According to the latest report by IMARC Group, titled “Oats Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global oats market size reached 23.5 Million Tons in 2018. Oats, scientifically known as Avena Sativa, are a type of cereal generally consumed in the form of oatmeal or rolled oats. They are an excellent source of essential nutrients such as vitamins, minerals, fiber and antioxidants. Oats can be processed into oat bran and fiber to acquire particular fractions of the grain that have a high-fiber content. Besides this, they are used as primary ingredients in breakfast cereals and baked goods such as oat bread, cookies and cakes.
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Global Oats Market Trends
Due to its high hull and fiber content, oat grain is considered as good dietetic food for young ruminants and helps to develop their rumen. As a result, oats have majorly been used in animal feed, which acts as the primary factor driving the market growth. Apart from this, there has been a rise in awareness about the health benefits offered by oats, such as lowering cholesterol levels and protecting from LDL cholesterol damage, improving blood sugar level and reducing calorie intake. These health benefits have escalated the demand for oats as a healthy breakfast and snack option. Besides this, with the rapid westernization and busy lifestyles, people nowadays are more inclined toward ready-to-eat food products, owing to which market players have introduced instant oats that can be prepared quickly. Furthermore, several leading companies are incorporating regional flavors ranging from Kesar, apple, cranberries to cinnamon and spices to widen their consumer base. They have also launched organic, gluten-free oatmeal for people with gluten-intolerance. As a result of these factors, the market volume is projected to exceed 28 Million Tons by 2024, expanding at a CAGR of nearly 3% during 2019-2024.
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Insights on Market Segmentation:
Performance by Product Type:
Based on the product type, the market has been categorized into flakes, flour bran and others. Amongst these, flakes represent the most popular type, holding the largest market share.
Performance by Application:
1. Food Use
2. Feed Use
On the basis of the application, the market has been segregated into food and feed use. At present, oats are extensively used in a wide variety of food products, including porridge, bread, cookies, infant food and muesli.
Performance by Region
4. United States
On the geographical front, Russia exhibits a clear dominance in the market, accounting for the majority of the total market. Other major markets are Canada, Australia, United States, Chile, China, Ukraine and others.
The competitive landscape of the market has also been analyzed, with the detailed profiles of the key players operating in the major markets.
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