Growing consumer awareness and demand for plant-based products have prompted beverage makers to jump into the trend. According to Fior Markets, the plant-based beverage market is set to jump from $14.46 billion in 2019 to $24.30 billion by 2027, and North America currently dominates the market.
In 2021, the Coca-Cola Company launched a new oat milk product through its Simply brand to gain a share of the emerging market. Also in 2021, Oatly announced that it would open its third U.S. production facility in 2023 to meet surging demand for oat milk. Abroad, French manufacturer Ecotone recently announced that it would increase its production capacity for plant-based products by 30 percent, an investment equal to $21 million.
The market is divided between milk and other beverages, with milk dominating the overall market growth. A top player in the segment is oat milk, and the global oat milk market is expected to grow by 14.2 percent from 2020 to 2028, reaching $6.45 billion by the latter, per Grand View Research Inc. The Asia Pacific region held the largest portion of the revenue in 2020, though North America is expected to see a significant increase over the 2020 to 2028 forecast period.
Here is a chart displaying market share for dairy milk alternatives in 2020:
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