News of Oatly’s recent court loss to Glebe Farm may quickly be forgotten by the oat milk giant, as the Swedish company posted Q2 revenue of $146.2 million, a 53.3% increase compared to the year prior. Oatly also forecasts a further 64% increase in its annual revenue as the plant-based milk craze shows no signs of stopping.
With rising demand for plant-based milk at restaurants and coffee chains such as Starbucks – with which Oatly has brand partnership and nationwide distribution – the alt dairy boom is expected to continue growing. The success of the Starbucks partnership is clear to see, with the coffee chain accounting for a remarkable 27% of Q2 sales. Oatly also reported restaurant sales are now recovering from the pandemic-driven fall of last year.
The publicly listed Oatly now expects its annual revenue to increase to $690 million annually, a huge surge of 64%, taking into account these factors as well as its expansion into new markets, most notably China. To meet demand, Oatly is opening a new US production facility in Texas – the company’s biggest in North America – as well as doubling capacity at its plant in the Netherlands. It has also opened a manufacturing facility in Singapore, with more facilities slated worldwide to meet forecast growth.
“2021 represents the most transformational year in our Company’s history with the completion of our successful IPO in May, which has provided us with the capital to fuel new production capacity globally as we scale our business across three continents to meet the robust consumer demand for our leading oat-based brand. We are incredibly proud of our global team’s execution with strong growth in new and existing customers, the opening of two new facilities in Ogden, Utah and Singapore, as well as doubling production capacity at our facility in Vlissingen, Netherlands,” commented Toni Petersson, Oatly CEO.