Cashew Milk Market Driven by Increasing Health Awareness among Consumers
Cashew milk is a creamy liquid derived by blending cashews with water. Cashew milk is a lactose-free alternative to milk. Cashew milk market players are offering the product with a variety of excipients including flavoring agents such as vanilla and cinnamon, thickening agents such as xanthan gum and guar gum, and other excipients. Global cashew milk market is expected to gain significant basis points (BPS) in global milk market over the forecast period. North America and Europe is dominating the global cashew milk market, attributed to high demand for dairy-free and lactose-free food products across the region.
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Global Cashew Milk Market Segmentation:
The global cashew milk market is segmented on the basis of packaging, distribution channel, product type, and region. Based on packaging type, global cashew milk market is segmented into cartons, pouches, jars, bottles, cans, and others. Among these cartons, segment is expected to contribute for the substantial revenue share in global cashew milk market over the forecast period. Bottles segment is followed by cartons segment in the global cashew milk market. Based on distribution channel, the global cashew milk market segmented as convenient stores, hypermarkets/supermarket, and e-Commerce. Among which, hypermarkets/supermarket, the segment is expected to contribute for major revenue share whereas, e-Commerce segment is expected to expand at a significant CAGR in the global cashew milk market, attributed to increasing adoption of e-Commerce across the globe. On the basis of product type, the global cashew milk market is segmented as plane cashew milk and flavored cashew milk, wherein flavored cashew milk has significant revenue share and is expected to register significant CAGR over the forecast period.
Global Cashew Milk Market Regional Outlook:
Based on the geographies, the global cashew milk market is split into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Among the regions, North America is expected to dominate the global cashew milk market, owing to high demand for healthy and low-calories containing food products across the region. Europe is followed by North America and is expected to expand at a significant growth rate in cashew milk market, owing to increasing health awareness among consumers across the regions. Asia-Pacific accounts for relatively high volume share and is expected to expand at a significant growth rate in global cashew milk market, owing to easy availability of raw material across the region. Overall, the outlook for the global cashew milk market will have a positive growth over the forecast period, the rapid rate of urbanization, rapidly growing population, and changing consumer lifestyle across the globe being a counterfeiting factor.
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Global Cashew Milk Market Dynamics:
Macroeconomic factors fueling the global cashew milk market include growing economy, changing lifestyle, the rapid rate of urbanization, and increasing domestic income. The growth of the global cashew milk market is also driven by increasing health consciousness among consumers, increasing demand for dairy-free products, and growing demand for high nutrition and less fat containing food and beverages. The advantages of cashew milk including free from lactose attracts health-conscious people which are fueling the global cashew milk market. However, the high price of cashews restraining the demand for global cashew milk market. Some of the factors trending the global cashew milk market include mergers & acquisitions between cashew milk market players and cashew suppliers and high investment in the food industry. Companies operate in the cashew milk market can increase its share through backward integration i.e. collaboration with cashew suppliers, and offering organic and gluten-free products in the market.
Global Cashew Milk Market Player:
Few players in the global cashew milk market WhiteWave Services, Inc., SO DELICIOUS DAIRY FREE, Blue Diamond Growers, Forager Project, Provamel, Dream Blends, VITASOY, Cashew Dream, and Alpro.
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