Alternative Dairy Is Fastest Segment Fueling The Growth Of The Global Oat Drink Market
Oat drink is a plant-based dairy alternative that resembles cow's milk in taste and texture. It is made from grinding oats and blending them with water. It provides various health benefits such as it is gluten-free, dairy-free, cholesterol-free and rich in proteins, vitamins, minerals and antioxidants. Oat drink is grabbing more market share as a preferable alternative for people suffering from lactose intolerance or following vegan/plant-based diet.
The global Oat Drink Market is estimated to be valued at Us$ 741.5 Mn in 2023 and is expected to exhibit a CAGR Of 7.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the oat drink market is rising health consciousness among the consumers. More people are shifting towards healthy plant-based foods and beverages due to increasing awareness about several health advantages associated with their consumption such as lower risk of obesity, heart diseases, diabetes and some types of cancer. Oat drink is considered a healthy alternative to cow milk as it contains soluble fibers that help manage cholesterol levels and blood sugar spikes. This has significantly boosted the demand for oat milk globally.
Segment Analysis
The global oat drink market is segmented by product type into organic oat drinks and conventional oat drinks. The conventional oat drinks segment currently dominates the market due to lower prices and wider availability of conventional oat drinks compared to organic ones. However, the organic oat drinks segment is expected to witness higher growth during the forecast period driven by rising health awareness and preference for natural and organic products among consumers.
Key Takeaways
The Global Oat Drink Market Size is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period, due to increasing health consciousness and growing adoption of plant-based milk alternatives among consumers.
Regional analysis:
North America dominates the oat drink market currently due to rising lactose intolerance and growing vegan and flexitarian population. Asia Pacific is expected to be the fastest-growing market during the forecast period with China, India, and Japan emerging as major markets. This can be attributed to rising disposable incomes, growing millennial population, and shifting preference towards healthy alternatives to dairy milk in the region.
Key players:
Key players operating in the oat drink market are Cereal Base Ceba AB (Oatly), Califa Farms, PepsiCo Inc., Hain Celestial, and Pureharvest. Oatly dominates the market with its wide range of oat milk products. It is investing heavily in new product development and capacity expansion to cater to the growing global demand. Many new players are also entering the market with their innovative product offerings catering to various consumer tastes and preferences.
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