Oat milk manufacturer Oatly reported recently that it is predicting a 64% surge in its annual revenue! According to the newly public Swedish company, it had to increase production capacity by 50% in order to catch up with demand, as sales of its dairy-alternative products rose in the second quarter, recovering from last year's pandemic-driven fall.
Oatly, backed by celebrities Oprah Winfrey and Jay Z among others, is the exclusive U.S. oat milk supplier for Starbucks, and was taken by surprise by the rising demand for its product. "I don't think anybody expected this magnitude of success at Starbucks. But it's really important for us," Chief Executive Officer Toni Petersson said.
According to the Good Food Institute, plant-based milk sales in the US reached $2.5 billion in 2020, with oat milk becoming the second best-selling plant-based milk, surpassing even soy milk (almond milk is number one, by the way). Most amazingly, plant-based milk accounts for 15% of all retail milk sales in the US! We’re no experts or anything but those numbers are making us pretty happy.