Oat Milk Market Share, Size, Trends, Industry Analysis Report, By Product (Flavored, Plain); By Source; By Packaging; By Distribution Channel; By Region; Segment Forecast, 2024 - 2032
- Published Date:Mar-2024
- Pages: 120
- Format: PDF
- Report ID: PM1972
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Oat Milk Market size was valued at USD 2.51 billion in 2023. The market is anticipated to grow from USD 2.80 billion in 2024 to USD 6.94 billion by 2032, exhibiting a CAGR of 13.6% during the forecast period
Product innovations, technological advancements, and the introduction of regulatory policies have been detailed in the report to enable businesses to make more informed decisions. Furthermore, the impact of the COVID-19 pandemic on the Oat Milk Market demand has been examined in the study. The report is a must-read for anyone looking to develop effective strategies and stay ahead of the curve.
Oat Milk Market Overview
The market is experiencing growth due to the increasing embrace of a vegan lifestyle by a growing number of individuals, alongside health-conscious consumers actively searching for plant-based milk options with improved nutritional profiles. Factors like lactose intolerance, allergies, and the increasing appeal of low-cholesterol diets have motivated manufacturers to unveil a broad array of plant-based alternatives. This upswing, particularly evident in the oat milk sector, meets consumer demands for allergen-free choices and provides a variety of health benefits.
The influence of animal rights organizations and passionate animal lovers has brought about a shift in customer purchasing habits, favoring animal protection. Consequently, a substantial consumer segment is transitioning to a vegan diet, anticipated to boost oat milk sales in the foreseeable future. In 2020, the U.S. dominated the North American market in terms of revenue share. The prevalent trend of consuming plant-based food and beverages in the country, coupled with the robust presence of key manufacturers and an increasing number of vegan consumers, is a significant factor contributing to the rapid growth of oat milk in the United States.
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Companies like Oatly are exploring innovative methods of extracting milk to establish unique selling points and distinguish their products in the market. By directly sourcing high-quality raw materials from farmers, manufacturers can produce a more cost-effective end product, thereby positively influencing market growth. The prevailing consumer trend favoring high-protein products has bolstered the expansion of the plant-based milk industry. Given the growing interest in sports and fitness among the population, there is an increased demand for protein-rich beverages, further anticipated to drive product demand in the forecast period.
Oat Milk Market Dynamics
Market Drivers
Growing Interest in Beverages Offering Additional Health Advantages Bolstering the Growth of the Oat Milk Market
Oat milk boasts a high nutritional profile, containing ample protein, vitamins (such as B and B12), minerals (including calcium and phosphorous), fibers, and other essential nutrients. These elements contribute to overall body health, with proteins aiding in enhancing eyesight, cell and tissue repair, and the recommended daily intake set at 50g by the U.S. Food and Drug Administration (FDA). Meeting the diverse nutritional needs daily can be challenging for individuals, making oat milk a preferred choice for vegans and health-conscious consumers. Additionally, oat milk serves as a popular dietary supplement due to its enriched nutrient content. Millennials are increasingly recognizing the correlation between external appearances and health, acknowledging that a healthy gut contributes to clear skin, and elevated collagen levels enhance suppleness. With an openness to various options and a willingness to experiment, millennials are turning to oat milk, known for its antioxidant properties that aid in skin recovery from daily stressors like UV rays and pollution. As a vegan and nutritious milk alternative, oat milk provides millennials with essential nutrients, contributing to the anticipated revenue growth in the oat milk market.
Market Restraints
High Sugar Content Likely to Hamper the Growth of the Market
Oat milk, despite its popularity, presents a potential drawback for individuals with diabetes as it contains a substantial amount of natural sugars. This high sugar content makes it a less favorable option for those seeking to manage their blood sugar levels effectively. Even in its unsweetened form, oat milk's inherent sugars may pose challenges for diabetics, raising concerns about its suitability as a substitute. This could adversely impact the anticipated growth of the oat milk market, as the diabetic population may opt for alternative milk options with lower sugar content to better align with their dietary restrictions and health goals.
Report Segmentation
The market is primarily segmented based on product, source, packaging, distribution channel, and region.
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Oat Milk Market Segmental Analysis
By Source Analysis
- The Conventional segment held the largest revenue share in 2023 , Owing to its cost-effectiveness, oat milk has achieved widespread adoption in the global market. Furthermore, manufacturers are introducing new products to expand their market presence. For instance, in April 2021, The Coca-Cola Company introduced a new oat milk product under its Simply brand, featuring various flavors to appeal to a broad customer base.
