy milk, cashew milk is low in LDL cholesterol and high in B nutrients, copper, and magnesium. In addition, as compared to different nuts, cashew milk has a lower total fat percentage than dairy milk. Approximately 76% of the lipids in cashews are unsaturated fats which can be maximum significantly oleic acid, the identical monounsaturated fats found in olive oil, which means that fat present in cashews provides heart-healthy benefits, supporting cardiovascular well-being and promoting a healthy heart. It can also help in decreasing the chances of getting a stroke or developing heart ailment. All these health benefits of cashew milk are projected to drive its demand during the forecast years.
Cashew nut processing is a labor-intensive industry. However, there has been a significant decrease in the number of skilled workers in recent years. Cashews must be peeled, shelled, and graded, which is a time-consuming process. Peeling, shelling, and grading cashews is a time-consuming procedure that needs manual expertness. The shortage of skilled people capable of doing these activities effectively has become a serious obstacle for the cashew nut processing business. A skilled labor scarcity not only reduces productivity but also raises manufacturing costs and reduces overall operational efficiency.
The cashew milk industry is being driven by rising consumer awareness of the health advantages of cashew milk. Improved heart health, iron deficiency and blood sugar regulation, skin health, and eye health are among them. Other advantages of cashew milk include cholesterol reduction, blood coagulation, and anti-cancer effects. It is a popular product since it is simple to digest and high in omega-6 fatty acids. Lactose-intolerant people are the primary users of cashew milk and other dairy substitutes. Different companies and brands in the market offer cashew milk in varying formulations, allowing customers to choose from various flavors, added ingredients, and unique combinations.. For instance, in March 2023, At Natural Products Expo West, Forager Project, an organic, plant-based, and family-owned creamery that crafts dairy-free foods, unveiled its new Honey Alternative Cashew milk Yoghurt, as well as a new line of cashew milk with peach flavor yogurt. Increasing adoption plant-based milk products such as cashew milk is anticipated to boost market expansion in the upcoming years.
The cashew milk market share is segmented on the basis of product type, distribution channel, and region. By product type, it is classified into flavored and plain. By distribution channel, it is classified into online, supermarket, and convenience stores. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the cashew milk market report include WhiteWave Foods Company LLC, Blue Diamond Growers, Edward & Sons Trading Co., Earth's Own Food Company Inc., Nutty life, LLC., Cashew Dream, Danone SA, Alpro, Proveg International, and TheGentleNut.
The report offers a comprehensive analysis of the global cashew milk market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Cashew Milk Industry
The COVID-19 pandemic has accelerated the trend toward healthier lifestyles and plant-based diets. With people becoming more health-conscious and seeking alternatives to traditional dairy products, the demand for plant-based milk, including cashew milk, has been on the rise. This increase in demand is likely to have a positive impact on the cashew milk market in the post-pandemic period as well.The pandemic has caused disruptions in global supply chains, affecting various industries, including the food & beverage sector. Restrictions on movement, lockdown measures, and reduced availability of labor impacted the production, distribution, and sourcing of cashew milk and its raw materials. These disruptions potentially led to supply shortages and higher production costs.
The COVID-19 pandemic changed consumer purchasing patterns, with a significant increase in online shopping and home deliveries. This shift affected traditional brick-and-mortar retail stores, including grocery stores. Therefore, the availability and accessibility of cashew milk products may have been affected, with consumers relying more on e-commerce platforms and direct-to-consumer delivery services.
The closure or limited operations of restaurants, cafes, and other food service establishments during lockdowns and social distancing measures impacted the demand for cashew milk within the foodservice sector. As restaurants and cafes gradually reopened and resumed regular operations, the demand for cashew milk in the food service industry is expected to recover in the post-pandemic period.
Key Findings of the Study
- Based on product type, the plain sub-segment emerged as the global leader in 2022 and the flavored sub-segment is anticipated to be the fastest growing during the forecast period.
- Based on distribution channel, the supermarket sub-segment emerged as the global leader in 2022 and the online sub-segment is predicted to show the fastest growth in the upcoming years.
- Based on region, North America registered the highest market share in 2022 and Asia-Pacific is projected to have the highest CAGR during the forecast period.
Companies Mentioned
- Alpro
- Blue Diamond Growers
- Cashew Dream
- Danone SA
- earth's own food company inc.
- Edward & Sons Trading Co.
- Nutty life, LLC.
- proveg international
- TheGentleNut
- WhiteWave Foods Company, LLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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