Oat Milk Global Market Report 2024

The oat milk market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. Historical growth can be attributed to various factors including the rise of dairy alternatives, increased awareness of lactose intolerance, innovation in dairy-free product development, widespread adoption in retail and cafes, and shifting consumer perceptions toward non-dairy options.

The oat milk market size is expected to see strong growth in the next few years. It will grow to $4.69 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. Expected growth factors in the forecasted period include clean label appeal, fortified beverages, youth market influence, social media impact, and retail/cafe expansion. Major trends will revolve around plant-based diets, sustainability, veganism, innovation, and increased adoption in retail and cafes.

The surge in the vegan population is anticipated to drive the expansion of the oat milk market in the foreseeable future. Veganism, characterized by the avoidance of animal products, especially in dietary choices, is witnessing rapid growth for various reasons, including weight management, health considerations, and concerns about animal welfare, among others. Oat milk, a plant-based alternative, boasts higher vitamin D content compared to cow's milk, offering a range of health benefits such as promoting bone and dental health, as well as enhancing the immune system. In 2023, as reported by VeganBites, a US-based provider of plant-based content and information, with a projected population of 327 million in the United States, approximately 19,632,000 individuals are expected to identify as vegans. This number is poised to increase in the future. Consequently, the upward trajectory of the vegan population plays a pivotal role in propelling the growth of the oat milk market.

The anticipated growth in the oat milk market is expected to be propelled by an upsurge in health consciousness. Health consciousness, defined as the awareness and active pursuit of choices, behaviors, and lifestyles contributing to overall well-being, is influencing consumer preferences. Oat milk, recognized for its nutrient-rich profile and plant-based advantages, is increasingly favored by individuals embracing a health-conscious lifestyle. Notably, findings from the 2022 Food and Health Survey conducted by the International Food Information Council, a US-based nonprofit organization, revealed a significant increase in dietary consciousness among Americans in May 2022. The survey indicated that 52% of respondents reported adherence to a specific diet or eating pattern, marking a noteworthy rise compared to 39% in 2021 and 43% in 2020. Consequently, the growing emphasis on health consciousness emerges as a key driver behind the expansion of the oat milk market.

Leading companies within the oat milk market are strategically concentrating on the development of innovative beverages that cater to the growing demand for dairy-free options, such as the lactose-free alternative, with the dual objective of addressing specific health concerns and optimizing market profitability. A lactose-free alternative refers to a viable substitute for dairy products, deliberately formulated without lactose, making it suitable for individuals with lactose intolerance or other dairy-related health issues. As an illustration of this trend, in September 2023, Epigamia, a prominent India-based all-natural Greek yogurt brand, introduced the Oat Beverage Classic, a lactose-free alternative designed to provide a flavorful, low-calorie choice. Noteworthy features of Epigamia's oat milk include its unique ability to form micro-foam, enhancing the overall coffee experience and facilitating latte art. Beyond its taste and versatility, the Oat Beverage Classic directly addresses health concerns such as lactose intolerance, diabetes, and PCOD, presenting a wholesome alternative for those actively seeking a dairy-free and health-conscious lifestyle. This strategic focus on product innovation aligns with the industry's commitment to meeting evolving consumer preferences and fostering sustained market growth.

Prominent companies operating in the oat milk sector are strategically prioritizing collaboration and partnerships as part of their business strategy to deliver dependable services to customers. A strategic partnership involves a structured affiliation between two or more commercial enterprises, often established through one or more business agreements or contracts. A notable example of this strategic approach occurred in June 2023 when TH International Limited, a China-based coffee and bakery company, entered into a partnership with Oatly Group AB, a Sweden-based manufacturer specializing in dairy alternatives. Together, they launched a dairy-free ready-to-drink (RTD) oat milk latte product line. This collaboration not only allows TH International Limited to capitalize on the increasing demand for plant-based alternatives in China but also provides Oatly with access to a sizable and well-established distribution network, contributing to mutual business growth and customer satisfaction.

In December 2021, Fazer Group, a Finland-based food company known for its plant-based drinks, successfully acquired Trensums Food AB for an undisclosed sum. This strategic acquisition aligns with Fazer Group's objective of establishing leadership in the Northern European market. Trensums Food AB, a Swedish-based company with a focus on plant-based foods, notably oat-based derivatives, contributes to Fazer Group's expansion and reinforces its commitment to providing diverse and innovative food products in the region.

Major companies operating in the oat milk market report are Rise Brewing Co., PepsiCo Inc. (US), Danone North America, The Quaker Oats Company, The Hain Celestial Group Inc., Chobani LLC, Pacific Foods of Oregon Inc., Alpro NV, Thrive Market Inc., Oatly AB, Califia Farms LP, Earth's Own Food Company Inc., Ecotone SAS, Planet Oat, Minor Figures Ltd., Orgran, Elmhurst 1925 Inc., Natursoy S.L., Vly Foods GmbH, MALK Organics, Rude Health Foods Ltd., Plant Based Products Europe BV, Provamel, Happy Planet Foods Inc. (US), Good & Gather, YooMoo Ltd., Plenish Cleanse Ltd., The Naked Oats Company Ltd., O'Milk Belgium BVBA, A. Vogel Bioforce AG.

Asia-Pacific was the largest region in the oat milk market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the oat milk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oat milk market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary segments within the oat milk market comprise organic and conventional variants. Organic oat milk is crafted through organic methods, ensuring production without synthetic chemicals and the absence of genetically modified organisms. This category encompasses plain and flavored oat milk, with packaging options ranging from cartons to bottles. Oat milk finds applications across diverse sectors, including food and beverages, nutraceuticals, baby food, personal care, and pharmaceuticals.

The oat milk market research report is one of a series of new reports that provides oat milk market statistics, including oat milk industry global market size, regional shares, competitors with an oat milk market share, detailed oat milk market segments, market trends and opportunities, and any further data you may need to thrive in the oat milk industry. This oat milk market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oat milk market consists of sales of oat milk coffee creamer, oat milk bottled coffee drinks, oat milk ice cream, oat milk yogurt. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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