Cashew Milk Market

Cashew Milk Market Outlook from 2024 to 2034

The worldwide cashew milk market size is estimated to be USD 238 million in 2024. Displaying a CAGR of 4.8% through 2034, the sector is slated to be worth USD 380 million by the end of the forecast period.

As vegan trends grow, plant milks, especially cashew ones, are becoming more mainstream. While the HoReCa sector has been historically a great helper of the dairy industry, vegan products too are getting help. The emerging commercial usage of cashew milk is being bolstered by more eateries and cafes focusing on vegan products.

The impact of the latest trends on the cashew milk market is substantial, with the increasing vegan population of the world not shying away from demanding greater representation on menus. The vegan population is joined by the lactose-intolerant one in the clamor for plant-based milks.

The food and beverage application of the milk is also rising as the product is malleable to the integration of various flavors and tastes. As a result, the target sector is set to record steady growth through 2034.

Global Cashew Milk Industry Assessment

Attributes	Description
Historical Size, 2023	USD 216 million
Estimated Size, 2024	USD 238 million
Projected Size, 2034	USD 380 million
Value-based CAGR (2024 to 2034)	4.8%

The projected market size of cashew milk is set to grow as functional beverages become more of a norm. Consumers are looking at beverages that do not skimp on the taste, but that also are not harmful to the body. In such a landscape, the product has plenty of opportunities to thrive.

The expansion of online retail is set to enhance cashew milk market opportunities. The availability of the milk in physical stores is still a concern, as the product is still seen as a niche commodity. However, through online means, more consumers are getting access to the product.

The cashew milk market global analysis highlights that the demand for organic and non-GMO foods products is developing at a promising rate. The organic revolution has taken over the food and beverage sector. Closer attention being paid to labels is also increasing the inclination of food manufacturers to opt for non-GMO practices. The milk is helping them achieve this standard.

One of the niche growth factors influencing the cashew milk market is the rising popularity of vegan coffee shops and artisanal blends. This is seeing the already trendy consumer base for the drink skew even more hipster. Consumers are also clamorous for minimally processed or entirely unprocessed beverages. The milk is helping beverage manufacturers deliver flavor with minimal processing.

The sector is benefitting as the prevalence of food allergies and intolerances increases. Demand for cashew milk is getting swept along with the rising demand for nut-based milk alternatives.

Semi Annual Market Update

The below table presents the expected CAGR for the sector over several semi-annual periods spanning from 2024 to 2034. For the first half (H1) from 2023 to 2033, the sector is expected to grow at a CAGR of 4.7%. For the second half (H2), growth is predicted at a CAGR of 4.8%.

Particular	Value CAGR
H1	4.7% (2023 to 2033)
H2	4.8% (2023 to 2033)
H1	5% (2024 to 2034)
H2	4.9% (2024 to 2034)

Moving forward to the subsequent period, from H1 2024 to H2 2034, the CAGR is foreseen to be 5% in the first half and 4.9% in the second half. Thus, the product’s prospects are said to be stronger in the first half than in the second half.

Key Industry Highlights

Personalized Nutrition to Give New Dimension to Demand

A growing trend in the sector is the demand for personalized nutrition and custom blends. With the increasing reliance on dieticians, especially among the wealthy crowd, personalized nutrition is gaining more of a foothold. This has led to the demand for functional food and beverages to boost, being laden with nutrients like vitamins, protein, and more.

Companies are offering custom blend services, where customers can choose the proportion of cashews, sweetness levels, and additional flavors or supplements to create a personalized beverage. These advances are made possible by the encouraging growth of food technology. Food technology development has allowed both manufacturers and consumers a wider field to play in.

Packaging Innovations with Sustainability in Mind

One of the foremost trends in the industry is the shift towards eco-conscious packaging innovations. Environmentally conscious consumers are not just satisfied with sustainable farming practices. They are also looking for packaging that adheres to eco-friendly guidelines.

Some of the innovations that are catching the eyes of consumers are plant-based plastic bottles, biodegradable cartons, and reusable glass containers. The advent of reusable bottles is also promising, with companies providing collecting services that help both consumers and manufacturers. This trend is also helping companies with customer retention and brand loyalty. Equally, the amount of waste generated is also minimized.

Raw Consumption Paired with Culinary Application

Raw consumption of cashew milk is popular, mirroring the large quantities of standard milk consumed in this manner. However, other than imbibing the milk as it is, there are other applications for the product too.

The food service sector is seeing increased adoption of the milk into recipes. This is especially true for eateries geared towards vegan consumers. Soups, sauces, and other liquid treats are being infused with milk derived from cashews to enhance the taste. The bakery and confectionery sector is also not behind in the adoption rate of the product.

Manufacturers of protein shakes and other healthy beverages are also investing in the product. Thus, there are multiple avenues for progress in the sector and manufacturers have the opportunity to significantly expand the scale of their ambitions.

