Pune, India, Oct. 04, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Oats Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Process, Category, Nature, Form, Application, and Geography,” the oats market is expected to grow from $7.76 billion in 2021 to $9.94 billion by 2028; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028.
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 the key players operating in the oats market. These companies have a wide presence across the globe, allowing them to serve many customers.
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Europe held the largest share of the oats market in 2020. Oats are perceived as a nutritious grain with various health benefits. They are a good source of fiber, vitamins, and minerals, supporting heart health and aiding digestion. The growing awareness of health and wellness among European consumers has driven the demand for oat-based products. In addition, oats are widely used as animal feed, especially for horses and poultry, across Europe. The animal feed industry's demand for oats has been steady, making oats an important crop for both human consumption and livestock feed. Thus, the growing demand from the food and animal feed industry led to the oats market growth across the region.
Increasing Demand from Animal Feed Industry Drives Oats Market Growth
Oats are generally well-liked by animals due to their taste and texture. Their palatability makes it easier for farmers and ranchers to include oats in the animals' diets, promoting consumption and overall health. In addition, oats serve as an excellent alternative to other grains like corn and wheat in animal feed formulations. Oats offer a safe and suitable option for certain animals with dietary restrictions or allergies to other grains. The animal feed industry continues exploring and adopting diverse ingredients to optimize animal health and productivity. Including oats in animal diets allows for greater diet diversification, supporting overall animal well-being.
Oats Market: Segmental Overview
On the basis of the process, the oats market is bifurcated into rolled and steel-cut. In 2020, the rolled segment accounted for the largest oats market share and is expected to register the highest CAGR during the forecast period. The rolled process of oats processing involves transforming raw oat groats into rolled oats. The rolling process makes the oats easier to cook and reduces cooking time. Rolled oats can be used for various purposes, such as making oatmeal porridge, baking oat-based cooking, muffins, granola bars, and other oat-based recipes.
Based on category, the oats market is segmented into organic and conventional. The organic segment is expected to register the highest CAGR during the forecast period. Strict standards regulate the organic food industry, and organic oats are certified to meet these requirements. Consumers often trust organic certification as an assurance of quality and authenticity. In addition, as the demand for organic products grows, the availability of organic oats in supermarkets, health food stores, and online platforms has expanded. These factors are driving the organic segment growth in the oats market.
On the basis of nature, the oats market is divided into gluten-free and conventional. During the forecast period, the gluten-free segment is anticipated to register the highest CAGR. The food industry has responded to the increasing demand for gluten-free options by offering a wide variety of gluten-free oat products, such as gluten-free oat flour and milk. This diverse product range has contributed to the growth in demand for gluten-free oats.
In terms of form, the oats market is divided into flakes, flour, and others. The flour segment is anticipated to register the highest CAGR during the forecast period. Oat flour is a popular gluten-free alternative to wheat flour, making it suitable for individuals with celiac disease, gluten sensitivity, or those choosing a gluten-free diet for health reasons. As awareness of gluten-related issues increases, more people are seeking gluten-free alternatives to their diets, leading to a rise in diets and demand for oat flour. All these factors led to the flakes segment growth in the oats market.
In terms of applications, the oats market is bifurcated into food & beverages, animal feed, personal care, and others. During the forecast period, the personal care segment is anticipated to register the highest CAGR. Oats are perceived as a natural and safe ingredient for personal care products. They are well-tolerated by most skin types and are free from harsh chemicals or allergens, making them suitable for sensitive skin. With an increasing focus on wellness and clean beauty, consumers are seeking personal care products with recognizable and natural ingredients. Oats align with these preferences, contributing to their growing demand in the personal care market.
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Impact of COVID-19 Pandemic on Oats Market
Before the onset of the COVID-19 pandemic, the demand for oats was mainly driven by the automotive, animal feed, food & beverages, and personal care industries. In addition, the shortage of manpower resulted in the deceleration of oats production and distribution operations. Disruptions in the global supply chain and the shutdown of production facilities hampered the demand for oats. Lockdowns imposed by different countries in 2020 hindered the ability of industries to maintain inventory levels. The food & beverage industry faced reduced demand due to the shutdown of restaurants, leading to decreased demand for oats. The personal care sector also witnessed a slump in sales, impacting the demand for oats.
In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including restaurants, personal care, and animal feed, showed signs of recovery in their operations. Various industries are also overcoming the consequences of disruptions in their raw material supply chains. With such a promising recovery, the global industrial sector is expected to provide the impetus for the oats market growth in the coming years.
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