Oat Milk Industry Overview
The global oat milk market size is expected to reach USD 6.45 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.2% from 2020 to 2028. Rising dairy milk allergies and rising interest in plant-based nutrition are primary factors driving the market for oat milk during the forecast period.
Growing urban population, rising disposable income, increasing diabetic population globally, and rising concerns regarding food safety are likely to boost the demand for plant-based milk. In addition, the increase in cardiac diseases, diabetes, obesity, and vitamin deficiency is leading to an increase in the demand for plant-based milk, such as oat milk.
Oat Milk Market Segmentation
Grand View Research has segmented the global oat milk market on the basis of source, product, packaging, distribution channel, and region:
Based on the Source Insights, the market is segmented into Organic and Conventional
- The conventional source segment accounted for the largest revenue share of over 70.0% in 2020 owing to its high penetration in the global market due to its cost-effectiveness. Additionally, manufacturers are launching new products to gain market share.
- The organic source segment is expected to register a significant CAGR from 2020 to 2028. This higher growth is associated with an increase in health consciousness among consumers, inclination towards pesticide-free grown products, and awareness regarding adulteration in conventional products.
Based on the Product Insights, the market is segmented into Plain and Flavored
- The plain segment emerged as the dominant product segment with a share of over 55.0% in 2020.
- The flavored segment is expected to expand at a significant CAGR during the forecast period as the flavored product range is targeting both health and comfort categories, thus drawing customers’ attention.
- There is a significant rise in the number of customers purchasing oat milk with added flavors owing to the interest in ethnic and exotic flavors offered by the manufacturers.
Based on the Packaging Insights, the market is segmented into Cartons, Bottle, and Others
- The cartons segment held the largest revenue share of over 45.0% in 2020. This is due to the increasing demand for high-quality and high shelf-life packaging solutions.
- Additionally, the rising acceptance of Tetra Pak carton packages, manufactured primarily from paperboard is driving the demand for the segment.
- The bottle packaging segment is expected to witness the fastest growth over the next few years. The demand for on-the-go consumption of food and beverages is increasing among consumers. This has propelled manufacturers to offer oat milk packaging solutions in bottles.
Based on the Distribution Channel Insights, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others
- The supermarkets and hypermarkets segment emerged as the dominant distribution channel segment and accounted for over 40.0% share in 2020.
- An improvement in the retail sector globally, coupled with the availability of global brands at these stores, is contributing towards increasing penetration of oat milk through the supermarket.
- The annual memberships and discounts offered on bulk purchases are expected to attract consumers to hypermarkets and supermarkets, thus boosting sales of oat milk during the forecast period.
- The online retail segment is expected to witness the fastest growth over the forecast period. Easy access to products, easy online purchases, and the increased number of brands to choose from are boosting online sales of oat milk.
Oat Milk Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The industry is highly fragmented and is characterized by intense competition, with both public and privately held market players focusing on innovation to stay competitive. Key players are sourcing premium-quality raw material directly from farmers to offer high-quality oat milk to customers. Key players are focused on new product launches with varied flavors and convenient packaging to attract a large customer base. 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 prominent players in the global Oat Milk market include:
- Oatly
- Rice Brewing
- Happy Planet Foods
- Thrive Market
- Califia Farms
- The Coca-Cola Company
- Elmhurst
- Pacific Foods
- Danone
- HP Hood LLC
Order a free sample PDF of the Oat Milk Market Intelligence Study, published by Grand View Research.
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