The global cashew milk market is projected to reach a value of USD 380 million by 2034, growing at a CAGR of 4.8% from 2024 to 2034. This growth can be attributed to the increasing vegan population and the surging demand for plant-based beverages.
The hypermarkets/supermarkets segment is expected to contribute a significant revenue share in the market, while the e-commerce segment is anticipated to expand at a significant CAGR due to the increasing adoption of e-commerce globally.
The cashew milk market is experiencing substantial growth due to the rising global vegan population demanding greater representation on menus. Lactose-intolerant individuals are also driving the demand for cashew milk due to its versatility in flavor and taste integration.
As vegan trends continue to gain momentum, the demand for cashew milk is expected to grow in the food and beverage industry, particularly in functional beverages. The expansion of online retail is further creating opportunities for the cashew milk market, making it more accessible to consumers.
The market is also driven by the growing demand for organic and non-GMO food products, as consumers pay closer attention to labels. Additionally, the rising popularity of vegan coffee shops and artisanal blends is attracting a trendy, hipster consumer base.
The cashew milk market is fairly fragmented, with enterprises of all scales having scope to thrive. Some of the prominent companies in the market are Daiya Foods Inc., Tofutti Brands Inc., SunOpta Inc., and Fine Japan Co. Ltd.
In terms of regional growth, the North American cashew milk market held a commanding 40% share in 2021, with the U.S.A being the highest contributor. The Chinese Cashew Milk market is expected to grow at a CAGR of around 4.7% during the forecast period.
Future Market Insights (FMI), in its new offering, provides a thorough, detailed, and unbiased analysis of the global cashew milk market, presenting historical demand data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034. The study provides insights based on form (powder and liquid), end use (food and beverages, nutraceuticals and baby food, personal care, pharmaceuticals, and others), sales channel (supermarket and hypermarket, online retail, and others), packaging (cartons, pouches, jars, bottles, cans, and others), and product type (plain cashew milk and flavored cashew milk) across several regions.
