Cashew Milk Market

Market Overview

The global cashew milk market size was valued at USD 44.05 billion in 2021 and is projected to reach USD 75.37 billion by 2030, registering a CAGR of 6.15% from 2022 to 2030.

A non-dairy milk alternative called cashew milk is made by combining water and cashews in a processing plant. A cashew mill's end product is processed through several stages, including drying, soaking, washing, sieving, extraction, filtration, cooling, and storage. Additionally, cashews have been used to produce many goods, including nut meal, alcohol, shell oil, and cashew bagasse. With the development of technology, cashew milk has also shown to be a product with strong commercial potential. In addition to being consistent with cream and rich in vitamins, minerals, healthy fats, carbohydrates, and protein, high-quality cashew milk is lactose-free, making plant-based milk products a practical substitute for milk from animals.

The fat in cashew milk helps preserve the heart's health because it contains unsaturated and indistinguishable monosaturated fats in about 75% of its composition. Cashew milk also has additional nutritional and protein benefits, aids blood clotting, anti-cancer properties, lowers cholesterol levels, and strengthens antioxidant defences. It is not only abundant in omega-6 fatty acids, which are crucial for the body's cell growth and health, but it is also simple to digest. Various businesses are attempting to offer the health advantages of cashew milk. For instance, So Delicious Co. sells unsweetened cashew milk, a dairy substitute that is non-GMO, soy-free, gluten-free, vegan, environmentally friendly, and low in calories. Many market players do, however, use a variety of additives that help give cashew milk its thickness and flavour, such as Xantham Gum and Guar Gum for thickening and vanilla and cinnamon for flavour, respectively. It is produced with cashews and separated water.

Market Dynamics

Global Cashew Milk Market Driver

• Increasing Demand for Plant-Based Milk Products

The development of plant-based foods is just one of many aspects that are causing the market to grow. Contrarily, cashew milk is heavily promoted as a calcium-rich vegetable beverage. Due to its low sugar and fat content, customers are drawn to it. For many consumers, cashew milk is gradually replacing traditional dairy milk, and key players are becoming more significant in the restaurant business. To capitalize on this trend, businesses have developed gluten-free cashew milk. Startups are profiting from the trend for plant-based and non-dairy food products in addition to the major players. Demand for low-fat dairy products like cashew milk has increased due to patients' alarmingly high death rate from high cholesterol. More people turn to cashew milk if they lack vitamin B12 and B2. The demand for frozen desserts also influences the market for cashew milk. Non-dairy goods are being added to the portfolios of value chain participants, such as frozen desserts made with coconut milk, almond milk, and cashew milk.

• Health benefits associated with cashew milk

Concerns about weight management, a focus on weight loss and maintenance, enhancements to blood clotting, a reduction in cholesterol, aiding in the treatment of iron deficiency anaemia, and importance placed on blood sugar spike control are a few of the factors that have been driving the market growth. In addition to having high levels of calcium, vitamin E, vitamin D, fibre, and calories, cashew milk has also proven to be highly effective at boosting antioxidant levels, offering low sugar and calorie content, and acting as a reliable source of calcium. This promotes high bone density, digestive health, and weight management. The demand for cashew milk is noticeably rising in addition to rising vegan diet practices, worries about antibody residues or growth hormones in animal milk, preference for cereal-based milk, and avoidance of dairy-based products for medical conditions like radioiodine cancer, eczema, eyesight problems, weaker bone density, and hypercholesterolemia.

Global Cashew Milk Market Restraint

• The high price of cashew globally

Along with the high cost of cashews worldwide, covid 19 also harmed the market for cashew milk because supply chains were disrupted, and production lines were shut down to stop the virus from spreading. Another significant barrier to the market is the widespread accessibility of conventional milk. The global cashew milk market's growth is further constrained by shifting lifestyle trends, where consumers are turning to goods that promote the development of a high immunity, as well as by efforts to standardize quality and put good manufacturing practices into place.

Segmental Analysis

The global cashew milk market is segmented by type, distribution channel and region

Based on Type

The market is bifurcated into plain and flavoured. The market for plain cashew milk was the largest worldwide. Due to rising health consciousness, the high demand for plant-based milk with a creamy fluid texture drives the segment's expansion. Another factor influencing the segment is its wealth in vitamins, and minerals like magnesium and vitamin K. Companies use healthy dates, which are rich in fibre, vitamin B6, potassium, iron, and polyphenols, which act as healthy antioxidants, to add texture and natural sweetness. Over the forecast period, the fastest-growing market segment is anticipated to be flavour-infused cashew milk. Cashew milk with flavours like vanilla, coffee, coconut, cinnamon, and others are becoming more widely available on the market. Flavoured cashew milk is consumed more frequently due to evolving tastes and preferences. Market vendors sell cashew milk in various flavours, including salted caramel, silk vanilla, and strawberry.

By Distribution Channel

The market is categorized into Supermarkets/Hypermarkets, Convenience Stores and Online. The main distribution channel was supermarkets and hypermarkets. Due to advantages like allowing customers to scan products before buying them and having store associates on hand to assist customers in choosing the best product, which influences the purchasing decision, this distribution channel has been gaining popularity. The main outlets for distributing cashew milk for different businesses are supermarkets like reliance fresh, Big Bazar, easy day, and others. The distribution method used online is anticipated to grow at the fastest CAGR. Companies are partnering with online retailers and launching e-portals to reach a large consumer base, including Alibaba, Amazon, Walmart, Big Basket, Nature's Basket, Luckyvitamin.com, and Delights Food (India). Forager Project Company, for instance, has partnerships with many other online portals, including prime now, fresh direct, mylk guys, Instacart, peapod, thrive market, and milk and eggs, in addition to its portal.

Regional Analysis

According to the region, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

The majority came from North America. Due to the adoption of lactose-free products, high demand and manufacturing in nations like the United States and Canada are boosting the market growth. This is attributed to altered eating patterns and more excellent knowledge of the advantages. The number of vegans in North America is increasing, which has increased the demand for plant-based milk and increased the use of cashew milk. Additionally, a rise in retailers and producers has increased the accessibility of cashew milk in North America. Over the anticipated period, the Asia Pacific region's market will grow the fastest. Increased awareness, alterations in taste and preference, and health-related worries are all credited with the growth. Due to rising disposable income and the products' health advantages, consumers are spending more on these goods. One of the main factors influencing the market in the area is an increased focus on the consumption of cashew milk due to rising non-dairy product demand and high lactose intolerance.

Recent Developments

• In December 2021, Forager Project launched a new line of organic plant-based cheeses called Cheeseworks. The dairy-free cheeses include queso fresco, jack, shredded mozzarella, parmesan and jack. Using Forager Project's probiotic cashew milk yoghurt as the base, the company said the product could perform like regular cheese when it comes to melting and stretching.

Cashew Milk Market Segmentation

By Type

• Plain
• Flavoured

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Online

By Region

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa