Oat Milk Market is valued at USD 4157.6 Million in 2022 and expected to reach USD 8153.7 Million by 2029 with a CAGR of 10.10% over the forecast period.
Oat milk is plant milk prepared from whole oat grains by extracting the plant material with water. It has a creamy texture and oatmeal-like flavor. It comes in various flavors like sweetened, unsweetened, plain, vanilla or chocolate, and many other varieties of flavors.
There are also oat milk products such as coffee creamer, yogurt, ice cream, and chocolate. Oat milk can be consumed to replace dairy milk in vegan diets, medical conditions like lactose intolerance, and an allergy to cow milk. Oat milk was invented in 1990 by the Swedish scientist Rickard Oste. The likability of oat milk is increasing day by day because of its health benefits. Oat milk is a great option for those with dietary restrictions.
It is a rich source of fiber; it contains a soluble fiber known as beta-glucan which can help lower blood levels of LDL cholesterol which reduces the risk of heart disease. It also contains vitamins like vitamin B-complex, iron, calcium, and minerals like magnesium, manganese, phosphorus, zinc, and copper.
Some of the key players for global oat milk market are
The conventional sources held the highest revenue share; thanks to their cost-effectiveness and wide penetration in the global market. Moreover, manufacturers are introducing new products to increase their market share. In April 2021, The Coca-Cola Company launched a new oat milk product under its Simply brand, with multiple flavors, in an attempt to appeal to a broader customer base. It is anticipated that the organic source segment will experience a significant growth.
The plain segment was the largest product segment. The flavored segment is projected to grow at a steady rate over the forecast period, due to the increasing popularity of flavored products that address both health and comfort needs, thus attracting consumers.
Demand among consumers is growing for products that both tantalize the taste buds while also providing health benefits. Oat milk with added flavors has seen a surge in popularity, particularly because of the exotic and ethnic flavors that manufacturers are introducing.
The cartons segment has experienced the greatest revenue growth due to the increasing demand for high-quality and long-shelf-life packaging solutions. This growth has been further fueled by the increasing acceptance of Tetra Pak carton packages, which are primarily made of paperboard. As a result, the segment has seen a significant rise in revenue.
The demand for carton packaging is being driven by the need for sustainable packaging solutions. Paper-based cartons are considered one of the most eco-friendly packaging materials as they are made of renewable resources and are recyclable. Moreover, they are light in weight and require less energy for transportation, thus making them more cost-effective. Additionally, carton packaging is also becoming popular due to its high strength and durability, making it suitable for products such as oat milk that require protection from spoilage.
The supermarket and hypermarket segment has emerged as the dominant distribution channel for oat milk. This is due to the global improvement in the retail sector, as well as the availability of various global brands of oat milk at these stores. As a result, oat milk is gaining increased penetration through supermarkets.
Big grocery stores like Lidl, Target, Walmart, and Kroger are offering dairy alternatives, such as oat milk, with annual memberships and discounts on bulk purchases to attract consumers to hypermarkets and supermarkets. This is expected to drive up sales of oat milk during the forecast period.
On the basis of region, the global oat milk market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America region is expected to dominate the global oat milk market owing to the growing consumer awareness about the health benefits of oat milk and rising obesity in this region. According to the centers for disease control prevention, obesity in America is increased by 42% between 2017 & 2018.
Asia Pacific is expected to witness a fastest growth in the global oat milk market due to the improved living standards, increasing consumption of vegan diet, growing cases of lactose intolerance, rising awareness regarding health benefits of oat milk. According to the Journal of Food Science and Technology 2016, in Asia Lactose intolerance affects 50% of the population and it affects nearly 100% of the population in some Asian countries. As a result of the absence of cholesterol and lactose, plant-based milk consumption has increased, making it suitable for people with lactose intolerance and heart disease, as well as everyone else.
During the Covid-19 pandemic, the careful steps taken by governments of different nations have led to the temporary shutdown of food production which has shown a decline impact on the growth of the global oat milk market. However, oat milk contains various vitamins, minerals, and fibers that help to strengthen immunity and regular consumption can prevent infections and improves the body’s ability to naturally heal itself.
Now a days, consumers are more inclining towards the vegan diets because of animal rights and environmental concerns. This is stimulating the demand for vegan alternatives. In addition, rising awareness regarding health benefits of oat milk is also supplementing the consumption of oat milk because oat milk helps to increase immunity, maintaining blood sugar level, increases digestion, and many other benefits.
Oat milk can be used in various food products as an alternative to dairy milk. Oat milk has many health benefits such as it strengthens the immune system, lowers the bad cholesterol in the blood, regulates blood sugar level, strengthens the bone, and other benefits. It has a low environmental impact as compared to dairy milk and other vegan milk products because it needs less land and water for production.
Oat milk can be used in baking, ice-cream making, coffee, and lattes. There are various uses of oat milk in food as an alternative to dairy milk. For instance, according to the Journal of Plant-Based Food Association 2018, the plant-based milk category is increased by 9% (compared to 3% the last year), and comprise about half the total dollar volume, at $1.6 billion. Plant-based milk comprises 15% of total milk sales.
Plant-based meats growing at an exciting 24% (compared to 6% the last year) topping $670 million in sales. The growth in plant-based creamers has increased by a 131% with $109 million in sales. Plant-based cheeses are growing at 43%, at $124 million. Plant-based yogurts are growing at 55%, at $162 million in sales.
Furthermore, oat milk is widely used as a substitute for dairy milk. Moreover, growing number of cases of lactose intolerance and milk allergies is also increasing the demand for oat milk. However, tax regulations and easy availability of substitutes may hamper the market growth. In spite of that, it is rich in many essential nutrients and minerals and many people have special dietary restrictions against milk which may offer more opportunities for the further growth of the global oat milk market.
The surging demand for oat milk has been further augmented by the growing awareness among the consumers regarding health benefits such as controlling cholesterol levels and aiding in digestion, associated with the product. Additionally, the product is also gaining traction due to its environmental benefits, as oat milk is made from renewable resources and its production process requires less water and fewer chemicals compared to other dairy alternatives.
Moreover, the product is gaining increased traction due to its low-cost production process and its ability to be stored for a longer duration than other dairy alternatives. Furthermore, players in the oat milk industry are focusing on introducing advanced products such as flavored oat milk, thereby contributing to the industry growth.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2022:||USD 4157.6 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2029:||USD 8153.7 Million|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Califia Farms, Cereal Base Ceba AB, Earth Own Food Company, Elmhurst Milked Direct LLC, Hain Celestial, Happy Planet Foods Inc., Danone, HP HOOD LLC, Pacific Foods of Oregon, Oatly, Rise Brewing, others.|
|Segments Covered||By Source, By Product, By Packaging Type, By Distribution Channel|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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