North America Oat Milk Market is predictable at USD xx. xx million in 2021 and is estimated to range an over of USD xx. xx million by the end of the assessment period. The North America Oat Milk Market is likely to knowledge reasonable growth highest of a CAGR of xx.xx% throughout the estimated period (2022 - 2027).
Oat milk is a plant-based, lactose-free, oat-based milk substitute. Its production process consists of soaking, mixing, and sifting the oats. This Milk can be consumed raw and a natural sweetener with added flavors, such as dates, vanilla, and cinnamon. It has a creamy texture, and most oatmeal is absorbed after mixing and filtering. Oat milk is a natural source of B vitamins, folate, manganese, zinc, thiamine, magnesium, phosphorus, and copper. Therefore, its consumption is associated with many health benefits.
Recent Developments
Market Drivers and Restraints:
The rise in popularity of the vegan diet among consumers in the recent past has driven the demand for alternative beverages to dairy products. The growing trend to consume oat milk as an ideal substitute for cow's Milk worldwide is one of the primary growth factors in the North America Oat Milk Market. In addition to its similar taste, oat milk is popular due to its health profile and durability. In addition, manufacturers began to adopt innovative oat milk extraction methods to obtain unique selling points and distinguish their products in national markets.
Other factors, such as the growing number of lactose-intolerant people and the availability of oat milk in convenient packaging solutions, continue to create a positive outlook for the North America Oat Milk Market. Furthermore, the increase in the number of consumers suffering from lactose intolerance and milk allergy has led to the rise in the consumption of milk substitutes. This consequently increased the demand for oat milk.
However, plant-based Milk cannot be labeled as Milk in several countries and is taxed higher than cow's Milk. These factors can potentially hamper the growth of the North America Oat Milk Market.
Market Segmentation:
Source:
The conventional segment had the dominant share of more than 71% in 2019 and is expected to maintain to be prevalent during the forecast period. Improving living standards, initiatives by government associations, and increasing consumer purchasing power is stimulating the North America Oat Milk Market in emerging countries such as India, China, and Brazil.
Product:
The plain segment accounted for the largest North America Oat Milk Market share of almost 68% in 2019 due to higher product consumption. In recent years, the demand for plain oat milk has risen due to increased demand and having of plant milk as an alternative to dairy milk, mainly through these coffee shop chains. The Flavored Products segment is expected to record the fastest CAGR from 2022 - 2027.
Packaging:
The cardboard segment accounts for 49.2% approx in 2019 due to the growing demand for high-quality tetra-containers and durable solutions. The significant players spend a lot on cardboard packaging due to its durability and lightness. Additionally, innovations such as UV protection and refrigeration-compatible cartons are driving growth in the segment.
Application:
The beverage segment dominated the North America Oat Milk Market in 2019 with a 43% share. Oat milk is low in fat and dairy-free, making it an excellent choice for lactose-intolerant people who want a sweet taste and comprises of high fiber content and vitamins. Thus, primarily utilized in the beverages segment, which further propels the oat milk market in North America.
Impact of covid-19 on North America Oat Milk Market
The Covid-19 pandemic impacted the closure of nations, the closure of manufacturing units, and the disruption of the supply chain—this affected production and sales of the North America Oat Milk Market. However, with the increase in cases of lactose intolerance worldwide, the demand for dairy alternatives such as oat milk will increase after the current condition is alleviated.
In addition, online grocery shopping has increased dramatically during the pandemic. Smallholder farmers have embraced digital technologies as a way to sell their produce directly, and community-backed direct selling and agricultural distribution systems are on the rise during the coronavirus pandemic.
Regional Analysis:
Geographically the North America Oat Milk Market is segmented into US, Canada, Mexico and Rest of North America.
North America Oat Milk market has been categorized based on geography to offer a clear understanding of the market. North America Oat Milk Market has been divided into the United States, Canada, Mexico, and the rest of North America. North America accounted for a significant stake of 41.39% in 2019 and is anticipated to understand considerable development owing to rising consumer consciousness of the health aids of oat milk and the rising quantity of new product launches. . Moreover, the rising demand for herbal foods in the US market is predicted to increase rapidly, which propels North America Oat Milk Market growth in the next six years.
Leading Company
The Hain Celestial Group had the largest share of the North America Oat Milk Market in terms of sales revenue in 2021.
Key Players
The North America Oat Milk Market is concentrated with well-established players. Key players in the North America Oat Milk Market include
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