Lack of Awareness and the Presence of Alternatives Stall Growth

There are numerous restraints that slow down the growth of the industry. Lack of awareness among consumers sees stakeholders struggle to open up demand. The numerous alternatives available, such as almond milk and hazelnut milk, also complicate the growth in demand. For many, it is not important the type of milk being served or drunk as long as it is vegan.

Many consumers are inherently turned off by the taste of cashews. Thus, these consumers are not interested in the milk made from the dry fruit from the offset. The high price of cashews also makes production costly, in turn, increasing the cost of the product and cutting off a significant portion of the population from the consumer base.

Innovative Flavors and Functional Additives to Play Greater Role

A trend in the industry is the emergence of innovative flavors and functional additives. Consumers are increasingly drawn to cashew milk products that offer unique tastes such as matcha, turmeric, or lavender-infused varieties. These flavors not only enhance the drinking experience but also cater to diverse consumer preferences for adventurous and gourmet options.

Functional additives like collagen peptides, probiotics, or adaptogens such as ashwagandha are being incorporated into cashew milk to offer additional health benefits. This is appealing to health-conscious consumers seeking nutritionally enhanced alternatives to traditional dairy and plant-based milk. The trend underscores the sector's evolution towards personalized and health-focused beverage choices.

2019 to 2023 Global Cashew Milk Sales Outlook Compared to Demand Forecasts for 2024 to 2034

The industry size was tipped to be USD 191 million in 2019. Throughout the historical period, the sector grew at a CAGR of 4.9%, reaching a size of USD 216 million in 2023.

The pandemic saw a considerable number of consumers turn towards healthy food. Thus, the demand for organic products and ingredients went through the roof. Products like cashew milk were no longer relegated to the margins.

The forecast period is set to witness progress happen at a slightly slower pace than the historical period. A number of factors play into the slow progress of the sector, including the not uncommon one among vegan products, that of price. However, several opportunities present themselves to investors.

Social media is set to play a prominent role in increasing the sales of cashew milk. A considerable number of consumers look at social media influencers for dietary recommendations.

Among the ingredients that are being highlighted is milk derived from cashews and companies can increase scope by partnering with them. Complementary to the social media influence, is the influence of dieticians. With more consumers desiring to live healthily, the importance of dieticians is shooting up and they are more likely to recommend functional food made from the product.

Market Concentration

Tier 1 companies that have a notable presence in the industry include Forager Project, Califia Farms, Elmhurst 1925, and Malk Organics. Tier 1 companies hold about 45% of the revenue generation capabilities in the sector.

Forager Project is well-known for its brand of plant-based milks, with cashew being a popular ingredient. Califia Farms, meanwhile, is known for innovating with flavors to drive in more consumers.

Elhmhusrt 1925 makes prominent in its advertising the sustainable nature of its operations. The enterprise also boasts of minimal processing in the making of its products. Malk Organics banks on its cold-pressed techniques to ensure the product reaching the consumers is of the best quality.

Prominent tier 2 companies in the sector include New Barn Organics and Ripple Foods. These tier 2 companies account for about 20.6% of the total revenue generated in the sector, lower than both tier 1 and tier 3 companies.

New Barn Organics, in addition to traditional varieties of the product, also has unsweetened milk in its portfolio. Ripple Foods boasts of providing heightened functionality through its drink.

Some notable tier 3 companies are Pacific Foods and Good Karma Foods. Tier 3 companies control a notable revenue share of the industry, 34.4%, more than tier 2 companies. Like tier 1 and tier 2 companies, tier 3 companies too focus on sustainable and organic practices. Pacific Foods is a prime example of this. Known primarily for its flax-based milk, Pacific Foods also dabbles in cashew-based milk.

Country-wise Insights

The Latin America cashew milk industry is booming as the traditional demand for milk is being supplanted by the increasing number of vegan people. Cost is not much of a barrier for consumers in Europe and North America, ensuring demand for the product remains strong in the region.

Countries	CAGR (2024 to 2034)
China	4.7%
United States	4.6%
United Kingdom	4.9%
Japan	5%
India	5%
Indonesia	5.1%
Australia	5%
Italy	5.6%
Spain	5.5%
France	5.3%
Germany	4.9%
Canada	4.9%

Increasing Attention Towards Health Powers Industry in the United States

The United States industry is forecast to progress at a CAGR of 4.6% throughout the assessment period. In the United States, the drive for healthy food is powered by the ballooning obesity problem in the nation.

Many consumers are turning towards vegan and gluten-free food options as a result of the obesity epidemic. Thus, a conducive environment has been created for the growth of the sector in the United States.

Experimenting with Cuisines Lays Out the Path Forward for Cashew-based Milk in Italy

Demand for cashew milk in Italy is set to increase at a CAGR of around 5.6%, making the country one of the most promising ones for the product in Europe. While cashew is not one of the popular nut varieties in Italian cuisine, modern experimentation has opened the doors wide for the nut in the country.

