Oat Milk Market Size Worth $7.66 Billion By 2028
The global oat milk market size is expected to reach US$7.66 billion by 2028 according to a new study by Polaris Market Research. The report “Oat Milk Market Share, Size, Trends, Industry Analysis Report, By Source (Organic, Conventional); By Product (Plain, Flavored); By Packaging; By Application; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Factor such as the increasing adoption of the vegan diet and the rising number of people allergic to lactose and gluten across the globe is expected to drive the growth of the global market during the forecast period. Further, the growing numbers of enthusiastic fitness people preferring health-conscious foods will further boost the growth of the global market.
Plant-based products such as the product contain low calories when compared to pints of milk obtained from animal sources. Hence people prefer plant-based products to overcome obesity which is highly prevalent among the global population. There are 1.9 billion overweight people living in 2018 and obese people at risk of developing heart-related disorders.
The product is also gluten and lactose-free and hence, it is suitable for people having gluten and lactose sensitivity. Consumers are also worried about the presence of pesticides, antibiotics, and hormones in the dairy product which is associated with increased risk of developing cancers, and hence people are adopting plant-based products such as the product, and this will, in turn, help the growth of this industry in the coming years.
The plain product is a commonly preferred form owing to its increased consumption. Increased utilization of plant-based products as an alternative to dairy products, particularly in retail coffee shops has led to the growth of the segment. However, flavored form is gaining popularity with the availability of flavors such as Choc-O-Haze and Vanilla Cinnamon in the industry.
The increasing popularity of the product has led to an increase in new products being introduced into the industry in recent times. For instance, in March 2021, Starbucks introduced oats milk-based products such as the new Iced Brown Sugar Oatmilk Shaken Espresso and the Honey Oatmilk Latte for the U.S. industry. Similarly, Yogurtland launched a plant-based cinnamon cookie based on the product in the U.S. industry in March 2021.
