Revenue of Oatly AB 2016-2022, by market

In the period from 2016 to 2018, Oatly AB's revenue was the highest in Sweden. By the end of this period, the company, which was founded in 1994 and is based in Malmö, Sweden, generated 375 million Swedish kronor in its country of origin. As of 2022, Oatly generated its highest revenue in Europe (excl. Nordics) by reaching 976 million Swedish kronor. By comparison, that year, it was 689 million Swedish kronor. Oatly AB’s popularity has increased through the years and with it, its net revenue, which reached approximately three billion Swedish kronor in 2022.

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 57 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 21 billion U.S. dollars around the world in 2022 and expected to increase to approximately 35 billion U.S. dollars by 2028.