The global cashew milk market size is expected to reach USD 53.2 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% from 2019 to 2025. Growing awareness regarding benefits of cashew milk such as weight loss, strengthening of immunity, beneficial for lever health, and antioxidant support. Moreover, it reduces the risk of heart diseases, lowers the cholesterol level, improves digestive system, and treats inflammation, thereby driving the demand for the product.
Growing penetration of cashew milk as a diary alternative is attributed to increasing number of individuals with lactose intolerance. Moreover, rising health consciousness among the consumers and growing demand for high nutrition and reduced fat beverages are expected to drive the market in the coming years. Companies are spending on research and development to distribute the product through emerging online channels and make it feasible for the consumers to consume it.
Plain milk held the largest share of 72.7% in 2018. High demand for plant based milk in the creamy fluid texture due to increasing health consciousness is driving the segment. Flavored milk is expected to expand at the fastest CAGR of 5.3% over the forecast period. Changing taste and preferences are resulting in high consumption of flavored milk. For instance, White Wave Foods Company launched silk vanilla cashew milk under Non-GMO project with special creaminess and no preservatives.
Online distribution channel is expected to expand at the fastest CAGR of 5.7% over the forecast period. Companies are tying up with online retailers as well as introducing their e-portals such as Alibaba, Amazon, Walmart, Big basket, nature’s basket, luckyvitamin.com, and delights food (India). For instance, So Delicious Co. has tied up with Amazon to distribute its product and reach a vast consumer base.
North America was the largest regional market with a revenue of USD 12.9 million in 2018 and is expected to maintain its lead over the forecast period. Companies are engaging themselves into development and new product launches owing to growing trend of consumption of nutrients, vitamins, and proteins. For instance, So Delicious Co. provides unsweetened cashew milk beverage through various distribution channels in order to cater to the vast consumer base.
Key players in the market include White Wave Services Inc.; Forager Project; Provamel; Plenish Cleanse Ltd.; Nutty life, LLC.; So Delicious Dairy Free; Blue Diamond Growers; Cashew Dream; Danone SA; and Alpro.
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Further key findings from the report suggest:
• By type, plain cashew milk led the global market with a share of 72.7% in 2018
• North America dominated the market in 2018 with a revenue of USD 12.9 million in 2018. This trend is projected to continue over the next few years
• APAC is anticipated to witness high demand on account of increase in awareness and change in lifestyle
• The cashew milk market is highly competitive in nature with the main players including White Wave Services Inc.; Forager Project; Provamel; Plenish Cleanse Ltd.; and Nutty life, LLC
• Various manufacturers are concentrating on new product launches and capacity expansion in order to estimate existing and future demand patterns from upcoming product segments.
Grand View Research has segmented the global cashew milk market on the basis of type, distribution channel, and region:
Cashew Milk Type Outlook (Revenue, USD Million, 2015 - 2025)
• Plain
• Flavored
Cashew Milk Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Supermarkets/Hypermarkets
• Convenience Stores
• Online
Cashew Milk Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
o U.S.
• Europe
o U.K.
o Germany
• Asia Pacific
o India
o China
• Central & South America
o Brazil
• Middle East & Africa
o UAE