According to the report published by Allied Market Research, the global oat milk market garnered $360.5 million in 2019, and is projected to generate $995.3 million by 2027, witnessing a CAGR of 13.4% from 2021 to 2027.
Based on region, Asia-Pacific is expected to witness the largest CAGR of 16.7% from 2021 to 2027. However, Europe accounted for the highest share of the total market, contributing to around two-fifths of the total share in 2019, and will maintain its leadership status throughout the forecast period.
Increase in the adoption of vegan diet, availability of diverse plant-based beverages, and rise in prevalence of lactose intolerance and milk allergies have fuelled the growth of the global oat milk market. Europe accounted for the highest share of the total market, and will maintain its leadership status throughout the forecast period. The demand rose during the Covid-19 pandemic as consumers were inclined to opting foods that would strengthen their immune system.
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.
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.
Major players of the global oat milk market analyzed in the research include, Califia 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.