Analysis of Potential Impact of COVID-19 on Cashew Milk Market Forecast

Cashew Milk-based Dairy and Bakery Items Cater to Niche Requirements of Consumers

Health advantages of veganism are increasingly catching the attention of pro-health consumers. Hence, stakeholders in the cashew milk market are tapping opportunities in dairy goods to meet consumer requirements. For instance, New York-based restaurant chain 16 Handles, announced the launch of their new line of vegan soft serve flavors, including their latest cashew milk-based flavor, made from proprietary recipes and natural ingredients. Stakeholders are increasing efforts to strike the right balance between health and indulgence to meet niche requirements of consumers.

As a result of collaborations, the cashew milk market is currently valued at ~US$ 91 Mn and is estimated to surpass the ~US$ 193 Mn by the end of 2029. Stakeholders are adopting strategies to create a demand for ‘limited-time-only’ cashew milk-based bakery items, such as vegan chocolate chip cookie dough toppings. Another driver that is triggering the growth of the cashew milk market is high prevalence of lactose-intolerant consumers.

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Winning Imperatives: Plant-based and Non-dairy Products

Several drivers such as the emergence of plant-based foods is helping to contribute toward market growth. Likewise, cashew milk is being highly publicized as a plant-based beverage rich in calcium. Its low fat and low in sugar attributes are catching the attention of consumers. Companies in the cashew milk market are gaining prominence in the F&B sector, since cashew milk is gradually replacing conventional dairy milk among several consumers. Thus, companies are capitalizing on this trend and are developing cashew milk that is gluten free. For instance, Sanitarium-a health and wellbeing company, excels in the production of cashew milk, which is gluten and cholesterol free.

An alarming rate of deaths caused due to high cholesterol in patients has fueled the demand for low-fat milk such as cashew milk. Individuals with deficiencies of vitamin B2 and B12 are increasingly opting for cashew milk. Another trend engulfing the cashew milk market is the demand for frozen desserts. Stakeholders in the value chain are increasing their portfolio in non-dairy products such as cashew milk-, almond milk-, and coconut milk-based frozen desserts.

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High Demand for Soluble Cashew Milk Powder Due to Increased Shelf Life

Apart from leading players, even startups are capitalizing on the trend of plant-based and non-dairy food items. For instance, manufacturer of plant-based food products, Benni Alimentos, announced the launch of soluble cashew milk powder to meet consumer requirements for plant-based milk alternatives. Companies are increasing R&D to boost the shelf life of plant-based products. This research has helped companies to gain competitive edge over the others, since conventional plant-based products degrade in a short span of time, thus leading to issues of food wastage. Hence, startups in the cashew milk market are developing plant-based products with longer shelf life by introducing powdered milk.

Cashew milk is expensive on the pocket of consumers, as compared to conventional dairy milk. Hence, companies in the cashew milk market are increasing production capabilities to produce cashew nut milk powder so that consumers need not throw away cashew milk, since milk has a much shorter shelf life.

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Companies Expand Product Portfolio of Vegan-friendly Items

Plant-based dairy and convenience foods are being highly publicized at various food events. For instance, plant-based cheese maker, Parmela Creamery, revealed its traditionally cultured and age-processed cheese made from cashew milk at the 2019 Natural Products Expo East event. Companies in the cashew milk market are expanding their product portfolio in smoky spreads and familiar flavors of cheddar and Havarti cheese.

The ever-increasing demand for vegan and dairy-free food has led to the adoption of cashew milk-based products. As such, the demand for cashew milk-based products is growing in Australia. Companies in the cashew milk market are increasing efforts to strengthen their export business for cashew-based non-dairy cream cheese and other vegan-friendly products. Cashewgurt is another addition in the product line of cashew milk-based products. Growing awareness about GMO-free products has contributed toward market growth. Companies are using nutritious ingredients such as inulin to enhance calcium absorption through cashew milk powders.

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