Oat Milk Market Poised for Remarkable Growth, set to Reach USD 10.83 billion by 2032 with a CAGR of 15.32%

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 CAGR of 15.32% over the forecast period. In 2023, Asia Pacific led the market with a 50.5% share. Key industry players are focusing on product innovation, sustainability, and strategic partnerships to strengthen their market presence as demand for plant-based alternatives rises. Each company is adapting its strategies to align with consumer preferences while navigating an increasingly competitive landscape.

Oat milk is a plant-based dairy alternative made primarily from oats and water, often fortified with vitamins and minerals. As a lactose-free, nut-free, and dairy-free option, it appeals to consumers with dietary restrictions or those seeking non-dairy products. The market is witnessing strong growth, fueled by rising health consciousness, increasing cases of dairy allergies and lactose intolerance, and a growing shift toward plant-based diets. The sector is expected to expand significantly in the coming years, driven by product innovation and greater retail availability.

These insights are detailed in the report by Fortune Business InsightsTM titled "Oat Milk Market, 2024-2032."

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➤ List of Key Players Present 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)

➤ Segmentation:
Conventional Segment to Dominate Market Due to Affordability and Accessibility
Based on nature, the market is categorized into organic and conventional. The conventional segment is expected to dominate the global market share in the coming years. Its growth is attributed to its affordability compared to organic alternatives, making it more accessible to a larger consumer base.

Cartons Lead Packaging Segment Due to Their Ability to Preserve Freshness and Quality
Based on packaging, the market is divided into cartons and bottles. The carton segment is projected to hold the leading market share, as it effectively preserves the freshness and quality of oat milk.

Non-Flavored Segment Holds Major Market Share Due to Its Versatility
Based on flavor, the market is segmented into flavored and non-flavored options. The non-flavored segment accounts for the largest market share due to its versatility, making it suitable for various culinary applications, including coffee, smoothies, and cooking.

Supermarkets/Hypermarkets Segment Leads Due to Accessibility
Based on distribution channel, the market is classified into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarket/hypermarket segment is expected to dominate the market due to its accessibility and the availability of various oat milk brands and products, making it a preferred choice for consumers.
The market is analyzed across North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

➤ Report Coverage:
The report provides a comprehensive study of the market, covering key areas such as leading applications, product nature, packaging types, flavors, distribution channels, and major industry players. It also highlights the latest market trends and key developments. In addition to these factors, the report presents various other elements that have contributed to the market's growth.

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➤ Drivers and Restraints:
Rising Lactose Intolerance to Drive Product Demand
A significant portion of the population, particularly in North America, is lactose intolerant. According to Boston Children's Hospital, around 30-50 million people in the U.S. are affected by lactose intolerance. This rising number has fueled the demand for non-dairy alternatives that replicate the taste and texture of cow's milk. Oat milk has emerged as a suitable option due to its allergen-friendly properties, being free from lactose, soy, nuts, and other common allergens. These attributes make oat milk an attractive choice for consumers with dietary restrictions, thereby driving market growth.
However, oat milk is still perceived as a niche product, which may limit its adoption and pose challenges for manufacturers in scaling operations.

➤ Regional Insights:
Asia Pacific Leads Market Due to Emerging Economies
Asia Pacific accounted for the largest market share of 50.61% in 2023. This dominance is attributed to the presence of rapidly growing economies such as China and India, which offer substantial market opportunities. The increasing adoption of flexitarian and vegan lifestyles, along with the rising number of vegan festivals and initiatives, is expected to further boost demand in the region.

North America to Experience Significant Growth
North America is projected to witness substantial growth, primarily due to the strong presence of key manufacturers in the U.S. Leading companies such as Oatly Group AB, Planet Oat, Califia Farms, Danone SA, and Ripple Foods hold a dominant position in the market, contributing to regional expansion.

➤ Competitive Landscape:
Key Players Implement Strategic Initiatives to Maintain Market Position
The global oat milk market is moderately competitive, with leading players adopting various strategies to sustain their market positions. These strategies include investments in research and development, assessment of strengths and weaknesses, expansion of product portfolios, introduction of innovative products, and mergers and acquisitions. These initiatives help companies strengthen their competitive edge and expand their market presence.

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➤ 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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This release was published on openPR.