Oat Drinks Consumption Market size was valued at $399.8 Million by 2020, and is anticipated to grow at a CAGR of 6.8% during the forecast period 2021-2026. The Oat Drinks Consumption Market growth rate is attributed to the rising consumer awareness about the advantages of oat milk, increasing popularity vegan diet and rising cases of dairy milk allergies are anticipated to bring new opportunities. Oat drinks are an important addition to the wide range of nondairy drinks with major nutritional advantages. They are considered a lactose-free, affordable substitute made from plants. A main factor that supports the growth of the market for oat drinks is the increasing interest in plant-based diets. The demand for oat drinks has also been increased by a rise in demand for non-airy beverages of various varieties.
In addition, increased preference among individuals for various flavored oat drinks such as chocolate, coffee, different fruit flavours, and others, resulting in growing demand for oat drinks around the world. During the forecast period 2021-2026, this is a major factor projected to drive the growth of the global demand for oat drinks. The availability of less raw materials and a limited number of producers of oat drinks, however, are key factors which are projected to hamper the growth of the global market for oat drinks. Moreover, the availability of substitutes in the market is a challenging factor which, to a certain extent, may affect the growth of the target market.
Oat Drinks Consumption Market Segment Analysis – By Source
On the basis of source, organic segment held the highest segmental revenue share in 2020. This can be attributed to the fact that the growing preference among health-conscious customers for organic oat drinks and the increasing popularity of organic oat drinks worldwide due to increasing awareness of many benefits of organic oat drinks. These are key factors driving the organic segment’s sales growth within the commodity category segment.
On the contrary, conventional segment is anticipated to witness significant growth along the forecast period 2021-2026 with a CAGR of 6.86% as the increased adoption of a vegan lifestyle is anticipated to promote product demand owing to increasing awareness of animal rights. Oat milk is commonly used, owing to its nutritional profile and neutral taste, as an alternative to traditional milk. In addition, its rich concentration of branched amino acids promotes proper growth without activating the level of blood insulin.
Oat Drinks Consumption Market Segment Analysis – By Packaging
On the basis of packaging, cartons segment accounted for the largest segmental revenue of the Oat Drinks Consumption market in 2020 owing to the growing demand for high-quality tetra packs and solutions with a high shelf life. Moreover, the segment is anticipated to witness significant growth along the forecast period 2021-2026 with the growing adoption of tetra Pak carton packages, produced primarily using paperboard and specific layers of aluminum foil and polyethylene. On account of its longevity and lightweight property, key players are spending heavily on carton packaging.
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Oat Drinks Consumption Market Segment Analysis – By Geography
North America is the major region dominating the Oat Drinks Consumption market with a market share of 42.16% in the year 2020. This can be attributed to the fact that the slow increase in demand for milk products represents a change in customer preferences. In the case of numerous developing countries, this is particularly true. The dairy industry in North America, for example, has seen slow development over the past few years. Fluid milk use has decreased gradually in the U.S., according to the Canadian Dairy Information Centre. In Canada and Mexico, a similar pattern is observed.
However, Asia Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to high awareness of the various benefits of oat drinks among individuals, such as weight control, heart health, and others, and the growing beverage industry in countries in this area, such as India and China
Oat Drinks Consumption Market Drivers
Growing demand for oat drinks among patients
The oat drinks consumption market is poised to receive upswing owing to growing demand for oat drinks among patients with cardiovascular disease and diabetes due to an increasing inclination towards healthy drinks. Furthermore, the growing popularity among individuals of different breakfast cereal products, resulting in increasing demand for oat drinks across the globe, is another major factor expected to propel global market growth.
Oat Drinks Consumption Market Challenges
Availability of fewer raw materials
Despite several drivers, the availability of fewer raw materials and a limited number of oat drinks manufacturers are key factors projected to hamper the growth of the global oat drinks market. In addition, the availability of substitutes in the market is a challenging factor that may affect growth of the target market to a certain extent.
Oat Drinks Consumption Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Oat Drinks Consumption Market. In 2020, Oat Drinks Consumption Market share is fragmented by the top ten players present in the market. Oat Drinks Consumption Market top 10 companies are Oatly AB, Alpro, Rude Health, LIMA, Hain Daniels (Brand Dream), Innocent Drinks, Pureharvest, Drinks Brokers Ltd. and others.
Acquisitions/Product Launches
In January 2020, Starbucks Corporation, a coffee house chain, launched Oatmilk Honey Lattein states such as in Illinois, Iowa, Michigan, Indiana, Missouri, Minnesota and Wisconsin in the U.S.
Key Takeaways
North America dominated the Oat Drinks Consumption Market with a share of 42.16% in the year 2020.
The factors such as upsurge in health consciousness amongst consumers and rising awareness about healthy beverages are amongst the major factor projected to impel growth of Oat Drinks Consumption Market.
The increasing popularity of various breakfast cereal products among individuals resulting in rising demand for oat drinks across the globe is the key factors owing the growth in the segment during forecast period 2021-2026.
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