Cashew milk market: Introduction
A market report published by Transparency Research Market on the cashew milk market includes analysis of the global industry and assessment of opportunities for 2019-2029With Revenues generated by the global cashew milk market were estimated to be valued at ~91 million US dollars IN 2019, which is projected to increase with a CAGR of 7%, to arrive193 million US dollars from 2029.
Cashew milk is a non-dairy drink produced from whole cashew nuts and water. Cashew milk has a creamy and rich consistency. It is packed with vitamins, minerals, healthy fats and other beneficial plant compounds. Cashew milk is available in regular and flavorful varieties, and can replace cow’s milk in most recipes. It also helps boost immunity and improves heart, eye and skin health.
Concerns about food safety that make consumers turn to cashew milk
Consumers are opting for safer plant-based beverages due to growing food safety concerns related to the use 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 with no trace of antibiotics or hormones. Increased use of antibiotics and hormones can adversely affect human and animal health. Thus, some major food companies are implementing policies to eradicate or reduce use in their supply chains. For example, well-known brands such as Starbucks, Panera Bread, Chipotle and McDonald’s, are switching to plant-based alternatives.
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Increase vegan and vegetarian population to increase cashew milk sales
Consumers are turning to a healthier lifestyle and are prone to vegan or vegetarian diets. People cite one or more of the three main reasons for being vegan or vegetarian – personal health, animal welfare and environmental concerns. This is accompanied by an endless array of new business start-ups, YouTube channels, popular events and documentaries, all in some way or promoting the health benefits of plant-based alternatives.
IN 2018, Just Eat, an international delivery service, said veganism tops the consumer trend, due to a 94% the rise of ‘ordered healthy food’.
According to a survey commissioned by the Vegan Society and Vegan Life magazine annually 2016, the number of people following a vegan diet in the UK increased to 350% compared to the last 10 years. Due to these factors, the cashew milk market is expected to witness positive growth during the forecast period.
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Leading players investing in smaller plant-based brands and companies
Some consumers continue to be interested in more nutritious and healthy food offers. Across the globe, shoppers are looking for more and more natural and nutritional products. Consumers are giving up some foods that are usually high in sugar, fat or sodium. Consumers are accepting a mental base, focusing on simple ingredients and less processed foods. More than half of consumers say they are avoiding artificial ingredients, antibiotics or hormones, bisphenol A (BPA) and genetically modified organisms (GMOs).
In response to the ever-increasing demand for healthy beverages, some beverage companies are focusing on R&D and technology innovation. Reducing the amount of salt, sugar and sodium is a goal pursued by many food companieswith
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Consumers actively consider aspects of sustainability
Cashew milk producers are spoiling consumers with innovative products and new flavors. There are various innovations in plant-based beverages such as cashew butter created to meet the demand for healthier beverages without compromising the taste, flavor, structure and nutritional qualities of the product.
Ice cream giant Haagen-Dazs worthless in investing in a non-dairy line in 2017, making the launch a first for the brand. Within a year, it expanded its range to include ice cream bars and new flavors, obviously as a result of the positive customer response.