Cashew Milk Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Cashew Milk Market is projected to expand from a valuation of USD 69.64 Million in 2025 to USD 95.57 Million by 2031, achieving a compound annual growth rate of 5.42%. Defined as a creamy plant-based beverage made by blending water with soaked cashew nuts, this liquid is frequently enriched with essential vitamins and minerals. The market's upward trajectory is primarily supported by the increasing global incidence of milk allergies and lactose intolerance, creating a strong need for suitable dairy replacements across a wide consumer demographic. Additionally, the growing number of health-focused individuals and flexitarians prefer this product due to its naturally lower calorie count and uniquely rich consistency when compared to other nut-based options.

Despite these positive demand trends, the sector encounters considerable obstacles related to supply chain limitations and the unstable costs of raw materials. Because cashew farming requires significant manual labor and is highly sensitive to weather patterns, price volatility often impacts the affordability of the final product relative to grain-based alternatives. According to the Good Food Institute, the resilience of the wider non-dairy category was evidenced by a 5% rise in global sales, reaching $22.4 billion in 2024. Nevertheless, sustaining competitive pricing persists as a crucial hurdle for cashew milk producers seeking to fully capitalize on this market opportunity.

Market Drivers

The Global Cashew Milk Market is significantly fueled by the growing uptake of flexitarian, vegetarian, and vegan lifestyles. Consumers are steadily moving away from traditional dairy, driven by ethical considerations regarding animal welfare and personal commitments to lowering carbon footprints. This transition extends beyond strict vegans to include a large segment of flexitarians looking for plant-based diversity, thereby expanding the potential customer base for nut-based drinks. The strength of this dietary shift is highlighted by global participation in plant-based initiatives; according to Veganuary's '2024 Campaign Report' from February 2024, over 1.8 million individuals globally registered to adopt a purely plant-based diet for January, indicating a rapidly growing audience ready to try alternatives such as cashew milk.

Market appeal is further bolstered by product innovations in barista-style and flavored varieties, catering to the desire for premium, functional beverages that replicate the versatility of traditional cow's milk. Manufacturers are actively broadening their product lines to offer clean-label creamers and frothing-ready formulas tailored for coffee use, a category previously led by almond and oat options. For example, Elmhurst 1925's press release from June 2024, 'Elmhurst 1925 Launches the First Dairy-Free Cashew Creamers On The Market,' announced a new range of simple, five-ingredient cashew creamers to satisfy consumer demand for additive-free products. Such developments are essential for gaining value in a competitive market where plant-based milk secured a 15% dollar share of the total US milk category in 2024, as reported by the Plant Based Foods Association.

Market Challenges

A major impediment to the Global Cashew Milk Market's expansion is the instability of supply chains and the fluctuation of raw material costs. The supply chain is inherently delicate and susceptible to interruptions because cashew farming relies heavily on manual labor and precise tropical weather patterns. These inconsistencies frequently result in sharp price increases for raw cashew nuts, the essential production input. As a result, producers find it difficult to sustain stable retail prices, often transferring these higher costs to buyers, which notably diminishes the product's competitive edge against more stable and cheaper plant-based options such as oat or soy milk.

This economic unpredictability directly hinders manufacturers from securing the consistent profit margins needed for growth. The volatility of input costs is highlighted by recent industry figures indicating ongoing price hikes. For instance, the Vietnam Cashew Association reported in 2024 that the average export price of cashew kernels climbed to roughly $5,873 per metric ton owing to continuous supply difficulties. Such inflationary strain restricts brands' ability to expand production or implement aggressive pricing tactics, ultimately limiting the category's uptake among consumers who are sensitive to price.

Market Trends

The premium sector of the cashew milk market is being transformed by a movement toward minimalist ingredient lists and clean labels, as shoppers increasingly examine product packaging for artificial additives, gums, and oils. This trend benefits brands that employ simple processing techniques to maintain the nut's natural quality without depending on emulsifiers such as rapeseed oil or carrageenan. Consequently, manufacturers emphasizing "nothing artificial" propositions are achieving strong sales even as the wider plant-based sector encounters inflationary pressures. For instance, an article by Just Food in November 2024 titled 'Rude Health gets new owner amid plateau in UK plant-based milk' noted that clean-label producer Rude Health was on course to generate £28 million in annual revenue, proving the financial viability of brands focused on high-quality, additive-free products.

At the same time, adopting aseptic and sustainable packaging has emerged as a key differentiation tactic for producers seeking to align their logistics with their environmental commitments. In addition to the liquid product, companies are actively reducing their supply chain carbon footprints by switching to post-consumer recycled materials and refining circular packaging systems. This operational change directly meets the expectations of environmentally aware consumers who assess the total environmental impact of their dairy substitutes. Highlighting this dedication, the Forager Project's 'Our Impact' report from November 2024 detailed the company's successful shift of all cashew milk bottles to 98% post-consumer recycled plastic (rPET), substantially cutting its dependence on virgin plastics and lowering the product line's overall greenhouse gas intensity.

Key Players Profiled in the Cashew Milk Market

• Blue Diamond Growers
• So Delicious Dairy Free
• Aplro
• Cashew Dream
• Forager Project
• Nutty life, LLC.
• Provamel
• Danone SA
• Plenish Cleanse Ltd.
• White Waves Food Company

Report Scope

In this report, the Global Cashew Milk Market has been segmented into the following categories:

Cashew Milk Market, by Type:

• Flavored
• Non-Flavored

Cashew Milk Market, by Packaging:

• Cartons
• Pouches
• Bottles

Cashew Milk Market, by Sales Channel:

• Supermarkets/Hypermarkets
• Online
• Convenience Stores
• Specialty Stores
• Others (Direct Sales
• etc.)

Cashew Milk Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Cashew Milk Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.