Summary:

• The global cashew milk market size reached USD 111.4 Million in 2023.
• The market is expected to reach USD 179.3 Million by 2032, exhibiting a growth rate (CAGR) of 5.43% during 2024-2032.
• North America leads the market, accounting for the largest cashew milk market share due to the ongoing shift towards plant-based diets.
• Flavoured accounts for the majority of the market share in the product type segment because it offers numerous taste options for consumers.
• Bottles hold the largest share in the cashew milk industry as they offer excellent preservation capabilities.
• Supermarkets/hypermarkets remain a dominant segment in the market, offering wide accessibility and visibility for the product.
• The ongoing shift towards plant-based diets due to increasing health consciousness is a primary driver of the cashew milk market.
• The heightened awareness about the nutrition benefits of cashew milk is further reshaping the market.

Industry Trends and Drivers:

• Increasing Demand for Plant-Based Beverages:

The global shift towards plant-based diets is one of the primary drivers of the cashew milk market growth. Consumers today are more health-conscious, leading to a surge in demand for plant-based beverages, including cashew milk. This shift is fueled by the growing awareness of the health risks associated with excessive consumption of dairy products, such as lactose intolerance, allergies, and the potential link to various health conditions. Additionally, there is a widespread recognition of the benefits of plant-based diets, including lower cholesterol levels, reduced risk of heart disease, and better weight management. Cashew milk is gaining traction due to its smooth texture and mild flavor, which many consumers find appealing. Moreover, the rise of veganism and vegetarianism is propelling this trend. These diets are no longer niche but are becoming mainstream due to increasing awareness of animal welfare issues and environmental sustainability.

• Nutritional Benefits:

Cashew milk is increasingly popular among health-conscious consumers due to its impressive nutritional profile. It is known for being a good source of healthy fats, vitamins, and minerals, such as magnesium, phosphorus, and potassium, which are essential for maintaining good health. These nutrients contribute to various bodily functions, including bone health, muscle function, and heart health. Additionally, cashew milk is naturally lower in calories and sugar than many other plant-based or dairy alternatives, making it an attractive option for those looking to manage their weight or reduce their sugar intake. This characteristic is particularly appealing in an era where obesity and related health issues are a growing concern globally. Furthermore, many brands fortify their cashew milk with additional vitamins and minerals, such as vitamin D and calcium, to enhance its nutritional value and appeal to consumers who are looking to increase their intake of these nutrients without consuming animal products.

• Lactose-Free and Allergen-Friendly Options:

The heightened prevalence of milk allergies and lactose intolerance is a significant factor driving the demand for cashew milk. Lactose intolerance affects a considerable portion of the global population. For these individuals, consuming dairy products can lead to digestive discomfort and other symptoms, prompting them to seek out lactose-free alternatives like cashew milk. In addition to being lactose-free, cashew milk is also suitable for those with allergies to soy or gluten, making it a versatile option for people with multiple dietary restrictions. This broadens its appeal and increases its market potential among consumers who need to avoid certain allergens. The demand for allergen-friendly food products is also rising due to increasing awareness of food sensitivities and allergies, which affect both children and adults. As more consumers look for products that cater to their specific dietary needs, cashew milk is well-positioned to capture a growing share of the market.

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Cashew Milk Market Report Segmentation:

Breakup by Product Type:

• Plain
• Flavoured

Flavoured accounts for the majority of shares as it appeals to a broader range of consumers by offering a variety of taste options, enhancing its popularity over unflavored varieties.

Breakup by Packaging:

• Cartons
• Bottles
• Others

Bottles dominate the market because they are convenient, easy to store, and offer better preservation of product freshness, making them a preferred choice among consumers.

Breakup by Distribution Channel:

• Supermarkets/Hypermarkets
• Convenience Stores
• Online

Supermarkets/hypermarkets represent the majority of shares as they provide wide accessibility and visibility for cashew milk products, driving higher sales due to their large customer base and frequent foot traffic.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America holds the leading position owing to a high consumer awareness, a strong health-conscious culture, and a significant shift towards plant-based diets.

Top Cashew Milk Market Leaders:

The cashew milk market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• Danone
• Dream (SunOpta Inc.)
• Elmhurst Milked Direct LLC
• Forager Project LLC
• Pacific Foods of Oregon LLC (Campbell Soup Company)
• Plenish Cleanse Ltd. (Britvic plc)
• RITA Food Drink Co. Ltd.
• Rude Health Foods Limited
• The Hain Celestial Group Inc

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