Market Research Future (MRFR) projects that the rising prevalence of lactose intolerance across the globe can ensure stellar growth for the cashew milk market 2020 over the evaluation period (2018-2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Drivers and Barriers
Advancing knowledge about the health benefits of cashew milk, including boosting of heart health, blood sugar control, iron deficiency anemia, skin health and eye health has fostered the market demand across the globe. Cashew milk provides high levels of proteins, reduces blood clotting, has anti-cancer agents, bolsters antioxidant defenses, and brings down the cholesterol level. Apart from this, the provision of easy digestion and high omega 6 fatty acid level also increases the appeal of cashew milk among health conscious individuals. With the escalating prevalence of lactose intolerance worldwide, sales of dairy alternatives have shot up considerably, with cashew milk being the frontrunner.
Several companies in the market focus on offering cashew milk with high features and quality. For example, So Delicious Co. is known for offering unsweetened cashew milk that is soy free, non GMO, vegan, gluten free, and eco-friendly. Other than this, more and more consumers are now adopting the vegan diet in light of the rising concerns with regard to animal cruelty, which can be a huge growth booster for the global market. Increased focus on the overall wellbeing among people has led to a surge in the intake of nutrition rich products with sufficient levels of vitamins and proteins. This trend is bound to favor the cashew milk industry in the long run.
Companies are expending considerably on research and development and are increasingly distributing their products on online channels to boost brand awareness among consumers. Many of these players are getting together with other companies to launch new product lines to cater to the target audience worldwide. For instance, in September 2020, Starbucks partnered with Miyoko’s Creamery to launch cheese made of cashew milk. The launch has been prompted by the rising number of consumers preferring plant-based products, and boasts of a vast range of flavors, such as Onion & Garlic, Blueberry, Sprouted Grain, Cinnamon Raisin, and more.
Cashew milk industry has been categorized as category, packaging type and distribution channel.
The key categories considered in the MRFR study are conventional as well as organic.
The packaging types mentioned in the report are cartons, bottles, and more.
The cashew milk market, with respect to distribution channel, has been dissected into store based and non-store based, wherein the store based segments are convenience stores, supermarkets & hypermarkets, and others.
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Europe, Asia Pacific/APAC, North America, and the rest of the world/RoW are the top markets for cashew milk across the globe.
APAC can progress at the fastest rate in the upcoming years, with India and China standing at the vanguard of the market growth. The rapid market growth in the region is the result of the expanding health conscious populace and the mounting awareness among consumers about the various health benefits of cashew milk. Over the years, the popularity of flavored cashew milk has risen significantly in the region, with the rising availability of options like coffee, vanilla, cinnamon, coconut, and more.
The North American market can take the lead over the review period, thanks to the well-established manufacturing facilities in Canada and the U.S. and the rising demand for lactose free products. The latter has been the result of the evolving eating habits and the escalating awareness about the health benefits of cashew milk. The vast population of vegans in North America has fostered the demand for plant-based milk such as cashew milk, while the soaring number of manufacturers and distributers in the region has given rise to various flavors. Brands such as Forgar Project; White Waves Services Inc.; So Delicious and Provamel contribute significantly to the market growth, as these players continuously work on catering to the evolving demand of the consumers.
Some of the highly reputed firms in the global market are Danone S.A.(France), Plenish Cleanse Ltd. (UK), RITA Food & Drink Co., Ltd. (Vietnam), Califia Farms (US), Hain Celestial Group (US), Forager Project (US), Earth’s Own Food Company Inc. (Canada), Elmhurst Milked Direct LLC (US), Rude Health (UK), Pacific Foods (US), to mention a few.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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