Swedish oat drink company continues to benefit from the global plant-based boom as second quarter revenues increase more than 50% year-on-year to $146m
Oatly's 'transformational' year has seen the brand launch a $13bn IPO and expand production globally | Photo credit: Leon Seibert
Oatly continues to enjoy surging demand for its oat-based products globally. Reporting its financial results for the six months to 30 June 2021, the Malmö-based brand said second quarter revenues grew 53.3% to $146.2m, with gross profit growing by a quarter to $38.6m, compared to the same period in 2020.
Oatly said it experienced ‘broad-based growth across retail and foodservice channels’ in the second quarter of 2021, with the latter benefitting from the easing of many Covid-19 trading restrictions worldwide. Foodservice sales accounted for 33.2% company revenue during the second quarter of 2021 compared to 21.6% the same period in 2020. Meanwhile, retail represented 61.5% of sales compared to 74.5% in the previous year.
Half-year revenues were up 59.4% to $286.2m, with profits for the period rising from $58.1m in 2020 to $80.5m. Looking to the year ahead, Oatly said it anticipated 2021 revenues to exceed $690m.
Hailing a “transformational” year in which Oatly launched a $13bn IPO and expanded production across the US, Europe and Asia, the oat drink maker highlighted distribution partnerships with 7 Eleven in Americas alongside tie-ups with McDonald’s, KFC and Walmart, and an increased retail presence in China
“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,” said Toni Petersson, CEO, Oatly.
The popularity of plant-based products has soared globally over recent years, as consumers, particularly those under the age of 35, become more health and environmentally conscious. Reflecting increased demand for plant-based dairy alternatives globally, in 2021 Oatly announced it would open new production facilities in the UK
, Singapore and the US