Cashew Milk - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The cashew milk market size is projected to be USD 248.2 billion in 2025, USD 260.35 billion in 2026, and reach USD 332.41 billion by 2031, growing at a 6.4% CAGR from 2026 to 2031. This report is Segmented by Product Type (Unflavoured, Flavoured), Nature (Conventional, Organic), Packaging Type (Bottles, Cartons, Pouches, Jars, Cans, Others), Distribution Channel (On-Trade, Off-Trade), and Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD) and Volume (Liters).

Global Cashew Milk Market Trends and Insights

Health and well-being focus

Driven by preventive nutrition priorities, consumers are increasingly gravitating towards dairy alternatives. Cashew milk, in particular, is gaining traction for its heart-friendly oleic acid profile, which is known to support cardiovascular health. Brands are fortifying these alternatives to bridge nutrient gaps, allowing them to boast parity with dairy in terms of calcium and vitamin D content, which are essential for bone health. A prime example of this trend is Silk Protein, offering 13 grams of complete plant protein per serving. This product caters to both athletes seeking muscle recovery and GLP-1 users aiming for better metabolic health with its higher-protein recipes. Regulatory bodies like EFSA and the FDA are intensifying scrutiny, mandating companies to document bioavailability to ensure that nutrients are effectively absorbed by the body. This requirement bolsters their clean clinical messaging, enhancing consumer trust. Retailers, in turn, are rewarding such substantiated claims with premium shelf space, creating a reinforcing cycle of fortification, consumer confidence, and enhanced pricing power.

Growing lactose-intolerant population

Globally, 68% of people grapple with lactose malabsorption, a figure that soars past 90% in East Asia. This widespread issue bolsters the demand for cashew milk, which boasts a naturally lactose-free profile, making it a suitable alternative for individuals with lactose intolerance. Cashew milk's thicker consistency, compared to rice or oat milk, makes it a preferred choice for coffee and baking, where viscosity is key to achieving desired textures and flavors. In 2025, Mexican watchdog Profeco highlighted mislabeling in competing nut milks. This scrutiny has made transparency a pivotal factor, benefiting cashew formulations that prioritize purity and allergen-free standards, thereby building consumer trust. With just 25 kcal per unsweetened cup, cashew milk appeals to calorie-conscious consumers seeking healthier beverage options. However, it's essential to fortify the milk to ensure adequate protein intake for both children and seniors, addressing their specific nutritional needs.

High cashew kernel input costs

In March 2026, benchmark WW320 kernels surged to EUR 6.30 per kg, driven by yield reductions in Vietnam and India due to El Niño, which disrupted agricultural production in these key regions. This price increase significantly impacted brands that lacked vertical integration or multi-year contracts, as they faced a squeeze in gross margins due to higher procurement costs and limited pricing power. Meanwhile, Refresco's anticipated USD 829 million acquisition of SunOpta underscores a growing trend in the industry: scale-driven mergers and acquisitions aim to bolster procurement leverage, enhance supply chain efficiency, and broaden geographic reach to mitigate risks associated with supply disruptions and price volatility. However, smaller independent players remain highly vulnerable to the unpredictability of spot-market fluctuations, which can severely affect their profitability, operational stability, and long-term competitiveness.

Other drivers and restraints analyzed in the detailed report include:

• Expansion of vegan and flexitarian diets
• Up-cycling of cashew apple by-products
• Taste and mouthfeel optimization challenges

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

In 2025, unflavored cashew milk dominated the market, capturing 69.87% of total revenue. This stronghold is largely attributed to cafés and foodservice operators favoring it as a neutral base for both beverages and culinary uses. Its widespread adoption in these sectors stems from its ability to seamlessly blend with other ingredients without altering the intended flavor profile. Additionally, unflavored cashew milk enjoys consistent household usage due to its versatility in various recipes, including smoothies, soups, and baked goods. While the segment enjoys a staple positioning, its market share is poised for a slight dip. This is due to retailers increasingly dedicating shelf space to value-added alternatives, such as flavored or fortified options that cater to evolving consumer preferences. Yet, even with this minor decline, unflavored variants remain central to the category, bolstered by their versatility, affordability, and broad consumer appeal.

Flavored cashew milk is set to emerge as the fastest-growing segment, boasting a projected CAGR of 7.10% through 2031. This surge is driven by a growing appetite for fortified and indulgent flavors, with favorites like vanilla, matcha, and seasonal spice blends leading the charge. These flavored options not only cater to taste preferences but also align with the increasing demand for functional beverages that offer added health benefits. In a bid to bridge nutritional gaps and cater to health-conscious consumers, brands are rolling out protein-enhanced versions, blending cashew with soy, peas, and other legumes. These premium offerings, often priced 15-25% higher, not only counterbalance raw material cost challenges but also bolster marketing endeavors. Furthermore, innovative flavor-function pairings, such as chocolate with adaptogens, empower brands to craft unique “dual-benefit” propositions, striking a chord with the younger, health-savvy demographic. The introduction of limited-edition seasonal flavors and collaborations with popular health influencers further amplifies the appeal of flavored cashew milk, ensuring sustained growth in this segment.

