The global oat milk market is set for substantial growth, with a valuation of USD 1,544.3 million in 2023. Over the next decade, the market is expected to expand at an impressive CAGR of 13.7%, reaching an estimated value of USD 5,631.4 million by 2033. This growth is primarily driven by the increasing consumer preference for natural and healthier beverages, rising interest in ethically sourced products, and growing awareness of health and wellness.
Oat milk, a plant-based milk alternative made from whole oat grains, is gaining popularity among health-conscious consumers and those with dietary restrictions such as lactose intolerance or dairy allergies. Its creamy texture and mildly sweet flavor make it an excellent substitute for dairy milk in various applications, including coffee, smoothies, and baking. The rising incidence of lifestyle diseases like obesity, diabetes, and cardiovascular issues further fuels the demand for plant-based products like oat milk.
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The shift towards vegan diets, driven by cultural, social, and health factors, is significantly boosting oat milk sales. Consumers are increasingly inclined towards plant-based products due to their health benefits and ethical considerations. As veganism gains popularity, the demand for oat milk is expected to rise, providing ample growth opportunities for manufacturers.
Key Factors Driving Market Growth
- Growing awareness about the health benefits of plant-based diets and the negative effects of dairy consumption is driving the demand for oat milk.
- Increasing cases of lactose intolerance and milk allergies are prompting consumers to seek dairy alternatives like oat milk.
- Consumers are increasingly looking for ethically sourced and environmentally friendly products. Oat milk, being one of the most sustainable plant-based milk options, is gaining traction.
- Continuous innovation and the introduction of new flavors and fortified products by manufacturers are attracting a broader consumer base.
- Effective marketing campaigns and celebrity endorsements are enhancing the visibility and acceptance of oat milk.
Key Takeaways from the Oat Milk Market Report:
- The global oat milk industry size is anticipated to reach USD 5,631.4 million by 2033.
- Global demand for oat milk is likely to soar at 13.7% CAGR over the forecast period.
- Based on product type, the full fat/regular oat milk segment is anticipated to reach a valuation of USD 4015.19 million by 2033.
- By flavor, the natural oat milk segment is anticipated to reach a valuation of USD 3311.26 million by 2033.
- The United States oat milk industry is projected to reach a valuation of USD 1272.60 million by 2033.
- During the forecast period, it is expected that China market will expand at a CAGR of 5.1%.
Who is Winning?
Oatly Group AB, Nestle SA, Lam Soon, Alpro, Califia Farms, PureHarvest, Chobani, F&N Life, Donene SA, Urban Platter, Earth’s Own, Sanitarium are key oat milk manufacturers listed in the report.
These companies are concentrating on launching new products and brands into the market to meet end user demand for plant-based milk products. They also use implementing strategies such as advertisements, mergers, partnerships, agreements, acquisitions, and facility expansions to stay relevant in the market.
For instance,
- In March 2021, Only Earth introduced oat milk and coconut milk in India to meet end user demand for milk substitutes.
Competitive Landscape
The global oat milk market is highly competitive, with leading manufacturers continuously introducing new products to meet the rising consumer demand for healthy plant-based beverages. Companies are employing advanced techniques to enhance the mouthfeel and nutritional value of oat milk. Strategies such as partnerships, mergers, acquisitions, distribution agreements, and celebrity endorsements are being used to gain a competitive edge in the market.
For instance, Singapore-based company Only Earth launched oat milk and coconut milk in India in March 2021. Similarly, Australian-based MILKLAB went global by launching its Barista edition oat milk in markets across Singapore, Malaysia, Indonesia, China, South Africa, India, and New Zealand.
Oat Milk Market by Category
By Product Type:
- Regular / Full fat
- Reduced fat
By Flavor:
- Natural
- Flavored
- Fruit
- Chocolate
- Vanilla
- Others
By Format:
- Shelf-stable
- Refrigerated
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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