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Oatly

The oat-milk brand that made plant-based milk hip — then saw the boom cool

Transformed — Oatly built the oat-milk category and became a global plant-based phenomenon, going public in 2021. As the wider plant-milk boom cooled and competition grew, the company struggled with heavy losses and a falling stock price.

Oatly was founded in 1994 in Sweden and spent years developing a way to turn oats into a drinkable milk alternative. Its big breakthrough came when it reinvented itself as a lifestyle brand, with distinctive packaging, quirky messaging and partnerships with coffee shops — making oat milk cool.

Oatly rode a wave into the mainstream, and oat milk became a global staple of coffee culture. The company went public in 2021 in a much-anticipated IPO, and its stock soared. Oatly was one of the most visible symbols of the plant-based boom.

But the boom cooled. As the plant-milk market became crowded and consumer enthusiasm normalized, Oatly's rapid growth stalled. It posted heavy losses, dealt with supply and production issues, and its share price fell dramatically. The company remains a leading oat-milk brand, but it is far smaller than the hype once promised.

Quick facts

Founded
1994, Sweden
Breakthrough
Reinvented as a lifestyle brand; oat milk in coffee shops
IPO
2021 (stock soared)
The turn
Plant-milk boom cooled; competition grew
Result
Heavy losses, falling stock price
Today
Still a leading oat-milk brand, but humbler

Sources

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