The global cashew milk products market was valued at USD 2.6 billion in 2022 and is expected to register a CAGR of 8.2% from 2023 to 2030. The rising demand for plant-based milk is a key factor driving the growth of the market. The growing awareness among health-conscious consumers regarding the health benefits of cashew milk is propelling the demand for the product. The increasing number of vegan and vegetarian consumers is also contributing to the growth of the market.

The increasing preference for dairy-free alternatives to cow’s milk is also driving the market. The growing popularity of nut-based milk and other non-dairy milk among health-conscious consumers is expected to further drive the demand for cashew milk products. Furthermore, the growing demand for lactose-free products is propelling the market growth.

The increasing demand for cashew milk-based products such as cheese, yogurt, ice cream, and other dairy products is also supporting the growth of the market. The growing product portfolio and the introduction of new flavors and products with multiple health benefits are expected to drive the market. For instance, in April 2021, Elmhurst 1925, a nut-based beverage company, launched a new cashew milk product line called Cashew Creamer. The product is available in three flavors: original, vanilla, and mocha.

The increasing number of health-conscious consumers and the rising demand for organic cashew milk products are expected to drive the market growth. Companies are introducing organic cashew milk products to target health-conscious customers. Additionally, the increasing demand for fortified cashew milk products is another factor propelling the market growth. For instance, in April 2021, Elmhurst 1925 launched a new line of fortified cashew milks called Active, with added vitamins and minerals to meet the daily nutritional requirement of consumers.

The growing number of product launches coupled with increasing demand for convenience foods is also contributing to the market growth. Companies are launching ready-to-drink cashew milk beverages to provide convenience to consumers. Additionally, the growing trend of product customization is expected to propel the market growth. For instance, in January 2021, Elmhurst 1925 launched a new product called Customizable Milked Cashews, which allows customers to customize their cashew milks, by choosing their own combination of flavors and ingredients.

The cashew milk segment accounted for the largest share of the market in 2022. Growing health consciousness among consumers and increasing awareness regarding the health benefits of plant-based milk are the key factors driving the demand for cashew milk. According to an article published by Healthline in January 2020, cashew milk is low in calories, contains no cholesterol, and is a good source of vitamin D and calcium. Furthermore, the growing vegan population and increasing preference for plant-based milk alternatives are other factors contributing to the growth of the market.

The flavored cashew milk segment is anticipated to witness the fastest CAGR of 10.2% over the forecast period. Growing popularity of flavored cashew milk among health-conscious consumers due to its nutritional benefits is a major factor driving the growth of the market. Furthermore, manufacturers are introducing a wide range of flavors in cashew milk such as vanilla, chocolate, and others, to attract more consumers, which is further propelling the growth of the market.

The supermarkets and hypermarkets segment accounted for the largest share of the cashew milk products market in 2022. The growth of supermarkets & hypermarkets is attributed to the presence of a wide range of options, availability of various sizes of packaging of cashew milk products, and the convenience of shopping. Moreover, the rising demand for vegan products among consumers is expected to drive the demand for cashew milk products in the supermarkets & hypermarkets.

The online distribution channel is expected to experience the highest CAGR of 13.3% during the forecast period. The rising internet penetration and the availability of a wide range of products on e-commerce websites are expected to drive the demand for cashew milk products. In addition, the increasing adoption of online shopping and rising consumer preference for convenience are anticipated to further fuel the growth of the online distribution channel. Furthermore, the availability of attractive discounts and offers on online platforms is expected to increase the demand for cashew milk products.

The organic segment accounted for the largest revenue share of 73.3% in the year 2022. The increasing demand for organic food products, coupled with the rising awareness about the health benefits of organic cashew milk, is driving the segment. Furthermore, the increasing number of health-conscious consumers is expected to further propel the segment. The growing number of health-conscious consumers has increased the demand for organic cashew milk, as it is free from artificial preservatives and flavorings and is lactose-free.

The conventional segment is projected to expand at a CAGR of 8.7% over the forecast period, owing to its comparatively lower price and easy availability. Furthermore, the growing demand for convenient and readily available food products is propelling the growth of the conventional segment. For instance, brands such as Califia Farms, Elmhurst, and Ripple offer various produts in the conventional cashew milk segment and have gained popularity in the recent years.

North America is expected to hold the largest share of the global cashew milk products market and is likely to continue its dominance over the forecast period. This can be attributed to the increasing vegan population in the region, coupled with the rising demand for dairy-free and lactose-free products. Also, the presence of a large number of manufacturers in the region is further contributing to the growth of the market. For instance, in April 2021, Elmhurst 1925 was the first dairy-free brand to launch cashew milk-based creamers in the U.S.

Europe is projected to witness the second-fastest growth in the coming years. The increasing demand for plant-based and nut-based products is expected to drive the market growth in the region. Moreover, the rising health consciousness among consumers is expected to boost the demand for cashew milk products in the near future. For instance, in October 2021, the Swedish brand Goodio launched its new cashew milk-based ice cream range in Finland.

In this part of the cashew milk products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your cashew milk products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenue for a cashew milk products business comes from sales of the cashew milk, as well as from sales of other products such as cashew-based cheese and yogurt. Here you will find a list with a description of each of them and other possible sources of profit such as wholesale distribution, online sales, and the sale of related products.

Projecting Expenses

In this section, all the regular expenses related to keeping the cashew milk products business running will be described. The list of operating expenses includes the cost of raw materials, packaging materials, shipping costs, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the cashew milk market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In May 2022, Elmhurst Milked launched a line of cashew milk products with added vitamins and minerals.

– In June 2022, Califia Farms launched a new line of cashew milk products that are Non-GMO, sugar-free, and vegan.

– In July 2022, Silk launched a line of plant-based cashew milk products that are low in sugar and calories.

Some of the prominent players in the cashew milk market include:

– Elmhurst Milked
– Califia Farms
– Silk
– Pacific Foods
– Nutpods
– Nutty Life
– Ripple Foods
– Good Karma Foods
– Minor Figures
– Rebel Creamery

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global cashew milk products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Unsweetened Cashew Milk
– Sweetened Cashew Milk
– Flavored Cashew Milk
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation in the Cashew Milk Products Market?
[A]: Product innovation is expected to be a major factor driving the growth of the cashew milk products market. Manufacturers are focused on introducing new, convenient products with a range of flavors and functionalities in order to meet the changing preferences of consumers. Companies are also investing heavily in research and development to create innovative products with improved health benefits.

[Q]: Who are the Key Players in the Cashew Milk Products Market?
[A]: The key players in the cashew milk products market are Ripple Foods, Califia Farms, Elmhurst Milked, Nutpods, Forager, MALK Organics, Good Karma Foods, and Pacific Foods.

[Q]: Which Region Offers the Largest Opportunity for Sales of Cashew Milk Products?
[A]: North America is expected to be the largest market for cashew milk products due to the high demand for plant-based milk alternatives in the region.

[Q]: What are the factors driving the cashew milk products market?
[A]: The factors driving the cashew milk products market include the growing health consciousness among consumers, rising lactose intolerance, and the increasing demand for vegan and natural products. Additionally, the increasing disposable income of consumers and the growing availability of cashew milk products are also contributing to the growth of the market.