The world-famous cuisine is seeing experimentation to a wider degree as a new crop of chefs and household cooks gives a new dimension to it. Thus, new ingredients such as cashews and milk derived from the nut are becoming more common in Italian kitchens. The vegan explosion also sees consumers seeking vegan varieties of famous dishes. Here too cashew-based milk is helping.

Zinc Properties of Cashew-based Milk Cherished by United Kingdom Consumers

The sector in the United Kingdom is anticipated to book a CAGR of 4.9% over the next ten years. Consumers in the United Kingdom are partial towards drinks that both have a refreshing effect, while still providing vital nutrients. Thus, milk derived from cashews is becoming more popular in the nation. The milk contains zinc, making it popular among sports and fitness enthusiasts.

Vegan consumers in the United Kingdom are also enjoying pouring the milk into various everyday applications, replacing standard milk. Whether in traditional coffee and tea recipes, in cereals, or in more elaborate dishes, plant-based milk is finding more application in the country.

Category-wise Insights

The below section offers insights into the leading segments. Cans are the most prominent packaging type of the milk. Plain cashew milk is preferred by the majority of consumers.

Practical Nature of Cans Preferred by Consumers

Segment	Cans (Packaging)
Value Share (2024)	21.5%

When it comes to packaging, the choice of consumers is clear. The cans segment is anticipated to account for 21.5% of the industry share in 2024.

Cans are a convenient option for consumers, who are used to traditional milk in the can form too. Improvement in the capabilities of cans is also seeing a longer shelf life being afforded to the milk inside. Overall, the safe nature of cans, providing safety against light and air, is trusted by both consumers and manufacturers.

Cans are also convenient for serving ready-to-drink milk. Meanwhile, premium cans give a suave feel to consumers, adding to the demand for the packaging type.

Pure Milk Has Won Over Health Enthusiasts

Segment	Plain Cashew Milk (Product Type)
Value Share (2024)	87.5%

Plain cashew milk is anticipated to account for a dominant 87.5% of the industry share in 2024. Cashew-based milk is increasingly being used in culinary applications as well as in fortified beverages. The rapid development of the HoReCa sector is a prominent factor for this application of milk. For the moment plain milk remains the top dog in the sector.

A significant number of vegan consumers come into the vegan lifestyle late in life. Throughout their life, they have become used to drinking milk straight or with tea, coffee, and other refreshers. After turning vegan, these people still desire the same taste. Thus, plain milk is preferred in households. Sports and fitness enthusiasts too drink plain cashew milk as a source of organic nourishment.

Competition Outlook

While the giants in the landscape exert considerable influence, the sector is still welcoming to new entrants. The fragmented nature of the industry ensures small-scale players go toe-to-toe with big-name players. Many of the players in the industry specialize in overall plant-based milk products.

Many start-ups are seeking funding to expand their presence and improve their share in the plant-based milk sector. New manufacturing and extraction technologies are being employed to improve the quality and taste of this plant-based milk.

Industry Updates

• In September 2023, Forager Project launched the Honey Alternative Cashewmilk Yogurt. Alongside, the company also launched a peach flavor for its cashewmilk yogurt pouches.
• In March 2024, MALK Organics raised significant internal investment from existing investors Benvolio Group and Rotor Capital.

Leading Cashew Milk Brands

• Daiya Foods Inc.
• Tofutti Brands Inc.
• SunOpta Inc.
• Fine Japan Co. Ltd.
• Hain Celestial Group
• Galaxy Nutritional Foods Inc.
• Nature's Choice B.V.
• Vitasoy Australia Products Pty. Ltd.
• Blue Diamond Growers
• Forager Project
• WhiteWave Services, Inc.
• Cashew Dream
• So Delicious Dairy Free
• Provamel
• Dream Blends
• Alpro.

Key Segments of Market Report

By Form:

Based on the form, the cashew milk market is divided into powder and liquid.

By End Use:

Based on end use, the global industry has been categorized into food and beverages, nutraceuticals and baby food, personal care, pharmaceuticals, and others.

By Sales Channel:

Based on the sales channel, the cashew milk market is divided into supermarket and hypermarket, online retail, and others.

By Packaging:

When it comes to packaging, the industry market has been segmented into cartons, pouches, jars, bottles, cans, and others.

By Product Type:

Based on the product type, the cashew milk market is divided into plain cashew milk and flavored cashew milk.

By Region:

The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.

Frequently Asked Questions

How Big is the Cashew Milk Market?

The size of the cashew milk market is estimated to be USD 238 million in 2024.

At What Rate is the Industry Expected to Grow?

The industry is expected to increase at a CAGR of 4.8% over the forecast period.

What is the Forecast of the Cashew Milk Market?

The cashew milk market is forecast to reach a size of USD 380 million by 2034.

Which are the Key Companies in the Industry?

Daiya Foods Inc. and Tofutti Brands Inc. are some of the prominent companies in the industry.

What is the Scope of the Cashew Milk Market in the United States?

The United States is set to register a CAGR of 4.6% through 2034.