Oat Milk Market
Oat Milk Market - Global Industry Assessment & Forecast
Segments Covered
- By Sources Organic, Conventional
- By Products Plain, Flavored
- By Packaging Cartons, Bottle, Other Packaging
- By Distribution Channels Supermarkets & Hypermarkets, Convenience Stores, Online Retail, Other Channnels
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base Year: | 2022 |
Forecast Years: | 2023 - 2030 |
Historical Years: | 2017 - 2021 |
Revenue 2022: | USD 2.5 Billion |
Revenue 2030: | USD 6.2 Billion |
Revenue CAGR (2023 - 2030): | 13.9% |
Fastest Growing Region (2023 - 2030) | Asia Pacific |
Largest Region (2022): | Asia Pacific |
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The global Oat Milk Market is valued at USD 2.5 Billion in 2022 and is projected to reach a value of USD 6.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 13.9% over the forecast period.
Oat Milk is a plant-based milk derivate that is extracted from whole oat (Avena spp) grains by combining the plant material with water. Oat Milk has a creamy texture and a mild-Oat Milk like flavor. However, it can be manufactured for many flavors, such as sweetened, unsweetened, vanilla, and chocolate. The global Oat Milk market is expected to grow at a significant pace during the forecast period owing to the rising vegan population on a global scale owing to a health-conscious population. Additionally, rising consumers demanding plant-based milk with higher nutritional properties combined with increasing disorders such as lactose intolerance and allergies are expected to push the growth of the global Oat Milk market during the forecast period.
Consumers are demanding allergy-free products. Additionally, they are ordering products that can provide several health benefits, which will fuel the growth of the global Oat Milk market during the forecast period. Rising awareness created by animal rights organizations is supporting a change in consumer buying behavior, supporting animal protection causes. Many consumers are focusing on a vegan-based diet, which will substantially increase the sales for Oat Milk. An ongoing trend of primarily consuming plant-based derivates combined with prominent manufacturers focusing on their manufacturing capabilities will profit the market's footprint.
Manufacturers are playing an essential role in increasing the growth trajectory of Oat Milk by purchasing higher quality products directly from farmers, which allows for a more cost-effective product. The rising number of sports and fitness athletes is expected to contribute substantially to the global Oat Milk market. The pandemic has played an essential role in contributing to the market's growth. As the pandemic passed, consumers began spending more on products that produced health benefits. The food and beverage category has also experienced significant changes as functional beverages are witnessing incremental growth. This will affect the global Oat Milk market positively.
Oat Milk Market Size, 2022 To 2030 (USD Billion)
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Economic Insights
Even if there hasn't been a recession yet, many analysts predict one by 2023. The global labour market is becoming increasingly limited notwithstanding the optimism that many economies are displaying about a stabilising economy. However, the probability of a US recession within the US economy has increased from 50% in 2022 to more than 75% in 2023 thanks to the Federal Reserve and other central banks. Beginning in February 2022, Russia's neighbours implemented harsh economic sanctions as retaliation for its unlawful invasion of Ukraine. The European Union and the United States are developed countries that have imposed sanctions on Russia.
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1. Vegan Population: The global vegan population is growing significantly on a larger scale. Studies indicate that more than 9.7 million people in the U.S. are adopting a plant-based diet and lifestyle. Increasing health consciousness among the general population and rising demand for dietary supplements are expected to push the growth of the global Oat Milk market during the forecast period. Consumers, especially millennials and Gen-Z, are much more expected to be inclined towards "refreshments with added health benefits."
2. Rising Chronic Ailments: Chronic illnesses such as diabetes and obesity are the most prevalent in developed and developing economies. As per a report by the American Diabetes Association, in 2019, diabetes affected more than 37.3 million American, which is approximately 11.3% of people under 20. Since Oat Milk contains less sugar content, it has the potential to reduce the level of blood sugar among individuals who are overweight or suffering from type 2 diabetes. This is expected to widen the global Oat Milk market.
3. Lactose Intolerance: Increasing rate of lactose intolerance among people often amplifies the need for non-diary alternatives with substantial health benefits. Adult lactose intolerance is quite prevalent on a global scale. Studies have indicated that it affects more than 20 million people in the US. It can also affect children as young as two years of age. Oat Milk has a serving size of around 100 calories with a higher carbohydrate content than most plant-based alternatives. Additionally, it contains all cow milk's vitamins, minerals, and dietary benefits.
4. Functional Beverages: Oat Milk has highly nutritional value and is extremely rich in protein, vitamins, minerals, fibers, calcium, phosphorous, vitamin B, and vitamin B12. These nutrients help in keeping the body healthy. Studies have indicated that consuming Oat Milk can help improve eyesight and repair cells and tissues. The rising demand for functional beverages is expected to widen the scope of the global Oat Milk market during the forecast period.
Market Segmentation
The global Oat Milk market can be categorized on the following: Source, Form, Product, Packaging, Distribution Channel, and Regions. Based on source, the market can be categorized into organic and conventional. By product, the market can be segmented across plain and flavored. By packaging, the market can be fragmented across cartons, bottle, and others. By distribution channel, the market can be split between supermarkets & hypermarkets, convenience stores, online retail, and others. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Based on Source
Conventional to Hold Largest Market Share Owing to Cost-Effective Nature
The conventional segment is expected to dominate the global Oat Milk market during the forecast period due to rising consumer penetration due to its cost-effective nature. Additionally, manufacturers are launching new products, often derived from a conventional source, to gain a widened market share. For instance, in April 2021, the Coco-Cola Company announced launching a new Oat Milk product to cater to a broader consumer base under their Simply brand. Rising manufacturer interest is expected to play an essential role in the segmental growth of conventional sources. The organic source is likely to grow with the fastest growing CAGR during the forecast period owing to higher antioxidants and nutritional minerals concentrations.
