NEWARK, Del, July 03, 2024 (GLOBE NEWSWIRE) -- The cashew milk market is estimated to be valued at USD 238 million in 2024. By 2034, the market value is forecast to total USD 380 million by 2034, progressing at a CAGR of 4.8%. This can be attributed to growing vegan population and surging demand for plant-based beverages.
As veganism continues to gain momentum, cashew milk is becoming increasingly mainstream. Historically, the HoReCa sector has been a strong supporter of the dairy industry, but now vegan products are receiving similar support. More eateries and cafes are focusing on vegan options, boosting the commercial usage of cashew milk.
The impact of vegan trends on the cashew milk market is significant. With the rising global vegan population demanding greater representation on menus, the market is experiencing substantial growth.
Lactose-intolerant individuals are joining the call for more plant-based milk options. Cashew milk's versatility in flavor and taste integration makes it a popular choice in the food and beverage industry.
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As functional beverages become more mainstream, the projected market size for cashew milk is set to grow. Consumers are increasingly seeking beverages that not only taste good but are also healthy, providing ample opportunities for cashew milk to thrive.
The expansion of online retail is further creating opportunities for the cashew milk market. While availability in physical stores remains a challenge due to its niche status, online platforms are making cashew milk more accessible to consumers.
Global market analysis highlights a promising demand for organic and non-GMO food products, driven by the organic revolution sweeping the food and beverage industry. With consumers paying closer attention to labels, food manufacturers are increasingly opting for non-GMO practices, and cashew milk is helping them meet these standards.
A niche growth factor influencing the cashew milk market is the rising popularity of vegan coffee shops and artisanal blends. This trend is attracting a trendy, hipster consumer base. There is also a growing demand for minimally processed or entirely unprocessed beverages, and cashew milk is helping beverage manufacturers deliver flavor with minimal processing.
Key Takeaways from the Cashew Milk Market
- The cashew milk is anticipated to total USD 238 million in 2024.
- Cans are expected to lead the packaging segment in 2024 with a share of 21.5%.
- Plain cashew milk is the top-selling product type, holding a value share of 87.5% in 2024.
- Italy is set to progress at a CAGR of 5.6% over the coming decade.
- Cashew milk demand in France is forecast to surge at a CAGR of 5.5% through 2034.
- The United Kingdom market is anticipated to progress at a CAGR of 4.9%.
“The target sector is benefiting from the increasing prevalence of food allergies and intolerances. As demand for nut-based milk alternatives rises, cashew milk is becoming a favored choice. The market is poised for continued growth as more consumers embrace the health and environmental benefits of plant-based beverages,” says Nandini Roy Choudhury, Client Partner at Future Market Insights
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Who is Winning?
The cashew milk market is fairly fragmented, with enterprises of all scales having scope to thrive. Plant-based milk manufacturers are paying increasing attention to their cashew segment. Some of the prominent companies in the market are Daiya Foods Inc., Tofutti Brands Inc., SunOpta Inc., and Fine Japan Co. Ltd.
Recent Developments in the Cashew Milk Market
- In September 2023, Honey Alternative Cashewmilk Yogurt was launched by Forager Project.
Country-Wise Insights
What is driving the U.S cashew milk market?
The North American cashew milk market held a commanding 40% share in 2021, the U.S.A being the highest contributor. Because of the adoption of lactose-free products, rising demand and production in the United States are contributing to Cashew Milk’s market growth. This is due to a shift in eating habits as well as increased awareness of the benefits. The cashew milk market in the U.S is expected to grow at a CAGR of 4.6%.
The rise in vegan consumers in the United States has resulted in a rise in demand for herbal milk, which has led to a rise in the use of cashew milk in this area. Furthermore, the increased number of manufacturers and vendors has increased the availability of cashew milk in the United States.
Why is China’s Cashew Milk market growing rapidly?
The Chinese Cashew Milk market is expected to grow at a CAGR of around 4.7% during the forecast period. This has occurred as a result of increased user awareness, changes in taste and preferences, and health concerns.
Consumers are spending more on these products as their disposable income rises and the health benefits become more apparent. The increased emphasis on cashew milk consumption as a result of rising dairy substitute demand and high lactose intolerance is a critical factor in the region's market boom.
Get More Insights
Future Market Insights (FMI), in its new offering, provides a thorough, detailed, and unbiased analysis of the global cashew milk market, presenting historical demand data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034.
The study provides compelling industry insights based on form (powder and liquid), end use (food and beverages, nutraceuticals and baby food, personal care, pharmaceuticals, and others), sales channel (supermarket and hypermarket, online retail, and others), packaging (cartons, pouches, jars, bottles, cans, and others), and product type (plain cashew milk and flavored cashew milk) across several regions.
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Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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