Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Oat Milk market.
Trusted Business Insights presents an updated and Latest Study on Oat Milk Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Oat Milk market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Oat Milk Market
The global oat milk market size was estimated at USD 3.6 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 9.7% from 2021 to 2027. Rising consumer awareness about the advantages of oat milk, increasing popularity vegan diet, and rising cases of dairy milk allergies are likely to boost the product demand over the forecast period 2021-2027.
Oat milk is a plant-based and lactose-free drink that is majorly used as a dairy milk alternative in tea, smoothies, coffee, and various health drinks as it is rich in iron, potassium, calcium, and vitamin D. Furthermore, oat milk also provides a substantial proportion of calcium and protein.
Intake of calcium in adequate amount reduces the chances of osteoporosis and also helps in muscle and nerve function, maintaining cardiovascular health. Such health benefits offered by oat milk increase its demand. Rising instances of lactose intolerance is also boosting product demand. In addition, owing to the Covid-19 pandemic, the sales is rapidly increasing.
Consumers are buying supplies in bulk due to lockdown in many major cities across the globe. Being shelf-stable, most of the oat milk brands can be stored for a longer duration than the other non-dairy milk products. Furthermore, oat milk has a smaller carbon footprint than other milk products, which is another major factor driving the industry growth.
Source Insights: Oat Milk Market
The conventional segment accounted for the largest market share of over 71% in 2019 and will remain dominant throughout the forecast period. However, the organic source segment is expected to witness the fastest CAGR from 2020 to 2027 on account of increasing disposable income levels and growing consumer awareness about the health benefits of organic products.
Moreover, in recent years, large-scale retailers, such as Target and Walmart, have been responsive to increased demand for organic oat milk. Improved standards of living, initiatives taken by government associations, and growing purchasing power of consumers are driving the market in emerging countries, such as India, China, and Brazil. On the other hand, high price of organic oat milk products and lack of promotion is likely to hinder the segment growth.
Rising adoption of a vegan lifestyle on account of growing awareness about animal rights is expected to encourage product demand. Oat milk is widely used as an alternative to conventional milk due to its nutritional profile and neutral taste. Furthermore, its rich concentration of branched amino acids supports in proper growth without triggering blood insulin level.
Product Insights: Oat Milk Market
The plain product segment accounted for the largest market share of over 68% in 2019 owing to higher product consumption. Based on the product, the market is categorized into plain and flavored. The flavored product segment is expected to register the highest CAGR from 2020 to 2027. Factors, such as increasing health concerns coupled with the growing popularity of the plant-based nutritional products and surge in consumer demand for cholesterol-free products is projected to augment demand for flavored oat milk over the forecast period.
Moreover, major companies, such as Silk owned by Danone, Chobani, and OATLY, are innovating new flavors. For instance, Danone launched DHA omega-3 plant-based milk. The product is available in Unsweetened Vanilla and Original flavors that provide 32mg of DHA Omega-3, 6g of pea protein per serving, and 50% more calcium than traditional dairy milk.
Packaging Insights: Oat Milk Market
Carton segment accounted for the largest share of 49.2% in 2019 owing to the growing demand for high-quality tetra packs and high shelf-life solutions. Moreover, the rising adoption of tetra pak carton packages, manufactured mainly using paperboard and definite layers of aluminum foil and polyethylene, is expected to increase the segment growth.
Key players are spending heavily in carton packaging on account of its sustainability and lightweight property.
Additionally, innovations, such as UV protection and refrigeration compatible cartons, are driving the segment growth. Carton solutions are ideal for universities and schools as they are easy to stock, lightweight, and dont add up to non-biodegradable waste. Thus, manufacturers are spending on several marketing programs to propose a modern packaging solution to target the young population.
To increase sales, manufacturers and suppliers are focusing on innovative and attractive packaging with catchy and bright colors. Though oat milk in carton packaging has a maximum share in the market, the bottles packaging segment is anticipated to experience the fastest growth over the coming years.
Application Insights: Oat Milk Market
The beverages application led the market in 2019 accounting for a share of 43%. The segment will expand further at a steady growth rate during the forecast period. Oat milk is easily digestible and is rich in proteins and calcium, due to which it is widely used in the preparation of shakes and smoothies.
The food application segment is expected to register the maximum CAGR from 2020 to 2027 on account of the products compatibility with bakery and confectionery items. Consumers are rapidly adopting oat milk products in their diets to reinforce the immune system and diminish the risk of osteoporosis.
The use of oat in the functional food category is receiving increased attention. Recent studies have shown that oat is a suitable substrate for the functionality of fermented products and several kinds of lactic acid bacteria, primarily yogurts that could be enhanced by the production of oat-based milk. Furthermore, increasing demand for lactose-free oat milk-based foods, such as desserts, ice-cream, cheesecakes, and other sweets, is expected to drive the segment growth over the forecast period.
Regional Insights: Oat Milk Market
North America accounted for the largest share of 41.4% in 2019 and is expected to witness substantial growth owing to the increasing awareness among the consumer regarding the health benefits of oat milk along with a growing number of new product launches. The demand for plant-based foods in U.S. market is projected to increase rapidly, thereby supporting market growth.
Moreover, stringent labeling requirements in U.S. force market players to use natural flavoring products, which will further enhance the market growth. Asia Pacific is estimated to be the fastest-growing regional market on account of the high product demand and improved living standards. Oat milk is widely used in preparing ice creams and confectionery and bakery products as key players are trying to take advantage of emerging fitness trends.
Key Companies & Market Share Insights: Oat Milk Market
The market is highly competitive with companies having less differentiation between their products. Numerous industry players are engaged in novel product development and stabling new manufacturing facilities. Key players are sourcing premium-quality raw material directly from farmers.
Industry players in the European region are using conventional techniques to extract oat milk to distinguish their product offerings and gain Unique Selling Points (USPs) in the domestic market. Key companies are also engaged in segment diversification and are launching oat milk-based ice creams, yogurts, flavored shakes, and packaged coffee, which is likely to boost product demand. Some of the prominent players in the global oat milk market include:
Key companies Profiled: Oat Milk Market Report
- Pacific Food
- Danone PepsiCo
- Elmhurst
- Thrive Market
- Califia Farms
- Happy Planet Foods
- Rise Brewing
- Â Oatly
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2027. Trusted Business Insights has segmented the global oat milk market report on the basis of source, product, packaging, application, and region:
Source Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- Organic
- Conventional
Product Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- Plain
- Flavored
Packaging Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- Cartons
- Bottles
- Others
Application Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- Food
- Beverages
Looking for more? Check out our repository for all available reports on Oat Milk in related sectors.
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