Cashew milk products are becoming more popular globally, attracting consumer appeal due to its low sugar and fat content. North America held a commanding 40% share in 2021 and the Chinese market is also increasing.
According to a recent report, the cashew milk market is set to grow at a CAGR of 6.3% between now and 2033 and is estimated to acquire approximately $207.7 million of the entire plant-based milk market by the end of this year. Hypermarkets and supermarkets are expected to contribute a significant revenue share and ecommerce is set to continue its growth worldwide. Demand for frozen desserts is also driving the cashew milk market, as non-dairy products continue to be added to the portfolios of value chain stakeholders.
Alpro offers a cashew milk product, as does Silk, Rude Health, and Plenish. Forager Project released a line of yogurts made from cashew and coconut milk back in 2018, and Z Natural Foods launched Cashew Milk Powder a year later. Other key players in cashew milk include Whitewave Foods, Blue Diamond Growers, Daiya Foods Inc., Tofutti Brands Inc., SunOpta Inc., Fine Japan Co. Ltd., Hain Celestial Group, Galaxy Nutritional Foods, Inc., and Vitasoy Australia.
“Cashew milk contains nutrients and proteins, aids in blood clotting, has anti-cancer properties, boosts antioxidant defences, and lowers cholesterol levels. Furthermore, it is easy to digest and high in omega-6 fatty acids, which increases demand for the product” says a Future Market Insights analyst.
