Oats Market to see an Exclusive Growth during 2022-2028
The oats market was valued at US$ 7,764.49 million in 2021 and is projected to reach US$ 9,939.82 million by 2028; it is expected to grow at a CAGR of 3.6% from 2021 to 2028.
According to “The Insight Partners” latest market study on “The global Oats Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Process (Rolled and Steel-Cut), Category (Organic and Conventional), Nature (Gluten-Free and Conventional), Form (Flakes, Flour, and Others), and Application (Food & Beverages, Animal Feed, Personal Care, and Others),” the market was valued at US$ 7,764.49 million in 2021 and is projected to reach US$ 9,939.82 million by 2028; it is expected to grow at a CAGR of 3.6% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
Oats contain high quantities of oleic and linoleic acids; vitamins B1, B2, and B6; and vitamins A, K, and E. They also include beneficial minerals, sterols, and antioxidants. The fatty acid content of oats is more beneficial than that of other cereals. Compared to barley or maize, oats have 1–3% higher crude protein. Furthermore, oats is one of the richest sources of the dietary soluble fiber beta-glucan, providing 5.0 g (oatmeal) to 7.2 g (oat bran) per 100 g serving. Oats are also high in dietary fiber, with fiber content ranging from 9.9 g to 14.9 g per 100 g per serving.
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Oats also have a higher lipid content (5-9%) than other cereal crops and are high in unsaturated fats, particularly, the essential fatty acid linoleic acid. They have avenanthramides, which are unique antioxidants. They also contain tocotrienols and tocopherols—vitamin E-like substances. Thus, various health benefits associated with oats are accelerating the market growth substantially.
The oats market has witnessed a major impact on its product trends. During the COVID-19 pandemic, consumer preference for healthy food products with various functional properties has increased significantly. Further, consumers are substituting conventional ingredients with healthier alternatives. Additionally, the consumer’s desire for new and innovative products to have different culinary experiences is also influencing the market trends for flavored oat beverages, gluten-free oats, and organic oats.
Furthermore, during the pandemic there has been rapid surge in demand for immunity-boosting and healthy products, which is due to people seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has prompted customers to become health-conscious and turn to organic products. Hence, increasing health-consciousness and high demand for organic products among the global population due to the COVID-19 pandemic has had a positive impact on the oats market.
Oats (Avena sativa) are high in several dietary fiber components, such as mixed-linkage (1→3), (1→4)-β-D-glucan arabinoxylans, and cellulose. The nutritional profile of oats includes protein, minerals, vitamins, dietary fibers, and carbohydrates. They are also enriched with antioxidants, which assist in protecting the body from chronic diseases, such as diabetes, cardiovascular disease, and cancer. The increasing awareness regarding the benefits of consuming oats is prompting manufacturers to incorporate oats into various food & beverages, animal feed products, cosmetics, and others.
However, market shutdown and interrupted food services have had a substantial influence on food demand. Food makers and processors were dealing with a number of challenges in their daily operations. The consumer preference to stay at home that had a detrimental impact on the HORECA (i.e., Hotel, Restaurants, and Café) sector. However, the production process was unaffected since governments allowed the delivery and sale of seeds, fertilizers, and crop protection products.
According to the Food and Agriculture Organization (FAO), Europe and Central Asia had adequate food supplies, including main food commodities. However, with developments in terms of vaccination and initiatives taken by various governments to support economic and industrial growth, the demand of oats is anticipated to grow at a steady pace in the coming years.
Avena Foods, Limited; Blue Lake Milling; Glanbia Plc; Grain Millers, Inc.; JELU-WERK J. Ehrler GmbH & Co. KG; Lantmännen; Morning Foods; Oy Karl Fazer Ab; Richardson International Limited; and Swedish Oat Fiber AB are among well-established players in the global oats market. Companies in the market are adopting strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and meet the growing demand from end users.
For instance, in April 2021, Richardson International Limited announced a notable investment in its oat mill located in Bedford, England, to expand the plant and boost capacity by 35%. This latest investment will enhance all plant operations, from intake and warehousing capabilities to logistics and distribution.
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