In 2025, conventional cashew milk dominated the market, securing 87.43% of the total share. This stronghold is attributed to its competitive pricing and robust sourcing and supply chain networks. Conventional cashew milk benefits from its affordability, making it a preferred choice among cost-conscious consumers. Additionally, its established distribution channels ensure widespread availability, further solidifying its market position. The product enjoys a significant presence in both retail outlets and foodservice sectors, catering to diverse consumer needs. While organic cashew milk is on the rise, conventional variants are set to retain their volume leadership for the foreseeable future, bolstered by cost-sensitive consumers and the scalability of their production systems.

Organic cashew milk is on track to be the fastest-growing segment, with a projected CAGR of 7.94% during the forecast period. Despite its relatively modest current market size, organic cashew milk promises higher profit margins and significant export potential, especially in regulated markets like the EU and Japan. This growth is driven by consumers' increasing willingness to invest in certified products, buoyed by clean-label positioning and sustainability narratives. Yet, the path isn't without challenges: certification mandates lead to the need for segregated supply chains and investments in traceability technologies, complicating operations. Industry leaders like Califia Farms and MALK Organics are seizing this opportunity, rolling out premium products with straightforward ingredient lists, often fetching a 40-60% price premium.

Complete Report Scope:

• By Product Type
  • Unflavoured Cashew Milk
  • Flavoured Cashew Milk
• By Nature
  • Conventional
  • Organic
• By Packaging Type
  • Bottles
  • Cartons
  • Pouches
  • Jars
  • Cans
  • Others
• By Distribution Channel
  • On-Trade
  • Off-Trade
    • Supermarkets/Hypermarkets
    • Convenience Stores
    • Online Retail
    • Other Distribution Channel
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • United Kingdom
    • Italy
    • France
    • Spain
    • Netherlands
    • Poland
    • Belgium
    • Sweden
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • South Korea
    • Thailand
    • Singapore
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of South America
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • Egypt
    • Morocco
    • Turkey
    • Rest of Middle East and Africa

Geography Analysis

By 2025, North America is set to command a 41.16% share, driven by its established distribution networks, Canada's endorsement of plant proteins in dietary guidelines, and Mexico's prevalent lactose intolerance. In the U.S., while the overall plant-milk volume shows signs of softening, premium cashew SKUs stand out, underscoring the success of fortified and flavored innovations. Meanwhile, corporate maneuvers, like the Refresco-SunOpta deal, highlight a trend of consolidation as companies pursue procurement synergies. These factors collectively position North America as a mature and stable market for cashew milk, with innovation and strategic partnerships driving growth. Additionally, the region's focus on premiumization and health-conscious consumer trends continues to fuel demand for plant-based alternatives.

Europe, holding the second spot, benefits from the European Parliament's nod to use dairy terminology for plant-based alternatives. This, coupled with a strong organic demand in Germany, France, and the Nordic countries, bolsters the region's position. While the EFSA's claim verifications and specific country sugar taxes necessitate careful formulation, they also serve to filter out non-compliant players, inadvertently enhancing the category's credibility. The region's regulatory environment and consumer preferences create a competitive yet promising landscape for market players. Furthermore, the increasing availability of plant-based options in mainstream retail channels is making these products more accessible to a broader audience.

Asia-Pacific is set for significant growth, with a projected CAGR of 7.53%. Policy incentives, such as Singapore's food-security grants and APEDA rebates in India, are easing scaling challenges. With a domestic kernel supply, India and Vietnam offer opportunities for vertical integration. Urban consumers in China increasingly prefer lactose-free beverages in cafes. Countries like Australia, South Korea, and Japan, supported by vibrant café cultures and health-conscious trends, further enhance the region's potential. These market dynamics and supportive policies position Asia-Pacific as a key hotspot for cashew milk investments. In South America, Brazil and Argentina are witnessing growing interest. Government-backed research and development and rising plant-based lifestyle trends are driving trials. While still nascent, increasing consumer awareness and supportive policies indicate steady growth potential. In the Middle East and Africa, cashew milk is gaining traction in upscale retail outlets in the Gulf and South Africa. However, broader adoption faces challenges like price sensitivities and cold-chain logistics. Despite this, premium retail segments and evolving consumer preferences reveal niche opportunities for market expansion.

List of Companies Covered in this Report:

• Danone S.A.
• Califia Farms
• The Hain Celestial Group
• Forager Project LLC
• Elmhurst 1925
• SunOpta Inc.
• Vinut Group
• Plant Veda
• RITA Food and Drink Co.
• Sunshine Dairy Foods
• Nutty Made Inc (AddJoi)
• MALK Organics LLC
• Britvic plc (Plenish Drinks)
• Oddlygood (Rude Health)
• Good Mylk Co.
• Valsoia S.p.A.
• Village Juicery
• Life Health Foods India Pvt Ltd
• Alt Milk
• Ruby Food Products Pvt Ltd

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support