The global oat drink market is estimated to be valued at US$741.5 million in 2023 and is projected to grow at a CAGR of 7.8% during the forecast period of 2023-2033, according to a new market research report by Coherent Market Insights.
Market Overview:
Oat drink, also known as oat milk, is a plant-based beverage made from oats. It is gaining popularity among consumers due to its various health benefits and environmental sustainability. Oat drink is lactose-free, cholesterol-free, and low in fat, making it a suitable alternative for individuals with lactose intolerance or following a vegan or vegetarian lifestyle. Additionally, oat drink is rich in fiber, vitamins, and minerals, which contribute to improved digestion, heart health, and overall well-being.
Market key trends:
One key trend driving the growth of the oat drink market is the increasing demand for plant-based beverages. With a rising number of individuals adopting plant-based diets and seeking healthier alternatives to traditional dairy products, the demand for oat drink has witnessed a significant surge. Oat drink provides a creamy texture and neutral taste, making it a versatile option for use in coffees, teas, smoothies, and other recipes. Moreover, oat drink production has a lower carbon footprint compared to animal-based milk production, aligning with the growing environmental consciousness among consumers.
Segment Analysis:
The oat drink market can be segmented based on distribution channel and end-user. In terms of distribution channel, the dominant segment is the offline segment, which includes supermarkets, hypermarkets, convenience stores, and specialty stores. Offline stores provide a wide range of oat drink options and offer convenience to consumers who prefer to physically see and select their purchases. Furthermore, offline stores often run promotional activities and provide discounts, which attract a larger consumer base. In addition, offline stores enjoy customer loyalty due to personalized customer service and strong presence in local communities. On the other hand, the online segment is also witnessing steady growth, driven by the rise in e-commerce platforms and the convenience of doorstep delivery. However, the offline segment continues to dominate, with higher market share.
Key Takeaways:
The Drink Market Growth is projected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period (2023-2033). This growth is primarily driven by the increasing adoption of plant-based diets and rising awareness about the health benefits of oat drinks. Oat drinks are rich in nutrients and provide several health benefits, such as aiding digestion and reducing cholesterol levels. Additionally, the growing prevalence of lactose intolerance and dairy allergies is fueling the demand for oat drinks as a dairy alternative.
In terms of regional analysis, Europe is expected to be the fastest-growing and dominating region in the oat drink market. This is attributed to the high consumer awareness about leading a healthy lifestyle and the preference for plant-based products in European countries. Furthermore, the presence of key market players, such as Oatly AB and Alpro, in Europe contributes to the region's dominance. North America is also anticipated to witness significant growth, driven by the increasing adoption of vegan and vegetarian diets.
Key players operating in the oat drink market include Oatly AB, Alpro, Rude Health, LIMA, Hain Daniels (Brand Dream), Innocent Drinks, Pureharvest, and Drinks Brokers Ltd. These players are focusing on product innovation, expanding their distribution networks, and engaging in strategic collaborations to gain a competitive edge in the market. Oatly AB and Alpro are among the key players with a significant market share, owing to their wide product portfolio and strong brand presence.
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https://www.marketwebjournal.com/oat-drink-market-trends-size-and-share-analysis/
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