IMARC Group, a leading market research company, has recently released a report titled “Cashew Milk Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global cashew milk market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the cashew milk market?
The global cashew milk market size reached US$ 111.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 179.3 Million by 2032, exhibiting a growth rate (CAGR) of 5.43% during 2024-2032.
Factors Affecting the Growth of the Cashew Milk Industry:
Increasing Consumer Awareness of Health Benefits:
The global cashew milk market is experiencing significant growth due to the increasing awareness among consumers regarding the health benefits associated with plant-based milk alternatives, particularly cashew milk. Cashew milk is often perceived as a healthier option compared to traditional dairy milk due to its lower calories and fat content. Additionally, it is cholesterol-free and rich in essential nutrients such as vitamins, minerals, and antioxidants. As consumers become more health-conscious and seek nutritious alternatives to dairy products, the demand for cashew milk is rising steadily.
Rise in Lactose Intolerance and Dairy Allergies:
One of the primary drivers fueling the growth of the global cashew milk market is the escalating prevalence of lactose intolerance and dairy allergies among the population. A significant portion of the global population exhibits varying degrees of lactose intolerance, leading them to seek lactose-free alternatives like cashew milk. Similarly, individuals with dairy allergies or sensitivities opt for non-dairy milk options to avoid adverse reactions. Cashew milk serves as an excellent substitute for dairy milk, providing a creamy texture and rich flavor without the lactose or allergens, thereby catering to the needs of these consumers.
Expanding Vegan Population and Preference for Vegan-Friendly Products:
The expansion of the vegan population worldwide is driving the demand for vegan-friendly products, including plant-based milk alternatives like cashew milk. As more people adopt a vegan lifestyle for ethical, environmental, or health reasons, the demand for dairy-free options continues to grow. Cashew milk aligns with vegan principles as it is derived solely from plant sources, making it suitable for individuals following a vegan diet. Additionally, the versatility of cashew milk in various culinary applications, such as coffee, smoothies, and baking, appeals to vegans seeking diverse and nutritious alternatives to dairy products.
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Cashew Milk Market Report Segmentation:
Breakup by Product Type:
- Plain
- Flavoured
Flavored represented the largest segment due to the growing consumer preference for variety and enhanced taste experiences in plant-based milk options.
Breakup by Packaging:
- Cartoons
- Bottles
- Others
Bottles represented the largest segment owing to their convenience, portability, and longer shelf life compared to other packaging formats.
Breakup by Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Online
Supermarkets/Hypermarkets represented the largest segment due to their extensive reach, wide product variety, and consumer preference for one-stop shopping experiences.
Market 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 was the largest market due to the increasing adoption of plant-based diets, rising health consciousness, and strong consumer demand for dairy alternatives in the region.
Global Cashew Milk Market Trends:
The global cashew milk market is being propelled by several key drivers, each contributing to its growth trajectory, including the increasing consumer awareness regarding the health benefits associated with plant-based milk alternatives, such as cashew milk, is fostering market demand. Additionally, the rise in lactose intolerance and dairy allergies among the population is driving the shift towards non-dairy milk options. Furthermore, the expanding vegan population, coupled with the growing preference for vegan-friendly products, is fueling the demand for cashew milk as a dairy alternative. Moreover, the surge in disposable incomes, especially in developing regions, is enabling consumers to afford premium plant-based milk products, thus boosting market growth.
Some of these key players include:
- 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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