Increasing consumer inclination towards the consumption of plant-based dairy products due to the growing cases of animal-borne diseases has boosted the global oat milk market size in the last couple of years.
According to a report by the Centre for Disease Control and Prevention, six out of ten infectious diseases in people are zoonotic.
Oat milk is made by rolling and blending oats with water and then straining them to leave the pulp behind. The product is made available in both flavored and unflavored variants. With companies noticing the growing trend in the demand for oat milk, they are heavily investing in adopting pure oat milk extraction processes without the use of adulteration and preservatives.
Growing cases of obesity among people in both developed as well as developing countries has encouraged the people to adopt strict diet plans, ruling out the consumption of animal-based dairy products. According to WHO, in the year 2016, over 1.9 billion adults above the age of 18 and older were overweight, of which more than 650 million adults were obese.
It has been predicted that globally, the oat milk industry size could exceed USD 490 million in annual valuation by 2026. The emerging weight management culture and the shift of the consumers towards the use of cruelty-free ingredients will continue to support the demand for oat products.
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Along with being plant-based some of the other notable benefits of the product include, reducing blood cholesterol levels, a good source of B vitamins, improving bone health, and is lactose, soy, and nut-free, making it a viable option for those with dietary restrictions.
Strong presence of specialty stores
An improvement in disposable income among people across the world has led to the establishment of specialty stores in urban and suburban areas. These stores host a wide range of products that are both locally produced as well as imported, making it easier for the customers to make quick purchase decisions.
Another factor supporting the growing establishment of specialty stores is the growth in the retail industry in developing countries such as India. As per IBEF, in 2018, the retail sector in India was estimated at USD 950 billion in terms of value.
Increasing preference for unflavored oat milk
Unflavored oat milk in particular has gained considerable demand over the years primarily supported by the rapid shift made by the consumers towards vegan diets. Many organizations are working towards encouraging people to consume plant-based food products such as oats milk.
Notably, unflavored oat milk may be used to prepare different types of bakery items like rolls, bread, and biscuits due to their binding properties. Bakers are replacing traditional milk with oat milk in order to widen their product range moving it to the healthy-food segment.
Dynamics of the F&B industry
The oat milk market comprises of many key players who are trying to improve their offerings by enhancing the taste of the product, advancing the production process, and offering different flavors to suit the wide customer taste. The growing popularity of healthy beverages has supported the growth trends in these companies over time. Investments from governments and private equity firms alike, in different areas and proportions, can be expected across the industry.
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In July 2020, Swedish oat-milk producer Oatly AB saw investments worth USD 200 million from a group led by Blackstone Group Inc. The sale of nearly 10% stake valued the company at nearly USD 2 billion. Some of the other prominent names in the market include Happy Planet Foods, Pacific Food, Elmhurst, Danone, and Califia Farms, to name a few.
The emergence of “healthy-eating” alternatives and the consequent efforts taken by those in the food and beverage industry has supported the demand for oat milk, globally. With many startups focusing on offering vegan beverages that may be flavored or unflavored is slated to drive oat milk industry trends in the near future.
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