Cashew Milk Market Size, Share, Growth, and Industry Analysis, By Type (Cashew Coffee Nut Milk, Cashews Chocolate Milk, Dairy-Free Cashew Milk, and Cashew Milk), By Application (Takeaway, Restaurant Service, Supermarket Service, Coffeehouse Service, Convenience Stores Service, Personal Use, Drink-To-Go, and Vending Machines Service), Regional Insights, and Forecast From 2024 To 2031

Cashew Milk Market Report Overview

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The global cashew milk market size is USD 36 million in 2022 and is projected to touch USD 53.33 million by 2031, exhibiting a CAGR of 4.3% during the forecast period.

Cashews and water are combined to create the creamy beverage known as cashew milk. It serves as a lactose-free alternative to milk. Since plant-based product doesn't contain lactose, it isn't dairy. Some of the factors that have contributed to market enforcement include growing concerns about weight management, an emphasis on weight loss and maintenance, advancements in blood clotting, lowering cholesterol, helping to treat iron deficiency anemia, and the significance of controlling blood sugar spikes.

Cashew milk is a non-dairy product. It is extracted from cashews and is gaining popularity due to its lactose-free property. Cashew nuts are rich in vitamins, magnesium, phosphorus, zinc, and iron, which have various health benefits. This milk is processed through various stages, such as drying, washing, soaking, sieving, filtration, cooling, extraction, and storage. Moreover, these dry fruits are utilized in the production of various goods such as alcohol, nut meal, cashew bagasse, and cashew shell oil. The development of technology has also been shown to be a strong economic potential product. 

COVID-19 Impact: Shut Down Of Businesses Led to a Major Market Loss

The global COVID-19 pandemic has been unprecedented and staggering, with cashew milk experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The repercussions of COVID-19 have severely affected the majority of small and large businesses. Due to the lockdown and the need for physical solitude, several businesses were forced to close. The food and beverages industry was one of the industries that experienced a decline in sales and market size. But it's anticipated that sales of cashew milk will rise in the year ahead.

Once the pandemic is over, the majority of businesses are able to immediately restart their profits. Producers are also looking for ways to promote their cashew nut milk on e-platforms. The benefits of the product and health issues are also becoming more widely known. The market is therefore anticipated to be driven by consumer demand for organic, healthier, and lactose-free products.

LATEST TRENDS

"Expanding Awareness of Animal Rights to Augment Market Growth"

The population is adopting a healthy lifestyle which also leads to the adoption of vegan diets. The vegan population does not consume any dairy products or products that come from animals. Thus, the adoption of cashew milk is expected to grow in the forecast period. The concerns about antibody residues and growth hormones in animal milk are increasing. The population is also avoiding dairy-based products for various medical reasons such as eczema, radioiodine cancer, and lower bone density, hypercholesterolemia, and eyesight problems. Thus, the population is rapidly adopting plant-based products as a replacement. Additionally, the escalating awareness of animal rights is expected to drive growth in the market. 

Cashew Milk Market Segmentation

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• By Type Analysis

By type, the market is segmented into cashew coffee nut milk, cashews chocolate milk, dairy-free cashew milk, and cashew milk.

• By Application Analysis

Based on application, the market is classified into a takeaway, restaurant service, supermarket service, coffeehouse service, convenience stores service, personal use, drink-to-go, and vending machines service.

DRIVING FACTORS

"Steady Adoption of Healthy Plant-Based Foods to Cater to Product Demand"

The rise of plant-based foods is just one of the factors driving the market's expansion. Similar cashew milk is widely touted as a calcium-rich plant-based beverage, consumers are expected to adopt these products due to their low fat and low sugar content. Since plant-based product is gradually displacing standard dairy milk among many customers, companies in the cashew milk market are becoming more well-known in the F&B industry. Moreover, businesses are leveraging this trend and creating gluten-free milk. Such as, the health and wellness firm Sanitarium excels at producing cholesterol- and gluten-free milk.

"Various Health Benefits Associated With the Product to Surge Market Growth"

Various health advantages of the nut milk are anticipated to gain growth in the market. The popularity of frozen desserts is another trend that fuels the need for milk. Manufacturers are looking to use almond milk, cashew milk, and others to create frozen desserts. In a similar vein, yogurt made from milk of cashew is an addition to the product line of goods derived from the milk. Companies are attempting to increase the number of vegan items in their product lineup in this way, which is helping the industry to flourish. The cashew milk market growth is also anticipated to be driven by different R&D initiatives to extend the shelf life of plant-based goods in comparison to conventional herbal items.

RESTRAINING FACTORS

"High Product Cost to Hinder Market Growth"

The market growth is estimated to face challenges in growing due to the higher cost of the product. The product goes through various processing methods such as freeze drying, cold press technology, and spray drying for the production of powdered and liquid nut milk. Additionally, the packaging of this product is expensive, which resists the middle-class population from adopting it. 

Cashew Milk Market Regional Insights

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"North America to Hold Lion's Share Due to Steady Adoption of Plant-Based Products"

North America is expected to hold dominating part of the cashew milk market share owing to the rapid adoption of lactose-free products. The changing eating habits and the health benefits associated with the product are likely to increase the product demand. Rising vegan consumers in the region are leading to the rise in demand for herbal milk. 

Asia Pacific is estimated to show a significant increase in the demand for the product attributed to the rise in disposable income of the population. The increasing awareness about various health benefits associated with the product is likely to augment growth in the region. Rising consumer awareness and changes in taste and health concerns led to major growth in China.

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Small manufacturers and start-ups have a lot of chances in the market to create efficient processes for making plant-based products. The steady rise in demand from automakers may spur a number of start-ups to introduce cutting-edge items in this industry. The key companies are striving to invest or research and develop the product to launch other food and beverage products. The key players are trying to get collaborations and mergers in the market to expand their product portfolio. In this sector, mergers and acquisitions are frequently seen. These mergers and acquisitions help us identify the strategic measures taken by both established market players and up-and-coming businesses. Due to the presence of various large corporations, the market is aggressive to gain a higher market share. Other features include a significant global consumer base and the use of specialized distribution networks for business operations. By introducing new products, major corporations try to increase their market share.

LIST OF TOP CASHEW MILK COMPANIES

• Russell Stover Candies (U.S.)
• So Delicious Dairy Free (U.S.)
• Britannia Industries Ltd.(India)
• Milkadamia (U.S.)
• Hain Celestial Group (U.S.)
• Silk (U.S.)
• Godiva (U.S.)
• Nutpods (U.S.)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.