Oat Beverages on the Rise Globally
The global oat milk market—which was valued at $360.5 million in 2019—is forecast to reach $995.3 million by 2027.1 This represents a CAGR of 13.4% from 2021 to 2027.2 Sales of oat milk surged during the COVID-19 outbreak as consumers stocked up their favorite items, drawing even more attention to this trending beverage.
As consumers’ love of oat milk continues to grow, capital has been flowing into the oat milk segment, even in unexpected places. For example, oat milk is gaining traction in China, a country where soy milk has long dominated due to cultural tradition. Last year, 8.4% of new plant-based beverages launched in China were oat beverages, up from 4.7% the year before.3 Mintel’s research shows one in four consumers interested in plant-based products in China drink oat milk at least once a week.4
Growing Interest in Health and Sustainability of Oat Milk
While oat milk may have taken off initially due to its creamy texture and mild, sweet taste that makes it perfect for coffee beverages, additional factors are contributing to the latest wave of growth. More consumers are tuning in to the health and sustainability advantages of oat beverages. The pandemic has emphasized the need for eating well to stay healthy, as well as shifting to more plant-based choices for the health of the planet.