As Veganism and Flexitarianism Grows in Popularity, the Cashew Milk Market is Likely to Observe Considerable Growth, Innovations in Flavour and Product Variety are Predicted to Draw More Attention from the Consumers: TMR

- People are becoming more interested in flexitarianism and veganism, which is likely to improve sale of plant-based and animal-free food products, with cashew milk being one of the vegan alternatives to milk.

- Leading players' innovations in terms of flavours and new varieties are expected to drive demand for cashew milk in near future.

ALBANY, N.Y., April 19, 2021 /PRNewswire/ -- Veganism's health benefits are gaining popularity with health-conscious people. As a result, participants in the global cashew milk market are looking for openings in dairy products to satisfy customer demand. A case in point is the introduction of new line of vegan soft serve flavours, including their newest cashew milk-based variety, made from patented formulas and raw ingredients, has now been revealed by the 16 Handles, a restaurant chain in New York. Stakeholders are stepping up their attempts to find the best balance between indulgence and fitness in order to satisfy niche markets' demands.

Cashew milk refers to a non-dairy drink that is made from the whole cashew nut along with water. The cashew milk has a thick, smooth texture. It's filled with healthy fats, nutrients, vitamins, and other plant compounds that are beneficial for health. Cashew milk comes in plain and flavoured variations and can be used in almost every recipe that calls for cow's milk.  It also strengthens immunity, enhances health of the heart, and improves skin and eyes. Such multiple benefits are estimated to widen the scope of the global cashew milk market in the forthcoming years.

The global cashew milk market is foreseen to rise at a growth rate of 7% CAGR over the forecast timeframe, from 2019 to 2029. The market is expected to reach a value of around US$ 193 Mn through 2029. Stakeholders are employing tactics to generate interest for cashew milk-based baking products that are only available for a short period, such as vegan chocolate chip cookie, dough toppings. The high prevalence of lactose-intolerant consumers is another is likely to come up as another important factor driving the development of the global cashew milk market.

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Key Findings of Market Report

• Increasing Popularity of Cashew Milk is Ascribed to its High Nutrient Content

A number of factors, such as the proliferation of plant-based diets, are predicted to assist in the development of the global cashew milk market in the forthcoming years. Cashew milk, meanwhile, is gaining popularity as a calcium-rich plant-based beverage. Consumers are drawn to it because of its low sugar and low fat content. Cashew milk producers are gaining traction in the food and beverage industry, as cashew milk is increasingly replacing traditional dairy milk amongst a growing number of customers. As a result, businesses are looking to capitalize on this development by producing gluten-free cashew milk. Sanitarium, for example, is a health and wellness organisation that specialises in the production of cholesterol-free and gluten-free cashew milk.

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The demand for low-fat milk, such as cashew milk, has grown in response to a rising number of deaths caused by high cholesterol in patients. Cashew milk is becoming more common amongst people who suffer from vitamin B12 and B2 deficiency. The demand for frozen desserts is another development sweeping the cashew milk industry. Various n on-dairy items including coconut milk-, almond milk-, and cashew milk-based frozen desserts are growing in popularity amongst the value chain stakeholders.

• Growing Popularity of Veganism Likely to Increase Revenue of the Market

Cashew milk-based products have become more popular as the market for vegan and dairy-free foods products grows. As a result, demand for cashew milk-based goods in countries like Australia is increasing. Cashew milk producers are stepping up their efforts to expand their export industry for non-dairy, cashew-based cream cheese and other vegan-friendly food items. Cashewgurt is the latest addition to the cashew milk-based food range. Increasing consumer awareness of GMO-free goods has also aided in the market expansion. Cashew milk powders contain nutritious ingredients including inulin, which help to improve calcium absorption. Multiple benefits associated with the intake of cashew milk, which is predicted to foster development of the global cashew milk market in near future.

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Cashew Milk Market: Growth Drivers

• Cashew milk is projected to benefit from the growing trend of consuming low-calorie beverages. Furthermore, increasing customer health awareness is projected to fuel the demand for cashew milk.
• Cashew milk is made up with reduced cholesterol to no cholesterol and devoid of casein and lactose. It is also a fantastic alternative to dairy-based products, especially for lactose intolerant people. Rising number of lactose intolerant people is likely to bode well for the global cashew milk market in near future.
• People are becoming more keen in veganism and flexitarianism, which is likely to accentuate the sale of animal-free and plant-based food products. Cashew milk is rapidly becoming one of the prominent vegan alternatives to milk.

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Global Cashew Milk Market: Key Competitors

• WhiteWave Services, Inc.
• Cashew Dream
• Dream Blends
• Blue Diamond Growers
• Alpro
• Provame

Global Cashew Milk Market: Segmentation

Formulation

• Regular
• Flavoured

Nature

• Organic
• Conventional

Packaging Type

• Glass Bottles
• Plastic Bottles and Pouches
• Carton Packaging
• Cans

Sales Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Independent Small Groceries
• Specialty Stores
• Online Retailing

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