The Global Cashew Milk Market size is expected to reach $129.4 million by 2030, rising at a market growth of 9.9% CAGR during the forecast period.
As a non-dairy substitute, cashew milk has become more popular among those who comply with certain dietary restrictions in North America. Therefore, The North America region will capture 1/4th share in the market by 2030, As customers seek goods that fit their dietary choices and health objectives, the demand for plant-based milk substitutes, such as cashew milk, has grown. As consumers are becoming more health-conscious and looking for lactose- alternatives. Compared to conventional dairy milk, lactose-free cashew milk is a healthier alternative. Vegan and dairy-free diets are becoming steadily more popular. These diets are popular because many individuals adhere to them for moral, environmental, or health reasons. Some of the factors impacting the market are rising demand for non-dairy and plant-based goods, positive health effect of cashew milk, and the high cost of cashews globally.
The rise of plant-based foods is one of the factors driving the market's expansion. Similar in the way, cashew milk is widely marketed as a calcium-rich plant-based beverage. Consumers are drawn to this product because of its low fat and low sugar content. As a result, businesses are leveraging this trend and creating gluten-free cashew milk. Startups are profiting from the trend toward plant-based and non-dairy food items along with the major companies. Milk powder is being added by new players in the market to create herbal products with a longer shelf life. Moreover, A few of the factors that have been fueling the market's expansion include concerns about weight management, a focus on weight loss and maintenance, improvements to blood clotting, a decrease in cholesterol, and the importance placed on controlling blood sugar spikes. Cashew milk has shown to be highly successful in boosting antioxidant levels, offering low sugar and calorie content, serving as a reliable source of calcium, and having high amounts of calcium, vitamin E, vitamin D, fiber, and calories. The market is expected to expand as the demand for plant-based goods rises and various health benefits of cashew milk.
However, severe hand and finger injuries can occur when cashews are shelled by hand. The nuts produce a caustic liquid when shelled, which burns the skin. Although bandages and rubber gloves can help protect the hands and alkaline pot ash can help neutralize the acid, these items are not always readily accessible, and sometimes employees cannot afford to buy them. There is only one seed in cashew fruit, which is diligently removed and separated. These seeds are subsequently dried in the sun with acidic liquid to hasten the drying process. The complex and labor-intensive nature of the cashew production process has led to high cashew prices, which has become one of the barriers to the market.
Based on product type, the market is segmented into plain, and flavored. The online segment garnered a significant revenue share in the market in 2022. Companies are collaborating with online merchants and launching e-portals on platforms like Alibaba, Amazon, Walmart, Big Basket, Nature's Basket, and delights food (India) to access the enormous consumer base. Online shopping is more convenient for customers; it can reduce travel time and costs and is more comfortable for consumers.
By distribution channel, the market is classified into online, supermarket, and retail stores. In 2022, the supermarket segment held the highest revenue share in the market. Supermarkets greatly influence the widespread availability of cashew milk among customers. They have the infrastructure and distribution channels to make cashew milk widely available, allowing customers to simply buy it during weekly shopping visits. To highlight the advantages and adaptability of their products, supermarkets frequently participate in marketing and promotional events.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 61.6 Million |
| Market size forecast in 2030 | USD 129.4 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 9.9% from 2023 to 2030 |
| Number of Pages | 167 |
| Number of Table | 249 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region covered a considerable revenue share in the market in 2022. Growing awareness, alterations in taste and preference, and health-related concerns are all attributed to growth and development. Due to rising disposable income and the health advantages of the products, consumers are spending more money on these products. A significant driver propelling the market in this region is the increased focus on cashew milk consumption due to rising non-dairy product demand and high lactose intolerance.
Free Valuable Insights: Global Cashew Milk Market size to reach USD 129.4 Million by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Blue Diamond Growers, Inc., Danone S.A., Edward & Sons Trading Co., Inc., Nutty life, LLC., ProVeg e.V., SunOpta, Inc., Earth's Own Food Company, Inc., Plenish Cleanse Ltd. (Britvic PLC) and The Gentle Nut.
By Distribution Channel
By Product Type
By Geography
The Market size is projected to reach USD 129.4 million by 2030.
Positive health effect of cashew milk are driving the Market in coming years, however, The high cost of cashews globally restraints the growth of the Market.
Blue Diamond Growers, Inc., Danone S.A., Edward & Sons Trading Co., Inc., Nutty life, LLC., ProVeg e.V., SunOpta, Inc., Earth's Own Food Company, Inc., Plenish Cleanse Ltd. (Britvic PLC) and The Gentle Nut.
The expected CAGR of this Market is 9.9% from 2023 to 2030.
The Supermarket segment is leading the Market by Distribution Channel in 2022; thereby, achieving a market value of $68.4 million by 2030.
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $44.6 million by 2030.
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