Oat Milk Market Analysis | 2023-2028

Market Insights

The oat milk market was estimated at USD 2.77 billion in 2022 and is likely to grow at a CAGR of 14.17% during 2023-2028 to reach USD 6.15 billion in 2028.

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Market Dynamics

Introduction

Oat milk is a plant-based milk alternative made from oats and water. It is created by blending soaked oats with water and then straining the mixture to remove any solid particles, resulting in a smooth and creamy liquid. Oat milk has gained popularity as a dairy milk substitute due to its mild, slightly sweet flavor and creamy texture.

Oat milk is often fortified with additional nutrients, such as vitamins and minerals, to enhance its nutritional profile and make it comparable to cow's milk. It is typically lactose-free, making it suitable for individuals who are lactose intolerant or have dairy allergies. Oat milk is also a popular choice among vegans and those who follow a plant-based diet.

Market Drivers

The oat milk market’s growth is attributed to several factors. Below given are a few –

Rising vegan population – Oat milk is one of the popular plant-based substitutes for vegans. Veganism is becoming a common practice now. According to the World Animal Foundation, there are ~88 million vegans across the globe in 2023, and the count is expected to grow continuously. With the rising veganism, the demand for vegan products, including oat milk is set to rise.

Health and nutritional benefits of oat milk – Oat milk is a highly soluble fiber that helps people control blood glucose levels, decrease cholesterol, and also reduce any risk related to heart disease. Lactose-intolerant individuals also can consume oat milk since it is lactose-free.

Rising animal protection acts – With the awareness created by animal rights organizations, there has been a change in customer buying behavior. Animal lovers across the globe are fighting for animal rights which is leading to an increasing number of people motivated to make ethical choices to go vegan.

Advancements in oat milk extraction – Manufacturers are seeking new ways of extracting milk in an attempt to gain unique selling points. Buying raw materials directly from the farmers not only allows manufacturers to choose high-quality materials but also allows the end product to be more cost-effective.

Key Players

The following are the key players in the oat milk market (arranged alphabetically)

• Califia Farms LP
• Danone S.A.
• Elmhurst
• Happy Planet Foods, Inc.
• Pacific Food
• PepsiCo, Inc.
• Thrive Market

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Source Type

"Conventional source segment shares more than 65% in 2022"

The market is segmented as organic and conventional. The conventional source segment shares more than 68% in 2022. The various factors that are driving the growth of this segment are increasing adoption of vegan diets, compatibility with confectionery and bakery items, strengthening the immune system, and reducing the risk of osteoporosis. Further, it is rich in calcium and is an easily digestible protein, which makes it compatible with preparing shakes and smoothies.

By Packaging Form Type

"Carton segment held the largest revenue share more than 45% in 2022 it dominates the market"

The oat milk market is segmented into cartons, bottles, and others. The cartons segment held the largest revenue share more than 45% in 2022 it dominates the market, as it is lightweight and of a sustainable nature. The increasing demand for high-quality tetra packs and high-shelf-life solutions is propelling growth during the forecast period. Furthermore, modernization such as refrigeration compatibility and UV ray protection is making customers opt for cartons rather than bottle or plastic solutions.

Regional Analysis

"Asia Pacific shares more than 45% in 2022 with healthy growth opportunities"

Asia Pacific shares more than 45% in 2022 with healthy growth opportunities. The growth of the market is driven by rising awareness of the health benefits of oat milk. Consumers are shifting towards high-quality protein sources with low-fat concentration, which is generating huge demand for oat milk and the presence of many oat milk suppliers in the North American region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s oat milk market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The Oat milk market is segmented into the following categories. 

By Source Type

• Organic
• Conventional 

By Type

• Flavored
• Unflavored

By Packaging Type

• Carton 
• Bottle 
• Others 

By Sales Channel Type

• Mainstream Stores 
• Specialty Stores 
• Others 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.