Market Overview and Growth Factors:
The global cashew milk market has been segregated, by packaging type, into bottles, cartons, and others. The cartons segment is expected to dominate the global cashew milk market during the assessment period. However, the bottles segment is expected to grow at the highest CAGR during the forecast period owing to its on-the-go convenience.
The global market for cashew milk has also been classified, by distribution channel, as store based and non-store based; with store based segment being sub divided to supermarkets & hypermarkets, convenience stores, and others. The store based segment is expected to dominate the market wherein supermarkets & hypermarkets are expected to hold a prominent share. However, the non-store-based segment is expected to register the highest CAGR during the forecast period. The key players are witnessed to come up with their own online shopping sites to increase their customer reach. This will assist the growth of non-store based segment in the coming years.
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Market Scenario and Key Restraints:
Cashew milk is the plant-based milk with creamy fluid texture. It is rich in vitamins and minerals such as magnesium and vitamin K which assist in improving the body immunity. Moreover, cashews are rich in omega-6 essential fatty acids that assist in maintaining the cholesterol level. It is used as a dairy milk substitute in preparation of various food recipes. High prevalence of lactose-intolerance among the population coupled with growing trend of veganism is expected to boost the sales of cashew milk.
The global cashew milk market has been segregated, by category, into conventional and organic. The conventional segment is expected to dominate the global cashew milk market during the assessment period. However, the organic segment is expected to grow at a higher CAGR during the forecast period owing to the rising preference of consumers for organic products. The awareness of the benefits of organic products is increasing, which is expected to drive the growth of the segment.
Some of the key players in the global Cashew milk market are Hain Celestial Group (US), Danone S.A.(France), Forager Project (US), Rude Health (UK), Califia Farms (US), Pacific Foods (US), Plenish Cleanse Ltd. (UK), Elmhurst Milked Direct LLC (US), Earth’s Own Food Company Inc. (Canada), and RITA Food & Drink Co., Ltd. (Vietnam)
The Cashew Milk Market in Asia-Pacific is expected to grow rapidly due to the increasing adoption of healthy beverages by the rising health-conscious population. Emerging markets such as China and India are projected to contribute to the growth of the regional cashew milk market. Manufacturers are investing heavily in these markets with new product launches which is expected to surge the growth of the market during the forecast period.
On the basis of region, the global cashew milk market has been segmented by North America, Europe, Asia-Pacific, and RoW. North America is expected to dominate the global cashew milk market owing to high prevalence of lactose intolerants in the region. Also, growing demand for organic products in this region will boost the growth of organic cashew milk in the coming years. Europe is also estimated to hold a prominent share in the global cashew milk market with increasing adoption of vegan diet among the consumers in this region. Moreover, the increasing demand for nut milk among the health-conscious population is driving the growth of cashew milk in this region.