Oat drink or oat milk is a plant-based beverage made from ground oats and water. It provides several health benefits like low in fat and calories, good source of vitamins, minerals, and antioxidants. The growing vegan & flexitarian population, increasing health awareness, and rising demand for dairy & soy alternatives are driving the market.
The global oat drink market is estimated to be valued at US$ 854.21 Bn in 2024 and is expected to exhibit a CAGR of 13. % over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the oat drink market are HSIL Ltd, Cera Sanitaryware Ltd., Roca Sanitario, S.A., RAK Ceramics, Duravit AG, Toto Ltd., Jaquar, Golf Ceramics Ltd., Kajaria Ceramics Limited, H & R Johnson, and Villeroy Boch Group. The rising demand for plant-based and environment-friendly products is fueling market growth. Major players are focusing on developing innovative products to cater to shifting consumer preferences. Technological advancements like improved processing techniques are further enhancing the nutritional value of oat drinks.
Market Trends
Health and Wellness Trend - The growing health consciousness among people has increased the demand for plant-based and natural drinks low in calories and fat. Oat drinks are being preferred for their various health benefits.
Sustainability Focus - The negative environmental impact of dairy farming is driving demand for more sustainable options. Companies are promoting oat drinks for their lower carbon footprint compared to cow's milk production.
Market Opportunities
E-commerce Sales - Online retail channels provide an engaging platform for brands to promote their products. Growing Internet and smartphone penetration will drive the sales of oat drinks through e-commerce websites and apps.
New Flavor Launches - Introduction of different flavors like chocolate, vanilla, coffee can attract new consumers. Innovation in packaging like tetra packs and bottles is another growth avenue.
Impact of COVID-19 on Oat Drink Market
The COVID-19 pandemic has Oat Drink Market Growth significantly impacted the growth of the oat drink market globally. During the initial lockdown phase, retail stores and cafes were shut down completely which led to decline in sales of oat drinks. Supply chain disruptions further hampered the production and distribution of oat drinks. However, with people spending more time at home, the demand for packaged food and beverages witnessed growth. Oat drinks being healthy and nutritious alternatives to dairy milk saw rise in home consumption.
Many companies launched smaller packages catering to individual and family needs. Online sales of oat drinks surged as people preferred contactless delivery over store visits. Post lockdowns, as economic activities resumed, out-of-home consumption at cafes and restaurants picked up pace gradually. Many outlets focused on promoting oat-based coffees and smoothies to attract health-conscious customers. Manufacturers ramped up production and streamlined supply chains to meet the rising demand. They also enhanced available product ranges and flavors.
Though short-term impact was negative, the pandemic emphasized on immunity-boosting nutrition. This increased preference for plant-based milk alternatives like oat drinks for their protein and fiber content. Companies adapted to changing consumer behaviors and accelerated digital investments to sustain growth prospects in the long run. Wider availability and innovation will support the market to witness higher growth in the forecast period compared to pre-COVID estimates.
Geographical Concentration in Oat Drink Market
In terms of value, Europe accounts for the largest share in the global oat drink market currently. Countries like Sweden, Denmark, UK and Germany have longest tradition of oat milk consumption. The vegan and plant-based trends have been strong drivers in this region over years. North America follows Europe with rising sales, especially in US. Changing lifestyles and awareness about dietary benefits are key growth determinants.
Asia Pacific is the fastest growing regional market for oat drinks globally. Expanding middle class, growing health consciousness and shift towards westernized food habits support market prospects. Countries with high milk consumption like China and India are showing high adoption rates. Easy availability through e-commerce, modern retail and expanded product variety will further accelerate growth momentum in Asia Pacific region going forward.
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Growing awareness about the availability and benefits of such drinks, a growing number of vegan populations, and an increasing number of people tolerant to lactose are influencing the demand for flavored oat drinks.
New players are entering the market to grab the opportunities in the potential market.
Aggressive advertisement and expansion of e-commerce chains are promoting market growth.