- The organic source segment is projected to experience a notable CAGR. This accelerated growth is attributed to the rising health consciousness among consumers, a preference for pesticide-free produce, and increased awareness regarding adulteration in conventional products. Moreover, the elevated levels of antioxidants and essential minerals in organic offerings, in contrast to their conventional counterparts, are capturing the interest of customers towards organic oat milk. Consequently, the growing awareness of the health advantages linked to organic oat milk is anticipated to fuel market growth from 2020 to 2028. Various boards and organizations are actively backing farmers and non-governmental organizations (NGOs) in embracing organic farming practices. Non-profit entities like IOFAM Organic International, USDA, and the National Organic Standard Board are actively supporting the production of organic goods, thereby contributing to the market's growth throughout the forecast period.
By Product Analysis
- The flavored segment is projected to witness substantial growth at a notable CAGR throughout the forecast period. The flavored product range is strategically catering to both health and comfort categories, effectively capturing customers' attention. There is a growing consumer demand for products that not only tantalize the taste buds and provide an indulgent experience but also offer health benefits. The interest in ethnic and exotic flavors offered by manufacturers has led to a significant increase in the number of customers opting for oat milk with added flavors.
- Manufacturers actively promoting diverse and distinctive flavors like hazelnut, mocha, coconut, and berries, coupled with frequent introductions of new products, have steered customers towards flavored oat milk. The contemporary consumer is increasingly mindful of nutritional choices and seeks both taste and health benefits. Moreover, customers are progressively exploring alternative avenues for self-diagnosis and identifying specific health requirements, leading to a demand for flavors derived from natural ingredients. Consequently, manufacturers in the oat milk sector are consistently engaged in research to meet customer demands, contributing to the anticipated growth of the market in the near future.
Oat Milk Market Regional Insights
The Asia Pacific Region Dominated the Global Market with the Largest Market Share in 2023
Changes in lifestyle, urbanization, and evolving dietary preferences in Asia Pacific have resulted in an increased demand for nutritious food, which is anticipated to propel market growth. The plant-based milk market in the region is expected to experience a positive trend, driven by a growing concern over cardiovascular diseases and an increasing number of weight management programs.
Anticipated growth in North America during the forecast period is attributed to heightened consumer awareness of the protein content and nutritional value found in oat milk. The prevalence of e-commerce portals as prominent sales channels has played a significant role in the expansion of the dairy alternatives market in the region. Additionally, North American consumers are projected to seek oat milk more extensively due to the rising instances of milk allergies and lactose intolerance. To cater to the increasing preference for plant-based products among a growing consumer base, food and beverage manufacturers in the region are integrating dairy alternatives into their offerings, contributing further to the market's growth.
Competitive Landscape
The Oat Milk market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Califia Farms
- Danone
- Elmhurst
- Happy Planet Foods
- HP Hood LLC
- Oatly
- Pacific Foods
- Rise Brewing
- The Coca-Cola Company
- Thrive Market
Recent Developments
- In September 2022, Elmhurst introduced an improved version of its unsweetened Oat Milk, featuring enhanced nutritional benefits. The reformulated formula now contains higher amounts of calcium, healthy fats, and potassium compared to the previous Elmhurst Oat Milk.
- In June 2022, Elmhurst 1925 has revealed the introduction of three products, including Chocolate Milked Oats and Unsweetened Milked Oats, available at all Whole Foods Market chain locations.
- In May 2022, Oatly Group initiated a one-hour delivery service for its top-selling oat-based products, encompassing oat milk, as well as frozen non-dairy dessert pints and novelties. This service is available in Los Angeles and New York City through widely used food delivery applications.
Report Coverage
The Oat Milk market report emphasizes key regions across the globe to provide a better understanding of the product to the users. Also, the report provides market insights into recent developments and trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers an in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides a detailed analysis of the market while focusing on various key aspects such as competitive product, source, packaging, distribution channel and futuristic growth opportunities.
Oat Milk Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 2.80 billion |
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Revenue Forecast in 2032 |
USD 6.94 billion |
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CAGR |
13.6% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product, By Source, By Packaging, By Distribution Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
We strive to offer our clients the finest in market research with the most reliable and accurate research findings. We use industry-standard methodologies to offer a comprehensive and authentic analysis of the Oat Milk Market. Besides, we have stringent data-quality checks in place to enable data-driven decision-making for you.
FAQ's
The key companies in Oat Milk Market include Califia Farms, Danone, Elmhurst, Happy Planet Foods, HP Hood LLC
Oat Milk Market exhibiting a CAGR of 13.6% during the forecast period
Oat Milk Market report covering key segments are product, source, packaging, distribution channel, and region.
The key driving factors in Oat Milk Market are Growing interest in beverages offering additional health advantages
Oat Milk Market Size Worth $ 6.94 Billion By 2032.
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