The inherent properties of no cholesterol, devoid of casein as well as lactose, make cashew milk the go-to alternative to dairy-based products. This preference for the dairy alternative is increasingly gaining credence because of a huge number of people who are lactose intolerant.
According to the report, the cashew milk market is projected to grow at a CAGR of 18.18% over the forecast period 2018-2024. As per the National Library of Medicine (NLM), approximately 65 percent of the human population has a reduced ability to digest lactose after infancy. Lactose intolerance in adulthood is most prevalent in people of East Asian descent, with 70 to 100 percent of people affected in these communities. Lactose intolerance is also very common in people of West African, Arab, Jewish, Greek, and Italian descent. Other than the aspect of lactose intolerance, the rationale for the changing dietary patterns in today’s world is the perception of millennials about food consumption. The resultant effort is to reduce pharmaceutical intervention and adhere to consumption that caters to the functional benefits and resonates with ethical values.
With regards to functional benefits, it may be noted that with the increasing trend of urbanization, thus the lack of time, a healthy section of the population finds it difficult to supplement the nutritional intake due to the profusion of proceeding food and convenience snacking. Albeit the availability of healthy options, access, quantum and availability are not yet a global phenomenon. The other concern is that of the environment, that is the dairy farming involves the process of animal husbandry which is responsible for contributing to the greenhouse gas emissions (GHG) that are resulting in global warming. With the growing environmental consciousness, the consumer is gradually embracing plant-based milk to retard the advent of global warming and promote an environmental-friendly consumer behavior to which they are proud to associate their identity. So, a variety of plant-based milk just like that of cashew milk has been made available with added fortification with nutrients to make up for the nutrient deficiency that is otherwise found in plant-based milk.
Thus, capitulating on the growing preference of the value-driven individuals and also responding to the need of widening the portfolio of the product as exemplified by Trader’s Joe, the affordable supermarket chain which launched organic vegan cultured cashew milk in May 2019. With nearly 500 locations across the USA, it is poised to add to the contribution towards Cashew Milk Market that is posed to witness a stupendous trend.
Some of the major players covered as part of the report are Danone, Pacific Foods of Oregon LLC (CSC Brands L.P.), Califia Farms, So Delicious Dairy Free, Alpro,Provamel, Forager Project and Nutty Life LLC, among others.
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This report segmented the cashew milk market on the basis following terms: