Cashew Milk Market Expected to Reach $154.9 Million by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cashew Milk Market," The cashew milk market size was valued at $61.9 million in 2022, and is estimated to reach $154.9 million by 2032, growing at a CAGR of 10.1% from 2023 to 2032.

Cashew milk refers to a non-dairy milk alternative made from cashew nuts. It is created by blending or grinding soaked cashews with water and straining the mixture to remove any solid particles. The resulting liquid has a creamy texture and a slightly sweet and nutty flavor. Cashew milk is commonly used as a substitute for cow's milk by individuals who are lactose intolerant, have dairy allergies, or follow a vegan or plant-based diet. It can be used in cooking and baking, or added to beverages like coffee, tea, or smoothies. Cashew milk is known for its nutritional profile, as it contains healthy fats, protein, vitamins, and minerals. It is a good source of monounsaturated fats, which are beneficial for heart health. In addition, cashew milk is often enriched with nutrients like calcium and vitamin D to provide similar nutritional benefits to cow's milk. These factors are anticipated to boost the cashew milk market demand.

Cashew milk is nondairy milk since it is made from cashews. There is no lactose in this product. It is a creamy liquid that is prepared by combining cashews and water. Unlike dairy milk, cashew milk is low in LDL cholesterol and high in B nutrients, copper, and magnesium. In addition, as compared to different nuts, cashew milk has a lower total fat percentage than dairy milk. Approximately 76% of the lipids in cashews are unsaturated fats which can be maximum significantly oleic acid, the identical monounsaturated fats found in olive oil, which means that fat present in cashews provides heart-healthy benefits, supporting cardiovascular well-being and promoting a healthy heart. It can also help in decreasing the chances of getting a stroke or developing heart ailment. All these health benefits of cashew milk are projected to drive cashew milk market growth demand during the forecast years.

Cashew nut processing is a labor-intensive industry. However, there has been a significant decrease in the number of skilled workers in recent years. Cashews must be peeled, shelled, and graded, which is a time-consuming process. Peeling, shelling, and grading cashews is a time-consuming procedure that needs manual expertness. The shortage of skilled people capable of doing these activities effectively has become a serious obstacle for the cashew nut processing business. A skilled labor scarcity not only reduces productivity but also raises manufacturing costs and reduces overall operational efficiency. These factors are anticipated to restrain cashew milk market share.

The cashew milk industry is being driven by rising consumer awareness of the health advantages of cashew milk. Improved heart health, iron deficiency and blood sugar regulation, skin health, and eye health are among them. Other advantages of cashew milk include cholesterol reduction, blood coagulation, and anti-cancer effects. It is a popular product since it is simple to digest and high in omega-6 fatty acids. Lactose-intolerant people are the primary users of cashew milk and other dairy substitutes. Different companies and brands in the market offer cashew milk in varying formulations, allowing customers to choose from various flavors, added ingredients, and unique combinations.. For instance, in March 2023, At Natural Products Expo West, Forager Project, an organic, plant-based, and family-owned creamery that crafts dairy-free foods, unveiled its new Honey Alternative Cashew milk Yoghurt, as well as a new line of cashew milk with peach flavor yogurt. Increasing adoption plant-based milk products such as cashew milk is anticipated to boost cashew milk market opportunities in the upcoming years.

The cashew milk market analysis is segmented on the basis of product type, distribution channel, and region. By product type, it is classified into flavored and plain. By distribution channel, it is classified into online, supermarket, and convenience stores. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the cashew milk market forecast report include WhiteWave Foods Company LLC, Blue Diamond Growers, Edward & Sons Trading Co., Earth's Own Food Company Inc., Nutty life, LLC., Cashew Dream, Danone SA, Alpro, Proveg International, and TheGentleNut.

The report offers a comprehensive analysis of the global cashew milk market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Cashew Milk Industry

• The COVID-19 pandemic has accelerated the trend toward healthier lifestyles and plant-based diets. With people becoming more health-conscious and seeking alternatives to traditional dairy products, the demand for plant-based milk, including cashew milk, has been on the rise. This increase in demand is likely to have a positive impact on the cashew milk market in the post-pandemic period as well.
• The pandemic has caused disruptions in global supply chains, affecting various industries, including the food & beverage sector. Restrictions on movement, lockdown measures, and reduced availability of labor impacted the production, distribution, and sourcing of cashew milk and its raw materials. These disruptions potentially led to supply shortages and higher production costs.
• The COVID-19 pandemic changed consumer purchasing patterns, with a significant increase in online shopping and home deliveries. This shift affected traditional brick-and-mortar retail stores, including grocery stores. Therefore, the availability and accessibility of cashew milk products may have been affected, with consumers relying more on e-commerce platforms and direct-to-consumer delivery services.
• The closure or limited operations of restaurants, cafes, and other food service establishments during lockdowns and social distancing measures impacted the demand for cashew milk within the foodservice sector. As restaurants and cafes gradually reopened and resumed regular operations, the demand for cashew milk in the food service industry is expected to recover in the post-pandemic period.

Key Findings of the Study

• Based on product type, the plain sub-segment emerged as the global leader in 2022 and the flavored sub-segment is anticipated to be the fastest growing during the forecast period.
• Based on distribution channel, the supermarket sub-segment emerged as the global leader in 2022 and the online sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, North America registered the highest market share in 2022 and Asia-Pacific is projected to have the highest CAGR during the forecast period.