Cashew Milk Market Size Projected to Generate a Revenue of $154,856.10 Thousand by 2032Download Sample Reports Overview
The Global Cashew Milk Market Size is predicted to be valued at $154,856.10 thousand by 2032, surging from $61,865.30 thousand in 2022, at a CAGR of 10.1%.
Impact Analysis of COVID-19 on the Cashew Milk Market
The COVID-19 pandemic has contributed to an overall rise in the demand for plant-based food & beverages. Consumers have shown an increased interest in products identified to have health benefits and environmental sustainability. The pandemic caused disruptions in global supply chains, affecting the availability and distribution of various products, including plant-based alternatives. These disruptions have impacted the cashew milk market to some extent. With lockdowns and social distancing measures in place, consumers turned to online channels for purchasing groceries and other essential items. This shift to online retail has provided opportunities for plant-based milk brands to reach a broader consumer base.
The closure of restaurants, cafes, and other foodservice establishments due to the pandemic had a significant impact on the demand for plant-based milk products. Reduced foot traffic and limited dine-in options affected the sales of cashew milk and other plant-based alternatives in the foodservice sector. The COVID-19 pandemic led many consumers to prioritize health & wellness, which has boosted the demand for products considered as healthier alternatives. Cashew milk, known for its potential health benefits and nutritional value, gained popularity during the pandemic.
Global Cashew Milk Market Analysis
The rise of vegan and vegetarian lifestyles has boosted the demand for plant-based milk alternatives. Many individuals are adopting vegan and vegetarian diets due to increasing health concerns. Plant-based diets are often associated with various health benefits, such as reduced risk of heart disease, lower cholesterol levels, and better weight management. Cashew milk, being a plant-based alternative, appeals to health-conscious consumers looking for nutritious dairy alternatives. Concerns about the environmental impact of animal agriculture have led to an increased interest in plant-based alternatives. Livestock farming requires significant resources, including land, water, and feed, which contribute to deforestation, greenhouse gas emissions, and water pollution. Choosing plant-based milk alternatives like cashew milk allows individuals to reduce their ecological footprint and support sustainable practices. Moreover, animal welfare is another crucial factor driving the demand for vegan and vegetarian lifestyles. Many people choose to avoid animal products due to concerns about animal cruelty and exploitation. Cashew milk offers a cruelty-free alternative to traditional dairy milk, as it is derived from plant sources without any direct harm to animals. These are the major factors anticipated to boost the cashew milk market share during the forecast timeframe.
The plant-based milk industry is indeed highly competitive, and cashew milk faces competition from other plant-based milk alternatives such as almond, soy, oat, and coconut milk. Different consumers have different taste preferences and dietary needs. While some people may prefer the taste and texture of cashew milk, others may find almond, soy, oat, or coconut milk more appealing. Consumer preferences play a significant role in shaping market demand, and if cashew milk does not align with the preferences of a large portion of consumers, it may struggle to compete effectively. Each plant-based milk alternative has a unique nutritional profile, which may influence consumer choices. Cashew milk typically contains lower protein content compared to soy milk, for example, which is known for its relatively high protein content. Some consumers prioritize certain nutrients in their plant-based milk choices, and if cashew milk does not meet their specific requirements, they may opt for other alternatives. Milk alternatives are often chosen by individuals who have allergies or intolerances to dairy products. While cashew milk can be a suitable option for many, it may not be suitable for those with tree nut allergies, limiting its potential consumer base.
Consumers are increasingly prioritizing their health and seeking healthier alternatives to traditional dairy products. Cashew milk is often perceived as a healthier option due to its lower saturated fat content compared to cow's milk. It is also lactose-free, making it suitable for individuals with lactose intolerance. The rising awareness of these health benefits creates a favorable environment for cashew milk in the market. The popularity of vegan and vegetarian lifestyles is on the rise globally. Cashew milk, being a plant-based alternative, aligns with these dietary choices. It provides a suitable option for individuals who follow vegan or vegetarian diets and are looking for milk substitutes. This expanding consumer base presents a significant opportunity for cashew milk producers. Cashew milk is free from common allergens such as lactose, dairy proteins, and soy, making it suitable for individuals with specific dietary restrictions or allergies. This allergen-free aspect of cashew milk appeals to a broader consumer base, including those with lactose intolerance, dairy allergies, or soy allergies. Offering a milk alternative that caters to these needs can lead to increased market share. The rising demand for plant-based milk alternatives, combined with the unique qualities of cashew milk, presents numerous opportunities for market growth and expansion.
