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Oat milk brand Oatly has seen strong growth in the third quarter (Q3) of 2024, with revenue of USD $208 million. That is a 10.9 percent increase compared to Q3 of 2023. The Swedish company’s year-on-year growth is at 9.6 percent, and its gross profit leapt from $32.6 million in 2023 to $62 million in 2024.
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In Q3 of 2023 the volume of products Oatly sold was 125 million liters, which increased 13 percent to 141.3 million liters in Q3 in 2024. Within Europe, volume growth came from sales of Oatly’s Barista and regular oat milks in established and new markets. In the US, volume growth was driven by new product launches in grocery stores and in the food service sector. Oatly has also expanded into food services in China.
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“I am pleased to report another quarter of solid progress in strengthening our business,” Jean-Christophe Flatin, Oatly’s CEO, said in a statement. “[W]e intend to continue to invest behind our unique brand voice to recruit more consumers to our brand and further stimulate demand.”
Plant-based milk market
Oatly’s growth reflects the growing demand for plant-based milks. According to the Good Food Institute, plant-based milks made up nearly 15 percent of the market share of total milk sales in the US in 2023. In Europe, plant-based milk is no longer a niche product, with more than a third of German, British, and Spanish households buying it at least once.
The global plant-based milk market is expected to have a compound annual growth rate (CAGR) of 15 percent, bringing its value to $123 billion by 2030.
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