The rising health consciousness and popularity of plant-based alternatives are driving the global oat-based beverage market towards a projected growth of 8.1%. This trend is particularly strong in South Korea, which is expected to see a CAGR of 10.2%, fueled by factors like lactose intolerance and veganism. Organic options with their health benefits are leading the market with a projected dominance throughout the forecast period.
NEWARK, Del., June 4, 2024 /PRNewswire/ -- According to Future Market Insights, the global oat-based beverage market size is predicted to total USD 1874 million by 2034 and broaden at a CAGR of 8.1% in the forecast period. This surge from USD 787.7million in 2023 is attributed to the rising consciousness of health and wellness among modern people.
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Organic oat beverages are widely purchased products owing to their chemical-free composition and high nutrient retention. The organic segment accounted for a market share of 65% in 2023 and is estimated to grow further, retaining its dominance in the market.
Expansion of the oat-based beverage market during the assessment period is projected to be fueled by several factors, such as innovations in flavor profiles, integration of plant-based beverages in coffee shops through distinctive blends, and the accessibility of these beverages.
High pressure to reduce the environmental impact of dairy products is expected to strengthen the demand for sustainable plant-based alternatives across the globe. Oat-based beverages dominate the plant-based industry owing to their high neutral flavor and fiber content compared to other plant-based beverages.
Increasing prevalence of lactose intolerance and the growing trend of veganism are anticipated to uplift the oat-based beverage market. Leading companies are aligning their strategies with the latest trends and are consistently working towards innovating oat-based beverages to meet evolving consumer preferences.
Key Takeaways from the Market Report:
- The global oat-based beverage market is set to reach USD 1874.0 million by 2034, with a CAGR of 8.1%.
- Based on source, the organic segment is anticipated to record a CAGR of 7.8% through 2034.
- Based on product type, the plain/original segment dominates the industry with a market share of 62% in 2023.
- South Korea is anticipated to record a CAGR of 10.2% between 2024 and 2034.
- Sales in Japan are predicted to total USD 209.1 million by 2034.
"The plant-based beverage industry is booming, but the oat-based beverage segment dominates the industry because of its high versatility, several health benefits, and a relatively good sustainability profile. This will likely boost demand and sales during the next decade," says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Who is Winning?
The oat-based beverage industry has a dynamic competitive landscape, with leading players like Oatly Ab, Califia Farms, Alpro, and Quaker Oats Company (PepsiCo) holding significant market shares. Key players are employing different strategies, including flavor innovation, collaboration with influencers, acquisitions and mergers, and partnerships with physical stores to strengthen their place and boost revenues.
Significant investments are being made in the research, development, and technological sectors to enhance the production and increase the shelf life of oat-based beverages. Several companies are utilizing data analytics and AI to improve consumer reach and tailor their products to meet evolving needs.
Industry Updates
- In April 2024, an Estonian oat milk brand, YOOK, entered the Asian and Middle Eastern markets due to rising demand for oat-based beverages in the Middle East.
- In February 2023, Life Health Foods, an India-based brand, launched So Good OAT beverage, a dairy-free, plant-based milk in the country.
Want More Insights?
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global oat-based beverage market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights based on source (organic and conventional), product type (plain/original and flavored), specialty (gluten-free, dairy-alternative, heart-healthy, and others), and distribution channel (retail stores, online retail, specialty stores, and food service/HORECA) across various regions.
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About The Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results. Another feather to her cap manifests in the form of process automation. She is vocal about bringing automation to the fore to bring a 360-degrees-round revolution in manufacturing sector
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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