Newark, Sept. 06, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cashew milk market is expected to grow from USD 103.09 million in 2021 to USD 173.43 million by 2030, at a CAGR of 5.95% during the forecast period 2022-2030.
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The growing number of lactose-intolerant people and their increasing preference for gluten-free food & beverages are anticipated to expand the cashew milk enterprise demand during the projection period. Moreover, the rise in the requirement for flavored cashew milk and the increasing trend of consuming low-calorie beverages are also helping to propel market growth. However, the low shelf life of nut allergies, cashew milk, lack of awareness about the product, and the high cost of the product is restraining market growth. Furthermore, increasing the preference inclination toward non-dairy milk to decrease lactose intolerance is an opportunity for market growth.
Competitivee Strategy
To enhance their market position in the global cashew milk market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
The growth of the cashew milk market is driven by the rising demand for plant-based foods. Moreover, the increasing popularity of veganism is the market growth trend. In addition, the ever-increasing demand for vegan and dairy-free food has led to the adoption of cashew milk-based products. Further, the cashew milk industry companies are growing efforts to strengthen their export enterprise for cashew-based non-dairy cream cheese & other vegan-friendly products. The usage of cashew milk is not only restricted to direct consumption. Still, it is also utilized for preparing other milk-based products like frozen desserts, creamers, milk powders, yogurt, and others. In addition, processed cashew milk includes less amount of lactose, fiber, and fat and is fortified with the necessary minerals & vitamins making it more reliable and beneficial for people suffering from conditions like heart disorders, blood pressure, lactose intolerance, the problem in nerve function, blood sugar and boosts the immune health.
Key Findings
• In 2021, the bottles segment dominated the market with the largest market share of 27.12% and market revenue of 27.95 Million.
The packaging type segment is divided into pouches, cartons, bottles, jars, and cans. In 2021, the bottles segment dominated the market with the largest market share of 27.12% and market revenue of 27.95 Million. This growth is attributed to the increasing usage of products in beverage applications.
• In 2021, the flavored cashew milk segment dominated the market with the largest market share of 56.19% and market revenue of 57.92 Million.
The product type segment is divided into flavored cashew milk and plane cashew milk. In 2021, the flavored cashew milk segment dominated the market with the largest market share of 56.19% and market revenue of 57.92 Million. This growth is attributed to the increasing demand for plant-based milk.
• In 2021, the hypermarkets/supermarket segment dominated the market with the largest market share of 30.16% and market revenue of 31.09 Million.
The distribution channel segment is divided into hypermarkets/supermarkets, e-commerce, convenient stores, and specialty stores. In 2021, the hypermarkets/supermarket segment dominated the market with the largest market share of 30.16% and market revenue of 31.09 Million. This growth is attributed to the changing consumer taste & preferences for cashew milk. Further, by 2030, the e-commerce segment will likely dominate the market due to its cost-effectiveness and quick accessibility.
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Regional Segment Analysis of the Cashew Milk Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region occurred as the largest market for the global cashew milk industry, with a market share of 47.33% and a market value of around 48.79 Million in 2021. North America dominates the cashew milk market due to the rising acceptance of lactose-free products. Moreover, the growing demand for flavored cashews & favorable government initiatives, and the easy & increasing availability of numerous cashew milk flavors are also helping to drive the region's market growth. Further, the Asia Pacific region is expected to show the fastest CAGR of 11.03% over the projection period. This growth is attributed to the increasing population. In addition, easy availability of raw materials and rapid urbanization also propel market growth in this region.
Key players operating in the global cashew milk market are:
• Blue Diamond Growers
• Alpro
• Cashew Dream
• Earth’s Own Food Company
• Forager Project
• Danone SA
• Pacific Foods of Oregon LLC
• Nutty Life LLC
• Provamel
• Elmhurst Milked Direct
• So Delicious Dairy Free
• White Wave Services Inc.
• SunOpta, Inc.
• Plenish Cleanse Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global cashew milk market based on below mentioned segments:
Global Cashew Milk Market by Packaging Type:
• Pouches
• Cartons
• Bottles
• Jars
• Cans
Global Cashew Milk Market by Product Type:
• Flavored Cashew Milk
• Plane Cashew Milk
Global Cashew Milk Market by Distribution Channel:
• Hypermarkets/Supermarket
• E-Commerce
• Convenient Stores
• Specialty Stores
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About the report:
The global cashew milk market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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