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In 2024, Oatly AB, which was founded in 1994 and is based in Malmö, Sweden, generated *** million Swedish kronor in its country of origin. The company generated its highest revenue in the UK by reaching **** billion Swedish kronor. By comparison, that year, it was **** billion Swedish kronor in Germany. Oatly AB’s popularity has increased through the years and with it, its net revenue, which reached approximately *** billion Swedish kronor in 2024.

Oatly’s growing market

The company’s key markets are Sweden, Germany, and the United Kingdom. In fact, Oatly ranked third on the list of most recognized oat milk brands in the UK, where its consumer awareness reached ** percent. It was only topped by other popular plant-based alternatives brands like Alpro and innocent. In North America, though Oatly is relatively new to the market, the company ranked fourth on the list of most recognized oat milk brands in the United States with 37 percent of consumers recognizing the brand.

The future of milk alternatives

The escalating popularity of veganism and vegetarianism, coupled with the growing awareness of lactose intolerance and milk allergies, has heightened the demand for plant-based alternatives. Diverse milk options are now available in the market and the trajectory is only going upwards, reaching around ** billion U.S. dollars around the world in 2022 and expected to increase to approximately ** billion U.S. dollars by 2028.