Global Cashew Milk Market Overview:
Plant-based milk products are trending nowadays as people are slowly shifting from animal-based products to plant-based dairy. While the new dietary guideline still included dairy, calcium-fortified dairy alternatives are becoming more popular. Sales of dairy alternatives are rising along with the proliferation of veganism and vegan alternatives. As milk consumption has declined, the availability of plant-based alternatives made from cashews, almonds, coconut, soy, oats, and more is increased too.
Out of these, the demand for nut-based milk, such as cashew and almond-based milk product is higher than others due to their health benefits. Resultantly, the global cashew milk market is growing continually, witnessing increasing demand year by year. Increasing numbers of consumers led by the high cashew milk nutrition content, support the market growth, increasing the sales of the product. Moreover, the increasing prevalence of the lactose-intolerance disorder is pulling more and more consumers towards cashew milk.
Acknowledging the massive growth this market is witnessing currently, Market Research Future (MRFR), asserts that the global cashew milk market would further create a large revenue pocket by the end of 2027. In its recent study report, MRFR also confirms that Cashew Milk Market Size is projected to register a CAGR of 6.56% and reach a value of USD 229.1 million by 2027. Advances in manufacturing & pasteurization techniques and refrigeration, shipping, and commercialization Technologies act as major tailwinds pushing the market growth further.
The cashew milk market has evolved into a mainstream industry globally. Additionally, the changing consumption pattern and growing liking for on-the-go products among increasing numbers of the working population is accelerating the market growth. Moreover, rapid developments in distribution channels, alongside the rising popularity & consumption of cashew milk, are substantiating the market growth.
Also, the growing absorption of cashew milk in the burgeoning food industry, especially in bakery & confectionery and dessert segments, drives the growth of the market excellently. Conversely, factors such as the price volatility and demand-supply gap in cashews present challenges to the growth of the market. Nevertheless, increasing product developments, led by substantial R&D investments, would support the market growth, helping the market to garner massive traction across the globe.
Cashew Milk Market - Competitive Landscape:
Highly competitive, the cashew milk market appears to be well-established with the presence of several noteworthy players churning the competition in this market. To gain a larger competitive share, market players adopt strategies such as mergers & acquisitions, expansion, collaboration, and product/ extraction technology launch. Cashew milk producers continue expanding its product portfolio, enhancing sustainable sourcing & production, increasing brand awareness & widening distribution. As the plant-based industry continues to gain traction, players strive to gain more market share in this trendy segment.
Key Players:
Players active in the cashew milk market are Hain Celestial Group (US), Forager Project (US), Danone SA (France), Rude Health (UK), Pacific Foods (US), Califia Farms (US), Plenish Cleanse Ltd. (UK), Earth’s Own Food Company Inc. (Canada), RITA Food & Drink Co., Ltd. (Vietnam), and Elmhurst Milked Direct LLC (US), among others.
Cashew Milk Market – Segmentations:
The Cashew Milk Market Overview has been segmented into four major dynamics.
By Category: Organic and Conventional.
By Packaging Type: Cartons, Bottles, and others.
By Distribution Channel : Store based and non-store based.
By Regions : Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Cashew Milk Market - Geographical Analysis:
North America leads the global cashew milk market. The largest market share attributes to the rising consumption of plant-based and non-dairy milk among the population in the region due to the increasing prevalence of the lactose-intolerance disorder. Besides, augmenting demand for cashew milk from the industries such as vegan ice creams and non-dairy desserts fosters the growth of the regional market. The US and Canada markets account for major growth contributors to the cashew market in North America due to the presence of huge lactose intolerant populaces and increased demand for organic cashew milk among the consumers.
Europe stands second in the global cashew milk market due to the growing demand for non-dairy milk in the preparation of bakery & confectionery products. Additionally, new product developments and augmenting demand & consumption of on-the-go beverages in the region is expected to foster the growth of the cashew milk market in Europe. Germany, France, Italy, and the UK are key markets witnessing rising import & export of cashew milk. The European cashew milk market size is about to increase in the years to come.
The Asia Pacific cashew milk market demonstrates promising developments heading with the rising demand in emerging economies such as India and China. Factors driving the regional market growth include the awareness towards benefits that cashew milk offers and rise in the numbers of health-conscious populaces. Moreover, the growing consumption of plant-based milk products for health benefits fosters the growth of the regional market. Besides, changing consumer preference & lifestyle alongside, the increasing uptake of vegan & healthy diet drives the APAC cashew milk market.
Industry/Innovation/Related News:
October 18, 2019 ---- Danone Manifesto Ventures (the US), the investment arm of the French food giant - Danone, announced the acquisition of a minority stake in a leading organic plant-based foods and beverage provider Forager Project LLC (the US). Forager Project comes with strong potential in the fast-growing plant-based space. The deal aligns with Danone Manifesto Ventures’ strategy to venture into the plant-based sector to drive a larger market share.
October 08, 2019 ---- Forager Project LLC (the US), a leading provider of organic plant-based food products launched its newest organic product, a dairy-free active cultured sour cream alternative, made from organic cashews & coconut milk. The company produces nut milk, yogurts, shakes, kefirs, and vegetable-based chips, in collaboration with small farming cooperatives yielding the highest quality of cashews available. Sour Cream was a natural next addition to Forager Project’s product line-up; the company is already in the process of building its organic, plant-based creamery. Further, the company is looking forward to offering its dairy-free sour cream alternative and would continue to provide consumers with plant-based food options.
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