Jersey City, New Jersey, May 19, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “” By Type (Plain & Flavored), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online, Independent Small Groceries, & Specialty Stores), By Packaging (Cartons, Pouches, Jars, Bottles, Cans, & Others), and By Geography. According to Verified Market Research, the Global Cashew Milk Market was valued at USD 94.29 Million in 2020 and is projected to reach USD 160.30 Million by 2028, growing at a CAGR of 6.86% from 2021 to 2028.

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Global Cashew Milk Market Overview

There is an increasing attractiveness of plant-based diet, citing animal rights issues. This has contributed as a major growth driver of the Cashew Milk market. As of January 2021, there are approximately 79 million vegans around the globe, which gives an immense market to capitalize on for the Cashew Milk market.

Another potential driver of growth is cashew milk serving as a viable alternative for people who are lactose intolerant. Experts estimate that about 68 percent of the world's population has lactose malabsorption, which makes Cashew Milk an efficient alternative with a lot of health benefits over conventional milk. The various health benefits of cashew milk discussed above a further platform for the growth of the Global Cashew Milk Market.

Another trend that drives the demand for cashew milk is the demand for frozen desserts. Manufacturers are looking to manufacture frozen desserts with the help of cashew milk, almond milk, etc. On similar lines, Yogurt used from cashew milk is another addition to the product line of cashew milk-based products. In this way, companies are looking to expand their portfolio of vegan products which is further contributing to the growth of the market.  Additionally, various R&D initiatives to prolong the shelf life of plant-based products, as compared to normal herbal products is also driving the growth of the Cashew Milk Market.

Key Developments in Cashew Milk Market

• In September 2019, Z Natural Foods announced their new Cashew Milk Powder, a healthy and natural alternative to traditional milk products.

• In June 2019, a Brazilian startup named Benni Alimentos launched a soluble cashew nut milk powder with a 2-year shelf life.

• In April 2021, Forager launched a Vegan Cashew Milk Ice Cream, with 5 cashew-based flavors.

The major players in the market are Alpro, Danone SA, White Wave Services Inc., Forager Project, LLC, So Delicious Dairy Free, Blue Diamond Growers, Plenish Cleanse Ltd., Nutty life, LLC., Vitasoy, DREAM Blends among others.

Verified Market Research has segmented the Global Cashew Milk Market On the basis of Type, Distribution Channel, Packaging, Category and Nature and Geography.

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