Analysis: Oatly achieves long-awaited first annual profit. Here’s how (and why it took so long)

The result marks a significant turnaround after a bumpy three-decade journey for one of the world’s most recognisable dairy alternative brands

They say good things come to those who wait. More than 30 years after its founding, Swedish oatmilk giant Oatly has just achieved its first full year of profitability.

“Achieving this milestone reflects the disciplined, strategic actions we have taken over the past three years to strengthen the foundation of our entire business. We have right-sized our supply chain and overhead structure while simultaneously reinvesting behind our refreshed growth strategy,” Oatly CEO Jean-Christophe Flatin said in a press release.

Founded in 1994, Oatly is one of the most recognisable dairy alternative brands on the market, as much a staple behind coffee bars as it is on supermarket shelves. Combined with a sharp social media focus and humorous, sometimes controversial, marketing, the question is, why has it taken this long for Oatly to get into the black?