Global Cashew Milk Market, Segmentation
The cashew milk market is segmented on the basis of type, distribution channel, and region.
The type segment is classified into flavored and plain. Among these, the flavored sub-segment is anticipated to be the fastest growing during the forecast period. This growth is due to the increasing consumer demand for variety and unique taste experiences. Consumers are actively looking out for different flavors and options beyond traditional plain or unsweetened cashew milk. Flavored cashew milk offers a wide range of taste profiles, catering to different preferences and creating a more enjoyable drinking experience. Flavored cashew milk often aligns with health & wellness trends, offering consumers a nutritious alternative to dairy milk and other plant-based beverages. Flavors like vanilla, chocolate, strawberry, and matcha offer a more indulgent experience while still maintaining a healthier image compared to sugary drinks or artificial flavorings. The rising popularity of plant-based diets and lifestyles is driving the demand for non-dairy milk alternatives, including cashew milk. Flavored cashew milk provides a delicious option for individuals who choose to avoid animal products, lactose, or have dietary restrictions, allowing them to enjoy a wide variety of flavors while adhering to their dietary choices.
The distribution channel segment is further classified into online, supermarket, and convenience stores. Among these, the online sub-segment is projected to witness the highest CAGR during the forecast years. Online platforms provide convenience and ease of access for consumers. They can browse and purchase cashew milk products from the comfort of their homes, without the need to visit physical stores. This convenience factor has driven many consumers to opt for online shopping, including cashew milk. Online platforms offer a wide variety of cashew milk brands, flavors, and product variants. Consumers can explore different options and choose the ones that best suit their preferences. The online segment provides a broader range of choices compared to traditional retail stores, attracting consumers looking for specific products or unique flavors. There has been an increase in awareness of the health benefits associated with plant-based milk alternatives, including cashew milk. Many consumers are seeking healthier alternatives to dairy milk due to dietary restrictions, lactose intolerance, or personal preferences. Online platforms cater to health-conscious individuals by offering a diverse selection of cashew milk products. Many online platforms offer subscription services for cashew milk products. Consumers can subscribe to regular deliveries, ensuring a continuous supply of their preferred cashew milk without the hassle of reordering. This subscription-based model has gained popularity and contributed to the growth of the online segment.
The cashew milk market in Asia-Pacific is projected to show the fastest growth during the forecast period. Asia-Pacific has witnessed a growing trend of health-conscious consumers seeking plant-based milk alternatives. Cashew milk is considered a nutritious and dairy-free option, rich in vitamins, minerals, and healthy fats. The region has seen a surge in the number of individuals adopting vegan or vegetarian lifestyles. Cashew milk, being plant-based and lactose-free, caters to these dietary preferences and has gained popularity as a suitable milk alternative in the region. In addition, the prevalence of lactose intolerance among consumers has further boosted the demand for cashew milk. Rapid economic growth in countries like China, India, and Southeast Asian nations has led to an increase in disposable income levels. Therefore, consumers in these countries have more purchasing power and are willing to spend on premium and healthier food & beverage options, including cashew milk. Market players in Asia-Pacific have been actively involved in product innovation and marketing campaigns to promote cashew milk as a versatile and tasty dairy alternative. Various flavors, formulations, and packaging options have been introduced to cater to diverse consumer preferences, driving the adoption of cashew milk. The expanding retail sector, including supermarkets, hypermarkets, and health food stores, has made cashew milk more accessible to consumers in region. Furthermore, the growth of e-commerce platforms in Asia-Pacific has provided an additional distribution channel for cashew milk products, allowing consumers to conveniently purchase them online.
Key Players in the Global Cashew Milk Market
Some of the leading cashew milk market players are
- WhiteWave Foods Company LLC
- Blue Diamond Growers
- Edward & Sons Trading Co.
- Earth's Own Food Company Inc.
- Nutty life LLC.
- Cashew Dream
- Danone SA
- Proveg International