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Are oats replacing traditional dairy products?

Oatly Group AB is a Swedish producer of oat-based products on a mission to provide the world with healthy and sustainable oat substitutes for cow milk.

Oatly supplies their products globally and are the world’s leading company producing oat milk. They have an impressive financial track record during the latest years, with 2017 as a great example. That year, Oatly reported revenues of about $140 million, an increase of 30 percent in sales from the previous year. They say the performance is due to the focus on developing innovative products that meet modern customers' needs and trends.

Profiting from the vegan trend

Oatly have absolutely been capitalizing on the increased demand for vegan and vegetarian products. The plant-based milk substitutes grew worldwide from 3.7 billion kilograms in 2013 to 6.3 billion in 2020. And the Guardian (2021) estimates that there are 79 million vegans worldwide and expects this number to increase in the upcoming several years. 

Oatly’s growth recipe—their innovation power

Except for the growing trend of plant-based products, Oatly’s innovative ability has been a winning factor in their growth. Oatly have been investing massively in developing new products, like the plant-based ice cream that got overwhelming reviews. The company is associated with sustainability, yet another success for their brand.

Founded in Sweden, 1994

The Swedish brothers Björn Öste and Rickard Öste founded Oatly in 1994 and fought to create a market out of planted-based products–a market that actually was not invented yet. Once, when they approached one of the big dairy companies in Sweden with an MVP of their product, they were rejected and told it was “unsellable.” That rebuff, of course, pushed them even more to make Oatley a success. So, with three successive years of triple-digit annual growth before their IPO in 2021, it's reasonable to argue that plant-based foods are here to stay.