Oat Milk Market Size, Share, Growth and Forecast Through 2032
The global oat milk market was valued at USD 3.01 billion in 2023 and is expected to grow from USD 3.46 billion in 2024 to USD 10.83 billion by 2032, reflecting a compound annual growth rate (CAGR) of 15.32% during the forecast period. In 2023, the Asia Pacific region led the market, accounting for 50.5% of the global share. Key players in the industry are focusing on product innovation, sustainability initiatives, and strategic collaborations to strengthen their market position as demand for plant-based alternatives continues to rise. These companies are adapting their strategies to align with consumer preferences while effectively competing in a dynamic market.
Oat milk is a plant-based dairy alternative primarily made from oats and water, often enriched with additional vitamins and minerals. It is a lactose-free, nut-free, and dairy-free option, making it suitable for individuals with dietary restrictions or those seeking non-dairy products. The market is witnessing strong growth, fueled by increasing awareness of health benefits, rising cases of dairy milk allergies and lactose intolerance, and a shift toward plant-based diets. Over the coming years, the market is anticipated to grow significantly, supported by product innovation and expanding availability in retail channels.
Information Source: https://www.fortunebusinessinsights.com/oat-milk-market-110935
Segmentation:
Conventional Segment to Dominate Market Owing to its Affordability and Easy Accessibility
Based on nature, the market is divided into organic and conventional. The conventional segment will dominate the global market share in the coming years. The segment’s growth can be attributed to its affordability compared to organic alternatives, making it easily accessible to a wide consumer base.
Carton’s Ability to Preserve Freshness and Quality of Product Backs its Dominance
Based on packaging, the market is segregated into cartons and bottles. The carton segment is anticipated to lead the market, favored by its ability to preserve the freshness and quality of the product.
Non-Flavored Segment Captured Major Market Share Due to its High Versatility
Based on flavor, the market is segmented into flavored and non-flavored. The non-flavored segment accounts for the major oat milk market share due to its versatility, which makes it ideal for a variety of culinary applications, such as coffee, smoothies, and cooking.
Supermarkets/Hypermarkets Segment Leads Due to Its Easy Accessibility
Based on distribution channels, the market is categorized into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarket/hypermarket segment is expected to dominate the market share. The segment’s dominance is due to its easy accessibility to various oat milk brands and products, as they are the most frequented locations for grocery shopping.
With respect to region, the market covers North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, nature, packaging types, flavors, distribution channels, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Significant Increase in Lactose Intolerance to Increase Product Demand
A significant portion of the population, notably in North America, is lactose intolerant. As per Boston’s Children’s Hospital, approximately 30-50 million people in America are lactose intolerant. This increase in the population that is lactose intolerant is necessitating various non-dairy food alternatives that offer a taste and texture similar to that of cow’s milk. Oat milk is becoming a suitable option for individuals with dietary restrictions as it is allergen-friendly in nature. It is free from lactose, soy, nuts, and other common allergens, which makes it ideal for consumers with allergies or sensitivities. These properties make it appealing among individuals, thereby contributing to oat milk market growth.
However, it is considered a niche product; this perception is expected to restrict the adoption of oat milk, making it difficult for manufacturers to scale operations.
Regional Insights:
Asia Pacific Dominated Market Owing to Presence of Emerging Economies
Asia Pacific captured the largest share, 50.61% of the global market in 2023. The region’s growth is attributed to its emerging economies, such as China and India, which generate massive growth opportunities. The growing adoption of flexitarian and vegan lifestyles, along with the surge in the number of vegan festivals and initiatives, is expected to drive product demand in the region.
North America is expected to witness significant growth, driven by the strong presence of prominent manufacturers in the U.S. The top companies in the region, including Oatly Group AB, Planet Oat, Califia Farms, Danone SA, and Ripple Foods, hold the dominating position in the market.
Competitive Landscape
Leading Players to Adopt Various Strategies to Sustain Their Competitive Advantage
The global market for oil milk is characterized by moderate competition. The leading players are adopting various strategies, such as spending on research and development initiatives, strengths and weaknesses, product offerings, the introduction of new products, and mergers and acquisitions to remain competitive.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- HP Hood LLC. (U.S.)
- Danone S.A. (France)
- Chobani, LLC. (U.S.)
- Campbell Soup Company (U.S.)
- Oatly Group AB (Sweden)
- Califia Farms (U.S.)
- Hain Celestial Group, Inc. (U.S.)
- Smile Foods (U.S.)
- Boring (New Zealand)
- Earth's Own Food Company (Canada)
Notable Industry Development:
September 2024: Forbidden Foods, a prominent Australian-owned and managed food firm, acquired Oat Milk Goodness (OMG), a plant-based non-dairy brand. By incorporating OMG's offerings, including oat milk and flavored milk products, the company aims to strengthen its product offerings.
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