CASHEW MILK MARKET TO REACH VALUATION OF ~US$ 193 MN BY 2029: TRANSPARENCY MARKET RESEARCH
A market report published by Transparency Market Research on the cashew milk market includes the global industry analysis and opportunity assessment for 2019-2029. Revenue generated from the global cashew milk market was estimated to be valued at ~US$ 91 Mn in 2019, which is projected to rise at a CAGR of 7%, to reach ~US$ 193 Mn by 2029.
Cashew milk is a non-dairy beverage manufactured from whole cashew nut and water. The cashew milk has a creamy and rich consistency. It is loaded with vitamins, minerals, healthy fats, and other beneficial plant compounds. Cashew milk is available in regular and flavored varieties, and can replace cow’s milk in most recipes. It also helps in boosting immunity and improves heart, eye, and skin health.
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Concerns Regarding Food Safety Making Consumers Drift Toward Cashew Milk
Consumers are opting for safer plant-based beverages due to the rising food safety concerns associated with the usage of hormones and antibiotics in dairy-based products.
According to a report by The Humane Society of the United States (HSUS), there is a growing demand for animal-based products without any trace of antibiotics or hormones. The increasing use of antibiotics and hormones may adversely affect human and animal health. Thus, several leading food companies are implementing policies to eradicate or lessen the use in their supply chains. For instance, popular brands such as Starbucks, Panera Bread, Chipotle, and McDonald’s, are switching to plant-based alternatives.
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Consumers Actively Consider Sustainability Aspects
Producers of cashew milk are spoiling consumers with innovative products and new flavors. There are various innovations in plant-based beverages such as cashew butter is created to meet the demand for a healthier drinks without compromising on the taste, flavor, texture, and nutritional qualities of the product.
Ice cream giant Haagen-Dazs saw value in investing in a non-dairy line in 2017, making the launch a first for the brand. Within a year, it expanded the range to include ice cream bars and new flavors, obviously as a result of positive consumer response.
Global Cashew Milk Market: Segmentation
Cashew Milk Market, by Formulation
- Regular
- Flavored
Cashew Milk Market, by Nature
- Organic
- Conventional
Cashew Milk Market, by Packaging Type
- Glass Bottles
- Plastic Bottles & Pouches
- Carton Packaging
- Cans
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