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Oatly supplies oat-based drinks for consumers seeking alternatives to dairy. Oatmilk brings in most of its revenue, and retail is its largest sales channel, followed by foodservice. Its best-selling product, Barista Edition Oatmilk, is designed for coffee. Oatly works with coffee shops and baristas to introduce its drinks, aiming to turn those first tastes into later grocery purchases. It also sells other oat-based foods, but these contribute much less revenue.
Oatly processes oats with enzymes to make a liquid base at its own facilities, then uses both its own production and manufacturing partners to supply finished products. It has shifted toward partners rather than continuing to build new factories, reducing the capital needed for expansion. This makes reliable partner capacity important, while certain products, including Barista Edition, depend on an enzyme from a single supplier.
Sales depend on consumers continuing to choose Oatly and retailers and foodservice customers placing repeat orders; customers generally have no long-term purchase commitments. Labeling rules also limit how Oatly presents its dairy alternatives. In the United Kingdom, it may no longer use the “Post-Milk Generation” trademark for those products.
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Oatly’s results hinge on oatmilk adoption and competition from major dairy-alternative suppliers missing from this list, including Danone, Chobani and Califia Farms.
Hain Celestial’s Joya and Natumi plant-based milks compete with Oatly for European consumers’ spending on dairy alternatives.
Beyond Meat and Oatly both depend on North American and European consumers choosing plant-based substitutes: Beyond Meat sells alternatives to meat, while Oatly sells alternatives to dairy. Beyond Meat’s plant-based meat sales offer a view of that consumer acceptance, though they do not directly measure demand for oatmilk.
Campbell’s Pacific Foods non-dairy beverages compete directly with Oatly’s oatmilk for retail and foodservice customers. Watch Pacific Foods’ non-dairy beverage sales rather than Campbell’s broader soup and snack business for a read on that competition.
Laird Superfood, Inc.’s plant-based coffee creamers compete with Oatly’s oatmilk for consumers replacing dairy in their coffee.
Oatly Group AB earningsThis company
Oatly’s report will show whether selling more oatmilk through retail and foodservice is translating into revenue, or whether promotions and product mix are eating into price.
Compare volume with price and mix across regions, especially North America, and consider retail and foodservice separately. Rising volume with a smaller decline—or improvement—in price and mix would show demand growing without relying on deeper discounts. Rising volume alongside further price and mix erosion would mean more oatmilk is not bringing in proportionately more revenue per liter, leaving promotions or a cheaper product mix as a drag.
The Campbell's Company earningsCPB
Campbell’s report will show whether Pacific Foods’ non-dairy beverages are gaining or losing retail and foodservice sales against Oatly’s oatmilk.
Focus on Pacific Foods’ non-dairy beverage sales, not Campbell’s soup and snacks. Growth would show this competitor capturing more demand for dairy alternatives and could mean more competition for Oatly’s retail and foodservice placements; a decline would ease that signal, but would not by itself establish Oatly’s sales trend.
