Got milk? The evolution of the plant-based milk industry

This case study follows the evolution of PBMs, focusing specifically on the main substitutes that have challenged dairy milk for market share -- namely soymilk, almond milk, and oat milk. It provides a snapshot of how the new industry has evolved and how key industry forces have begun to shape the competitiveness and profitability of this nascent industry. Using the template of Porter’s five forces model, the study sets the stage for an in-depth application of the framework to identify the key drivers of profit performance. It builds on the analysis to explore the fortunes of the rising star in the business, Oatly, the Swedish oat milk producer that has made a dramatic entry into the world of PBMs with much initial success. It concludes with several key questions about the potential future trajectory of the company in the face of new competitors and the ever-changing array of alternatives ranging from hemp milk to barley milk and everything in between.