Cashew Milk Market Analysis North America, Europe, APAC, Middle East and Africa, South America - China, US, Germany, Canada, France - Size and Forecast 2024-2028

Cashew Milk Market Size 2024-2028 

The cashew milk market size is forecast to increase by USD 16.6 million, at a CAGR of 2.12% between 2023 and 2028. Amidst rising concerns over lactose intolerance and allergies associated with traditional dairy alternatives like soy, hazelnut, and almond milk, cashew milk has emerged as a promising option. This plant-based milk derived from cashews offers several advantages. Its creamy texture and subtle, slightly sweet taste make it a preferred choice for many. Moreover, cashew milk is rich in essential nutrients such as calcium, magnesium, and vitamin E. With an increasing awareness about the health benefits of a vegan diet, the demand for cashew milk has been on the rise. Its hypoallergenic properties, making it suitable for people with nut allergies, further broadens its appeal. Cashew milk is not only a delicious and nutritious alternative to dairy and other plant-based milks but also caters to the growing consumer preference for allergy-friendly and ethically-sourced food options.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

Key Market Driver

The rising prevalence of lactose intolerance and allergies associated with soy, hazelnut, and almond milk is one of the key factors driving the global cashew milk market growth. Consumers with lactose intolerance cannot digest lactose (a type of sugar found in cow's milk and dairy products). Some symptoms of lactose intolerance are bloating, cramps, diarrhea, and nausea. The number of individuals with lactose intolerance is increasing in European countries such as Italy, Germany, Spain, Turkey, Poland, France, and the UK. Thus, the demand for lactose-free products and products that have a low lactose content is increasing at a fast pace. Plant-based milk, including cashew milk, is a viable alternative to cow's milk. With an increase in the number of lactose-intolerant people, the demand for cashew milk is anticipated to increase at a fast pace during the forecast period globally. Almonds are composed of proteins, including the major storage protein amandine, which has been identified as an allergen. Owing to these factors, consumers avoid purchasing almond-based, soy-based, and hazelnut-based milk. This is beneficial for vendors that manufacture cashew milk as it reduces the competition in the market. Thus, such factors can propel the growth of the global cashew milk market during the forecast period.

Significant Market Trend

The growing demand for sugar-free and organic cashew milk will fuel the global cashew milk market growth. At present, obesity has become a common issue among the global population. A large portion of the population across the world is overweight and obese. With the increasing obesity rates across the world, most end-consumers are opting to buy sugar-free products. This presents an opportunity for cashew milk vendors to introduce sugar-free cashew milk in their portfolios to increase their consumer base. Thus, many vendors are currently offering sugar-free cashew milk to meet the growing consumer demands. With the growing trend of sugar-free products and rising health consciousness among consumers, many vendors are expected to develop new variants of sugar-free cashew milk during the forecast period. Small-scale producers of organic cashew milk require considerable guidance in obtaining organic certification. However, they can gain additional income from the premium price of organic cashew milk. This is especially favorable if the organic cashew milk is exported to markets in South America and MEA, which do not have any local brands offering cashew milk and largely rely on imports of these products. Such trends are likely to continue during the forecast period as consumers in these regions have become more informed and concerned about their food choices.

Major Market Challenge

The availability of substitutes is the major challenge to the global cashew milk market growth. There is a wide range of substitutes for cashew milk that are available in the market. Numerous prominent brands offer alternative products such as functional beverages, dairy products, and other plant-based alternatives, such as almond and soy milk. In recent years, there has been a growing demand for functional beverages that contain nutrients such as protein, calcium, vitamin D, vitamin A, vitamin B12, potassium, phosphorus, riboflavin, and niacin. This can be attributed to increasing consumer awareness of the benefits of functional beverages such as dairy beverages, sports and performance drinks, and energy drinks. The availability of such alternatives can pose a threat to the growth of the global cashew milk market during the forecast period. For instance, in October 2020, the Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets the Amul brand, launched a dairy and fruit juice-based healthy beverage product in India under the brand name Amul TRU Seltzer. Thus, the availability of a wide range of substitutes for cashew milk poses a challenge for vendors, which, in turn, can negatively impact the growth of the global cashew milk market during the forecast period.

Exculsive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Blue Diamond Growers: The company offers cashew milk which can be unsweetened milk and sweetened vegan milk.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Britvic plc
• Califia Farms LLC
• Campbell Soup Co.
• Danone SA
• Earths Own Food Co. Inc.
• Elmhurst Milked Direct LLC
• Goodmylk
• Nayagreens
• Nutriops S.L
• Nutty life LLC
• PureHarvest
• RITA Food and Drink Co. Ltd.
• Riverford Organic Farmers Ltd.
• SunOpta Inc.
• The Hain Celestial Group Inc.
• Village Juicery

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By Distribution Channel 

The supermarkets/hypermarkets segments is estimated to witness significant growth during the forecast period.  In 2023, offline distribution channels, such as supermarkets and hypermarkets of the global cashew milk market, held the largest market share. This is mainly because supermarkets and hypermarkets are the most effective mode of distribution. Supermarkets and hypermarkets provide customers the advantage of examining food and beverage products, including cashew milk, by checking for defects in packaging and checking the expiration date of the product before purchasing, which is considered the most influential means of marketing. In developing countries, such as India and China, cashew milk is majorly sold through supermarkets and hypermarkets.

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The supermarkets/hypermarkets segments accounted for USD 56.30 million in 2018 and showed a gradual increase during the forecast period. Moreover, Vendors enhance offline sales through their global market expansion plans and offer their products at different geographic locations. This raises the sales of cashew milk and fuels the growth of the global cashew milk market. The massive increase in retail channels in different cities and regions will drive customer familiarization with varying varieties of cashew milk during the forecast period. Although the supermarkets and hypermarkets distribution channels are losing their global market and popularity to the online channel, extensive and innovative marketing will propel the sales in supermarkets and hypermarkets distribution channels at a steady rate, which, in turn, will drive the growth of the global cashew milk market during the forecast period.

Regional Analysis

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In recent years, there has been an increase in the consumption of cashew milk in North America, especially in the US and Canada. Products such as flavored dairy-free products, including cashew milk, sugar-free variants of cashew milk, and organic cashew milk products, are widely available in the regional market, owing to the presence of prominent regional and international brands that offer cashew milk in the region. Due to the increasing vegan population and growing health concerns over the consumption of dairy-based products, consumers in this region prefer to purchase dairy-free alternatives, including cashew milk. Vendors in the regional market offer cashew milk that is free from preservatives and contains no artificial colors. These offerings are also sold at gyms and fitness centers across the region and are marketed to professional sports teams as a functional beverage.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Distribution Channel Outlook
  • Supermarkets/hypermarkets
  • Convenience stores
  • Online

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

The market is closely aligned with innovations in the plant-based beverage industry, driven by advancements in food technology and processing plant operations. As the demand for plant-based milk substitutes grows, including flavored cashew milk, plain cashew milk, and oats and coconut based options, food manufacturers are utilizing cutting-edge extraction technologies like cold press technology, freeze-drying, and spray drying to enhance product quality. Social media campaigns and online distribution channels are expanding the reach of vegan and lactose-intolerant consumers, promoting organic and non-GMO foods. This trend is also influencing food service sector and bakery sector innovations, where functional additives, collagen peptides, probiotics, and adaptogens are becoming popular. To meet eco-conscious demands, plant-based plastic bottles, biodegradable cartons, and reusable glass containers are increasingly used. As the market for healthy beverages and personalized nutrition expands, the market plays a vital role in supporting these evolving needs.

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What are the Key Data Covered in this Market Forecast Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies