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.
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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.
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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.
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