Oat Milk Market by Source, Flavor, Packaging Form, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” the global oat milk market was valued at $360.5 million in 2019, and is projected to reach $995.3 million by 2027, registering a CAGR of 13.4% from 2021 to 2027. The market is expected to exhibit an incremental revenue oat milk market opportunity of $634.7 million from 2020 to 2027. The market growth is propelled by increase in number of consumers suffering from lactose intolerance & milk allergies, environmental concerns, and surge in prevalence of health issues associated with diet rich in cholesterol.
Increase in adoption of vegan diet, availability of diverse plant-based beverages, and rise in prevalence of lactose intolerance and milk allergiesfuel the growth of the global oat milk market. However, lack of permission to plant-based milk in many countries hinders the market growth. On the other hand, popularity of novel functional beverages and huge potential in the developing countries create new opportunities in the next few years.
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The demand rose during the Covid-19 pandemic as consumers were inclined to opting foods that would strengthen their immune system. The however, manufacturing activities of oat milk have been hindered as factories were closed down with implementation of the lockdown.
There has been a supply-demand gap as transportation activities were affected during the lockdown in many countries. Furthermore, online channels banned delivery of goods and supermarkets were shut down.
As governments relaxed lockdown restrictions, the production resumed, the supply chain got back on track, and supermarket stores opened. The supply-demand gap is expected to narrow down.
The report provides detailed segmentation of the global oat milk market based on source, flavor, distribution channel, and region.
By source, the conventional segment accounted for the highest market share in 2019, contributing to more than four-fifths of the total market share, and is projected to maintain its dominance in terms of revenue during the forecast period. However, the organic segment is estimated to grow at the highest CAGR of 14.7% from 2021 to 2027.
By distribution channel, the supermarket & hypermarket segment held the largest market share in 2019, contributing to nearly two-fifths of the global oat milk market, and is expected to maintain its lead position by 2027. However, the online retail segment is projected to maintain the highest CAGR of 14.1% during the forecast period.
On the basis of packaging form, the carton segment accounted for the maximum oat milk market share in 2019, as cartons provide longer shelf life to the product, incur lower transport costs, and are convenient & safer to use for consumers. Thus, owing to increase in preference and rise in consumption, the carton segment accounted for a higher value share in the global oat milk market.
Region wise, Europe was the prominent region for oat milk market in 2019, due to the tremendous popularity and substantial consumption of plant-based beverages in the region. Moreover, approximately 14% of the consumers in European countries are lactose intolerant and a much larger share believe in animal welfare. Hence, the trend of veganism is on rise in this region. Furthermore, plant-based diets have been a part of their culture for decades. However, Asia-Pacific is expected to witness a significant CAGR, owing to rapid demand and acceptance of plant-based food & beverages as a result of rise in consumer spending, presence of large population, and rise in health consciousness.
Major players of the global oat milk market analyzed in the research includeCalifia Farms, LLC, Pacific Foods of Oregon, LLC. (Pacific foods), Hain Celestial (Dream), HP HOOD LLC. (Plant Oat), Danone (Silk), Elmhurst Milked Direct LLC, Cereal Base Ceba AB (Oatly), Happy Planet Foods Inc., RISE Brewing Co., and Earths Own Food Company.
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