Oat Milk Market Estimated to Grow at a CAGR Of 72.13% to Reach US$1,694.667 Million by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on "Oat milk Market - Forecasts from 2019 to 2024" to their offering. Oat milk is a type of plant-based milk produced from whole oat grains by extracting the plant material with water and creamy texture. The growing trend of vegan-based products is providing an opportunity for the market to grow at a substantial rate.

According to the report, the oat milk market is projected to expand at an impressive CAGR of 72.13% over the forecast period 2018-2024. The Oat milk market is expected to surge during the forecast period which can be attributed to the growing prevalence of lactose intolerance which is caused by the inability of the lactase enzyme produced by the cells present in the lining of the small intestine to breakdown or digest lactose (milk sugar). Hence, consuming oat milk provides an alternative for individuals suffering from lactose intolerance, which is considered lactose-free without compromising with the nutritional benefits. For instance, as per the National Institutes of Health (NIH) estimates, lactose intolerance in infants reported is around 1 in 60,000 in Finland. For adults, not able to digest lactose comprises over 60% of the human population. The disease at the time of adulthood is prevalent among the individuals of East Asian descent affecting over 70% of the population.

By source, the oat milk market is segmented based on organic and conventional. Organic is expected to hold a significant share in the market owing to rising health awareness coupled with an increasing number of product launches around the globe. Also, consumer behavior across the world has undergone a sea change and new entry-level brands are gradually taking acquiring consumer following by launching organically derived beverages that are both dairy-free and in certain cases allergen-free.

Geographically, North America is expected to hold a significant share in the market and there has been a rapid surge in the popularity of the oat milk in the United States, brought about by the shrewd strategy designed by Oatly targeting coffee shops, resulting in its swift uptake. Starbucks Corp. announced on 7th January 2020 that it is adding oat milk beverage to its menu and will be available at 1,300 locations in the U.S Midwest. Furthermore, the growing environmental consciousness among American individuals has also contributed to the growth of the oat milk market in comparison to other plant-based beverages.

Some of the major players covered as part of the report are Pacific Foods, Oatly, Elmhurst, Califia Farms, Danone, HP Hood, PepsiCo, Thrive Market and Happy Planet Foods

This report segmented the oat milk market on the basis of the following terms
o By Source
o Organic
o Conventional

o By Type
o Flavoured
o Unflavoured
o Others

o By Packaging
o Carton
o Bottle
o By Application
o Beverage
o Bakery

o By Distribution Channel
o Online
o Offline

o By Geography
o North America
o USA
o Canada
o Mexico

o South America
o Brazil
o Argentina
o Others

o Europe
o Germany
o France
o United Kingdom
o Spain
o Others

o Middle East and Africa
o Saudi Arabia
o Israel
o Others

o Asia Pacific
o China
o Japan
o South Korea
o India
o Others

View a sample of the report or purchase a complete study at https://www.knowledge-sourcing.com/report/oat-milk-market

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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on the niche and latest technologies. We engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

This release was published on openPR.