Based on Form
Plain to Dominate Largest Market While Flavored to Grow with the Fastest Growing CAGR
Plain Oat Milk will dominate the global Oat Milk market during the forecast period in terms of revenue and share. Factors such as plain Oat Milk being targeted towards a healthy and comfortable product range are expected to play a pivotal role in contributing the segmental growth. Additionally, rising consumer demand for enhancing their taste buds and offering an indulgent experience is expected to push the plain Oat Milk sales. They also provide additional health benefits for consumers. These factors are expected to add to the segmental value. Flavored Oat Milk is expected to grow with the fastest growing CAGR during the forecast period owing to the integration of unique and tasty flavors such as hazelnut, mocha, coconut, and berries.
Based on Packaging
Catons to Dominate Market Due to Rising Demand for High Quality and Shelf Life Products
The cartons segment is expected to account for the largest market share in the global Oat Milk market. Factors such as rising demand for higher quality products that provide a longer shelf life are expected to push the segmental value for cartons. Additionally, the rising acceptance of Tetra-pack cartons manufactured from paperboard-based sources is moving towards sustainable market growth. Manufacturers prefer cartons as they are lightweight. Rising awareness regarding the sustainability of paper-based cartons is leading to higher adoption of cartons for Oat Milk. Bottle packaging products are expected to grow with the fastest growing CAGR during the forecast period owing to increasing demand for on-the-go consumption of food and beverages.
Based on Distribution Channel
Supermarkets & Hypermarkets to Dominate Share Due to Improvements in Retail Sales
The segment of supermarkets and hypermarkets is expected to dominate the global share for Oat Milk market. Factors such as rising retail sales and increasing hypermarkets are expected to contribute to segmental growth. Additionally, increasing perks such as annual memberships and discounts on bulk purchases offer consumers incentives to shop through these channels. These factors are expected to push the segmental growth for supermarkets/hypermarkets. The online retail segment is expected to grow with the fastest growing CAGR during the forecast period owing to early access to products, ease of convenience, and the rising number of brands inclining towards online channels.
Based on Region
Asia Pacific to Act as the Largest Consumer of Oat Milk Owing to Life Style Changes and Shifting Dietary Preferences
The global Oat Milk market is expected to be dominated by the Asia Pacific market owing to increasing changes in lifestyle along with shifting dietary preferences among the general population. Additionally, the rising demand for nutritious food products among developing economies such as India, China, India, and Australia are expected to play a pivotal role in regional growth. The rising prevalence of cardiovascular diseases and the increasing number of weight management problems within the region will further add to the Oat Milk Asia Pacific market during the forecast period.
North America will grow with the fastest growing CAGR during the forecast period owing to increasing consumer awareness regarding protein consumption and nutritional values. Factors such as the rising popularity of e-commerce portals and an increasing number of consumers suffering from milk allergies will contribute to the segmental growth.
Competitive Landscape
The global Oat Milk market is highly fragmented due to numerous multinational players. Prominent leaders are targeting their products against consumers such as retail, household, and food service providers due to an ongoing trend of consuming vegan products. Manufacturers also focus on establishing a global presence by successfully collaborating with suppliers and distributors. The market leaders also focus on managing their supply chains for widened distribution strategies.
The key players in the global Oat Milk market include - Oatly (Sweden), Rise Brewing (U.S.), Thrive Market (U.S.), Happy Planet Foods (Canada), Califia Farms (U.S.), The Coca-Cola Company (U.S.), Pacific Foods (U.S.), Danone (Paris), HP Hood LLC (U.S.) among others.
Recent Market Developments:
· September 2022: Vitasoy International Holdings Limited announced that they were launching the Fresh Vitasoy Plant range that will include fresh Oat Milk to meet the growing demand for plant-based milk.
· January 2022: Califia Farms announced Zero Sugar Oatmilk to meet the rising demand for low-sugar or low-calorie options. This product launch is to capitalize on the ongoing need for plant-based derivate beverages and offers their consumers a wider range of choices.
· May 2022: Oatly established a new distribution channel for meeting the high need of Oat Milk in Los Angeles and New York City. The company announced they partnered with REEF Kitchens to distribute their products.
· April 2020: Arla Foods announced they were launching three oat drinks under their new brand Jord. The company entered the plant-based sector to meet the demand for vegan alternatives. This move is expected to enable the company to diversify its product portfolio.
Segmentation of the Global Oat Milk Market
Parameter | Details |
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Segments Covered |
By Sources
By Products
By Packaging
By Distribution Channels
By Region
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Regions & Countries Covered |
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Companies Covered |
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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FAQ
Frequently Asked Question
What is the global demand for Oat Milk in terms of revenue?
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The global Oat Milk valued at USD 2.5 Billion in 2022 and is expected to reach USD 6.2 Billion in 2030 growing at a CAGR of 13.9%.
Which are the prominent players in the market?
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The prominent players in the market are Oatly (Sweden), Rise Brewing (U.S.), Thrive Market (U.S.), Happy Planet Foods (Canada), Califia Farms (U.S.), The Coca-Cola Company (U.S.), Pacific Foods (U.S.), Danone (Paris), HP Hood LLC (U.S.).
At what CAGR is the market projected to grow within the forecast period?
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The market is project to grow at a CAGR of 13.9% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
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The driving factors of the Oat Milk include
- Increase in trend of vegan diet
Which region accounted for the largest share in the market?
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Asia Pacific was the leading regional segment of the Oat Milk in 2022.