Cashew Milk Market: Introduction
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.
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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Increasing Vegan and Vegetarian
Population to Boost Cashew Milk Sales
Consumers are turning toward a healthier lifestyle
and are inclining towards vegan or vegetarian diets. People mention one or more
of three key reasons for going vegan or vegetarian– personal health, animal
welfare, and environmental concerns. This is accompanied by a never-ending
array of new business startups, YouTube channels, popular events, and
documentaries, all in some way or the other promoting the health benefits of
plant-based alternatives.
In 2018, Just Eat, an international
delivery service, said that veganism tops the consumer trend, due to a 94% rise
in 'healthy food ordered'.
According to a research commissioned by the Vegan
Society and Vegan Life magazine in the year 2016, the number of
people who follow a vegan diet in the U.K. increased to 350% as
compared to the past 10 years. Owing to these factors, the cashew milk market
is expected to witness a positive growth over the forecast period.
Major Players Investing in
Smaller Plant-Based Brands and Companies
Several consumers continue to be interested in more
nutritious and healthy food offerings. Across the globe, buyers are
increasingly demanding natural and nutritious products. Consumers are cutting
back on certain foods that are typically high in sugar, fat, or sodium.
Consumers are accepting a basic mind-set, concentrating on simple ingredients
and less processed foods. More than half of the consumers say that, they are
avoiding artificial ingredients, antibiotics or hormones, bisphenol A (BPA),
and genetically modified organisms (GMOs).
In response to the consistently rising demand for
healthy beverages, several beverage manufacturing companies are focusing on
R&D and innovations in technology. Reducing the amount of salt, sugar, and
sodium is an objective being followed by numerous food companies.
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.
