Oatly Reports Strong Third Quarter In 2024

Oatly has reported strong growth in the third quarter of 2024, with revenue reaching USD $208 million, representing a 10.9 percent increase from the same period in 2023. The Swedish oat milk brand's year-on-year growth stands at 9.6 percent, with gross profit jumping from $32.6 million in 2023 to $62 million in 2024. This growth is attributed to increased sales volumes of Oatly's Barista and regular oat milks in both established and new markets in Europe, as well as new product launches in the US market.

The plant-based milk market is booming, with plant-based milks making up nearly 15 percent of total milk sales in the US in 2023. In Europe, the popularity of plant-based milk is on the rise, with a significant percentage of households in countries like Germany, Britain, and Spain purchasing it regularly. The global plant-based milk market is projected to experience a compound annual growth rate of 15 percent, expected to reach a value of $123 billion by 2030. Oatly's strong performance in the third quarter of 2024 aligns with this trend of increasing demand for plant-based milk products.