New York, US, June 23, 2021 (GLOBE NEWSWIRE) -- Oat Milk Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Oat Milk Market Information by Product Type, Category, Packaging Type, Distribution Channel, and Region - Forecast till 2026” the market is projected to reach USD 2.2 Billion by 2026, with a CAGR of 6.2%.
Market Dynamics
The global oat milk market is growing at a high rate. The growing consumer interest in plant-based foods is driving the growth of the oat milk market. Due to rising health awareness among consumers, demand for low-fat milk has increased, bringing lucrative opportunities for global oat milk market players. To meet the current consumer demand, cereal companies are increasingly focusing on launching various types, flavors, and colors of oat milk. Awareness of the importance of good health has led to the use of oat milk in popular products. Oat milk is consumed because it helps to lower cholesterol, is rich in iron, and can fight infection. Oat milk is sold in various products including tea, coffee, smoothies, and various health drinks. Furthermore, the increasing demand for oat milk products in the food industry will lead to increases in sales. Various key players are driving the growth of the market with their adaptations.
With the increased popularity of vegan diets among consumers, the demand for dairy alternative beverages has increased. Consumers are shifting their preference to plant-based milk, which is growing in demand because of health, environmental, and ethical reasons. The rise in the popularity of plant-based beverages is occurring in tandem with a shift in consumer preferences. Due to the increase in the popularity of veganism, the demand for plant milk, including oat milk has risen. Over the past few decades, the growing prevalence of lactose intolerance and milk allergy has driven demand for dairy alternatives. These results have increased demand for oat milk. However, plant-based milk is taxed at a rate higher than dairy milk, which is exempt from taxation. These factors collectively may inhibit the growth of the oat milk market.
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Competitive Landscape
The Major Players of the Oat Milk Market are:
- Oatly (Europe)
- Rise Brewing (US)
- Happy Planet Foods (US)
- Thrive Market. (US)
- Califia Farms (US)
- PepsiCo (US)
- Elmhurst (US)
- Pacific Foods (US)
- Danone (US)
- Chobani (US)
The market is competitive, with many different companies having limited differentiation from one another. A wide range of established and new businesses are involved in product development and new manufacturing facilities. Key players are purchasing food products directly from their origin. Competitors are also expanding their product lines and are launching oat milk-based ice creams, yogurts, flavored shakes, and packaged coffee, which is likely to boost overall demand.
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Market Segmentation:
By Product Type, the market has been segmented into plain and flavored. The flavored segment of the global oat milk market is by far the largest. The consumers like the taste of flavored oat milk the most. Oat milk manufacturers are introducing different flavors and their packaging to boost the demand for oat milk among the consumers.
By Category, the market has been segmented into organic and conventional. The organic oat milk segment is predicted to have the highest annual growth rate from 2015-2020. Organic, non-GMO oat milk products are packed with healthy fiber and beta-glucans that lower cholesterol. At the moment, the majority of consumers prefer organic milk as opposed to conventional milk.
By Distributional Channel, the market has been segmented into store-based and non-store based. Most oat milk is acquired through store-bought stores. Supermarkets and hypermarkets are expected to remain dominant in the grocery market during the next three years.
Regional Analysis
North America has the largest share of the global oat milk market and is expected to witness robust growth from increased awareness regarding the health benefits of oat milk. The demand for plant-based foods will increase in the U.S., and therefore supporting the market's growth. Furthermore, stringent labeling requirements in the U.S. force companies to use artificial flavors, which will further enhance the growth of the food market. Asia will be the fastest growing region because of the high demand from customers and demand from countries. Oat milk is being consumed by players in the ice cream and confectionery industries due to the emergence of emerging fitness trends.
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The European region dominated the global oat milk market in 2019, with consumers exhibiting growing awareness of its health benefits. Germany is the leading European producer of oat milk. This share is expected to increase at a rapid pace during the forecast period and will be influenced by numerous product innovations by key players in the European market.
There is a notable presence of Asian customers in the oat milk market. The wide availability of oat milk throughout the Chinese, Japanese, and South-East Asian markets will create lucrative opportunities for the existing companies. Concerns dealing with healthy lifestyles and the preferences of this region's consumers have caused the demand for oat milk. Additionally, with the advent of many e-Commerce channels, coupled with the advent of standardized, organized channels, demand for oat milk is expected to increase in the Asian Pacific market.
Industry Updates
February 2021: Coffee giant Starbucks rapidly adapted to shifts in consumer trends globally which is evident in their recent launch of plant-based options across the U.K., as well as the recent opening of a vegan test site in the United States. To meet the growing demand for plant-based alternatives in India, Starbucks India will be adding oat milk from Oatly to their menu.
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