Cashew Milk Market by Distribution channel and Geography - Forecast and Analysis 2022-2026

The cashew milk market share is expected to increase by USD 59.35 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.9%.

This cashew milk market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the cashew milk market segmentation by distribution channel (supermarkets/hypermarkets, convenience stores, and online) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The cashew milk market report also offers information on several market vendors, including Blue Diamond Growers, 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 & Drink Co. Ltd., Riverford Organic Farmers Ltd., SunOpta Inc., The Hain Celestial Group Inc., and Village Juicery among others.

What will the Cashew Milk Market Size be During the Forecast Period?

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Cashew Milk Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global cashew milk market.

Key Cashew Milk 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.

Key Cashew Milk 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.

Key Cashew Milk 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.

This cashew milk market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global cashew milk market as a part of the global packaged foods and meats under the global food products segment of the global food, beverage, and tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cashew milk market during the forecast period.

Who are the Major Cashew Milk Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Blue Diamond Growers
• 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 & Drink Co. Ltd.
• Riverford Organic Farmers Ltd.
• SunOpta Inc.
• The Hain Celestial Group Inc.
• Village Juicery

 

This statistical study of the cashew milk market encompasses successful business strategies deployed by the key vendors. The cashew milk market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market

Product Insights and News

• bluediamond.com - The company offers Cashew milk, including unsweetened milk and sweetened vegan milk.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this report provides a detailed analysis of several leading Companies.

Cashew Milk Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the cashew milk market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global food, beverage, and tobacco market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Cashew Milk Market?

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45% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the cashew milk market in North America. Market growth in this region will be slower than the growth of the market in other regions.

The rising prevalence of lactose intolerance and allergies associated with soy, hazelnut, and almond milk will facilitate the cashew milk market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

In 2020, the business operations of vendors in the regional cashew milk market were negatively impacted by the outbreak of COVID-19. Governments of countries such as the US, Canada, and Mexico imposed stringent COVID-19-related restrictions, such as nationwide lockdowns and stay-at-home orders, which negatively impacted the demand for cashew milk from physical retail outlets due to the complete or partial closure of these outlets. In H2 2021, due to the availability of vaccines and the reduction in the number of COVID-19 cases, the nationwide lockdown restrictions were lifted. The demand for cashew milk in the region returned to normal as retail outlets such as grocery stores, convenience stores, hypermarkets, and supermarkets reopened in the region. Thus, the regional cashew milk market is expected to witness growth during the forecast period.

What are the Revenue-generating Distribution Channel Segments in the Cashew Milk Market?

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The cashew milk market share growth in the supermarkets/hypermarkets segment will be significant during the forecast period. In 2021, offline distribution channels in the global cashew milk market, such as supermarkets and hypermarkets, held the largest market share. This is mainly because supermarkets and hypermarkets are the most effective mode of distribution. Supermarkets and hypermarkets provide customers with the advantage of examining food and beverage products, including cashew milk, in person by checking for defects in packaging and checking the expiry date of the product before purchasing. In developing countries, such as India and China, cashew milk is majorly sold through supermarkets and hypermarkets.

This report provides an accurate prediction of the contribution of all the segments to the growth of the cashew milk market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Cashew Milk Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 6.9%
Market growth 2022-2026	$59.35 million
Market structure	Fragmented
YoY growth (%)	2.1
Regional analysis	North America, Europe, APAC, the Middle East and Africa, and South America
Performing market contribution	North America at 45%
Key consumer countries	US, Canada, China, Germany, and France
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Blue Diamond Growers, 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 & Drink Co. Ltd., Riverford Organic Farmers Ltd., SunOpta Inc., The Hain Celestial Group Inc., and Village Juicery.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Cashew Milk Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive cashew milk market growth during the next five years
• Precise estimation of the cashew milk market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the cashew milk industry across North America, Europe, APAC, the Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of cashew milk market vendors

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