Hypermarkets/supermarkets are expected to account for a major revenue share, whereas the e-commerce segment is expected to expand at a significant CAGR in the global cashew milk market owing to the growing adoption of e-commerce globally.
NEWARK, Del., July 03, 2024 (GLOBE NEWSWIRE) — The cashew milk market is estimated to be worth USD 238 million in 2024. By 2034, the market value is projected to grow at a CAGR of 4.8% to reach USD 380 million, owing to the growing vegan population and surge in demand for plant-based beverages.
As veganism gains momentum, cashew milk is becoming more and more mainstream. Historically, the HoReCa sector has strongly supported the dairy industry, but now vegan products are receiving similar support. More eateries and cafes are focusing on vegan options, encouraging the commercial use of cashew milk.
The impact of the vegan trend on the cashew milk market is significant: the market is experiencing significant growth due to the growing vegan population worldwide and their demand for greater vegan representation on menus.
Those who are lactose intolerant have also joined the call for plant-based milk options. Cashew milk is popular in the food and beverage industry due to its diverse flavor and taste blends.
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The market size for cashew milk is expected to expand as functional beverages become mainstream. With consumers increasingly looking for beverages that not only taste good but also have health benefits, there is ample opportunity for cashew milk to grow.
The expansion of online retail is creating further opportunities for the cashew milk market. Being a niche market, availability in brick-and-mortar stores remains a challenge, but online platforms are making cashew milk more accessible to consumers.
Global market analysis highlights that the organic revolution sweeping the food and beverage industry is driving the demand for organic and non-GMO foods. As consumers pay closer attention to labels, food manufacturers are increasingly opting for non-GMO food production methods, and cashew milk helps meet these standards.
Niche growth factors impacting the cashew milk market are the growing popularity of vegan coffee shops and artisanal blends, a trend that is attracting a trend-conscious consumer base. There is also an increasing demand for minimally processed or completely unprocessed beverages, and cashew milk helps beverage manufacturers deliver flavor with minimal processing.
Key Takeaways from the Cashew Milk Market
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Cashew milk is expected to reach a total value of US$238 million in 2024.
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Cans are expected to lead the packaging segment in 2024 with a 21.5% share.
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Plain cashew milk will be the top selling product type, accounting for 87.5% value share in 2024.
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Italy is expected to grow at an average annual rate of 5.6% over the next decade.
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Demand for cashew milk in France is predicted to surge at a CAGR of 5.5% through 2034.
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The UK market is expected to grow at a CAGR of 4.9%.
“The target sector is benefiting from an increase in food allergies and intolerances. As demand for nut-based milk alternatives grows, cashew milk is becoming the preferred choice. The market is poised for continued growth as more consumers embrace the health and environmental benefits of plant-based beverages.” To tell Nandini Roy Choudhurya client partner of Future Market Insights
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Who will win?
The cashew milk market is highly fragmented, leaving room for companies of all sizes to thrive. Plant-based milk manufacturers are increasingly turning their attention to the cashew nut segment. Prominent companies in this market include Daiya Foods Co., Ltd., Tofutti Brands Co., Ltd., Sunopta Co., Ltd., and Fine Japan Co., Ltd..
Recent Trends in the Cashew Milk Market
Country Insights
What is driving the US cashew milk market?
The North American cashew milk market accounted for a commanding share of 40% in 2021, with the United States being the largest contributor. Increasing demand and production in the United States due to the adoption of lactose-free products is contributing to the market growth of cashew milk. This is due to changing eating habits and growing awareness of its benefits. The cashew milk market in the United States is expected to grow at a CAGR of 2021. 4.6%.
The growing number of vegan consumers in the United States has led to an increased demand for herbal milk, which has led to an increase in the use of cashew milk in the region. Furthermore, the availability of cashew milk in the United States has also improved due to the increasing number of manufacturers and distributors.
Why is China’s cashew milk market growing so fast?
The Chinese cashew milk market is expected to grow at a compound annual growth rate (CAGR). 4.7% During the forecast period, this has occurred as a result of increasing user awareness, changing tastes and preferences, and health concerns.
As consumers have increasing disposable income and the health benefits become more evident, spending on these products is on the rise. Increased demand for dairy alternatives and increasing emphasis on cashew milk consumption due to rising lactose intolerance are key factors driving the market in the region.
Gain further insight
Future Market Insights (FMI), in a new offering, offers a thorough, in-depth and unbiased analysis of the global cashew milk market, presenting historical demand data from 2019-2023 and forecast statistics from 2024-2034.
The study offers compelling industry insights based on form (powder vs liquid), end use (food & beverages, nutraceuticals & baby food, personal care, pharmaceuticals, etc.), sales channel (supermarkets & hypermarkets, online retail, etc.), packaging (cartons, pouches, jars, bottles, cans, etc.), and product type (plain cashew milk vs flavored cashew milk) across multiple regions.
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author:
Nandini Roy Choudhury (Food & Beverage Client Partner at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders to explore unseen opportunities and challenges. She puts processes and operating models in place to support business objectives.
She has strong analytical skills and often provides thought leadership.
Nandini has extensive functional expertise in key niche areas such as Food Ingredients, Nutrition & Health Solutions, Animal Nutrition, Marine Nutrients etc. She is also well versed in the Pharmaceutical, Biotechnology, Retail and Chemical sectors and advises market participants on developing methodologies and strategies that drive results.
Her primary areas of expertise are corporate growth strategies, sales and marketing effectiveness, post acquisition and merger integration, and cost reduction. Nandini holds an MBA in Finance from MIT Business School and a Bachelor’s in Electrical Engineering from Nagpur University, India.
Nandini is a published author and has been quoted in Beverage Industry, Bloomberg, Wine Industry Advisor and other publications.
Check out FMI’s ongoing related coverage of the food and beverage sector.
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