Cashew Milk Market Size To Reach $356.7 Million By 2030

January 2025 | Report Format: Electronic (PDF)

Cashew Milk Market Growth & Trends

The global cashew milk market size is estimated to reach USD 356.7 million by 2030, expanding at a CAGR of 7.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness regarding benefits of cashew milk such as weight loss, strengthening of immunity, beneficial for lever health, and antioxidant support. Moreover, it reduces the risk of heart diseases, lowers the cholesterol level, improves digestive system, and treats inflammation, thereby driving the demand for the product.

Growing penetration of cashew milk as a diary alternative is attributed to increasing number of individuals with lactose intolerance. Moreover, rising health consciousness among the consumers and growing demand for high nutrition and reduced fat beverages are expected to drive the market in the coming years. Companies are spending on research and development to distribute the product through emerging online channels and make it feasible for the consumers to consume it.

Plain milk held the largest share of 72.7% in 2018. High demand for plant based milk in the creamy fluid texture due to increasing health consciousness is driving the segment. Flavored milk is expected to expand at the fastest CAGR of 5.3% over the forecast period. Changing taste and preferences are resulting in high consumption of flavored milk. For instance, White Wave Foods Company launched silk vanilla cashew milk under Non-GMO project with special creaminess and no preservatives.

Online distribution channel is expected to expand at the fastest CAGR of 5.7% over the forecast period. Companies are tying up with online retailers as well as introducing their e-portals such as Alibaba, Amazon, Walmart, Big basket, nature’s basket, luckyvitamin.com, and delights food (India). For instance, So Delicious Co. has tied up with Amazon to distribute its product and reach a vast consumer base.

North America was the largest regional market with a revenue of USD 12.9 million in 2018 and is expected to maintain its lead over the forecast period. Companies are engaging themselves into development and new product launches owing to growing trend of consumption of nutrients, vitamins, and proteins. For instance, So Delicious Co. provides unsweetened cashew milk beverage through various distribution channels in order to cater to the vast consumer base.

Key players in the market include White Wave Services Inc.; Forager Project; Provamel; Plenish Cleanse Ltd.; Nutty life, LLC.; So Delicious Dairy Free; Blue Diamond Growers; Cashew Dream; Danone SA; and Alpro.

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Cashew Milk Market Report Highlights

By type, plain cashew milk led the global market with a share of 73.1% in 2023
North America cashew milk market dominated the global market with a revenue share of 37.1% in 2023 due to growing consumer awareness and preference for plant-based and dairy-free alternatives.
Asia Pacific cashew milk market is expected to grow at the fastest CAGR of 8.2% over the forecast period.
The cashew milk market is highly competitive in nature with the main players including Danone (Silk); Forager Project; Nutcase; Edward & Sons Trading Co.; and Pacific Foods
Various manufacturers are concentrating on new product launches and capacity expansion in order to estimate existing and future demand patterns from upcoming product segments.