By LI Yuru

Revenue of oat milk brand Oatly reached US$344 million in H1 (2 billion yuan), up 20 percent from US$286 million in the same period last year.

The Asian market is the fastest growing. Revenue in Asia increased by 66.3 percent to US$43.7 million, mostly from catering services. 

In China, Oatly’s e-commerce channel continued to see a rise in sales. Coffee shops are Oatly’s main doorway to the Chinese market, where it uses coffee and catering brands to make its name. Starbucks, Costa, Tim Hortons, Manner Coffee, HeyTea, Nayuki and Haidilao are all Oatly partners.

But the potential of the Chinese market is on the retail side with a 250ML oat milk and coffee series, and a brand synonymous with “plant-based.” The company has a complete range of products in Sweden, making easy it to expand in China and diversify.

Oatly products are more expensive than similar drinks. On Tmall, 1L of Oatly original oat milk is priced at 21 yuan, while 1L of Vitasoy oat milk is priced at only 9.9 yuan.